India Inc gets salary nightmare

business-times.asia1.com.sg :

Rapidly rising costs of employees are turning into a nightmare for companies in India. According to the 2006 Salary Guide put out by Kelly Services India, the country has the highest average salary increase of 13.9%, and IT industry workers have received the highest increase - 17.9% - across all five groups surveyed.

Due to high attrition rates and lack of skilled manpower, firms have been giving higher salaries to retain staff - not a good sign for sustainability. A study by IT research firm Gartner said that 'a lack of skilled workers over time will drive up labour costs as employees sell their skills to the highest bidder, thus eliminating the cost advantages'.

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