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Industry News
Pharmaceutical Industry NewsPharma engineering to topple IT as big paymasterPharma and engineering sectors will lead the industry in terms of future salary hikes while yesterday’s darling, software, will continue todrag until the US sends a clear message on outsourcing, according to a recent survey.However, a part of the projected increments could be attributed to high inflation, which typically erodes the disposable income of the consumer. The survey by Towers Watson, a global professional services company, said that India’s pharmaceutical industry, considered the world’s third-largest by volume, is likely to lead the manufacturing sector in giving the maximum salary hikes, an average of 12.1%, to their employees. It will be closely followed by the engineering sector that could see an average salary hike of 11.1% and by the financial services industry at 10%, says the survey.The survey, which polled 162 companies across sectors, places the high profile software industry at the bottom of the league table, with an average 8.3% projected salary hike, which is lower than the 9.8% estimated for the ITES and KPO sectors.The buoyancy to salary increases (in hi-tech) will return only after a clear direction on the US stand on outsourcing as well as on the global economy’s return to normalcy,” said Towers Watson business leader (talent and rewards) Subir Bakshi.
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