NDTV Reports: The explosive rate of growth in India has created a phenomenal demand for talent so much that wages are forecast to rise by 14.4 per cent during the year 2008, says a latest report.
''Wages are forecast to rise by 14.4 per cent during 2008, the fifth successive year of double-digit growth. This far outstrips wage inflation in China (8.6 per cent in 2007) and is second only to Sri Lanka, where wage growth has been driven by high inflation,'' global management consultancy firm HayGroup said.
The high level of demand for experienced employees is driving wage inflation and creating a culture of job-hopping.
Staff turnover of 20 per cent or more is not unusual in high-demand sectors such as the service industry, as talented workers jump from employer to employer, following the promise of even higher wages.
''Reward programs of companies are in crisis as wage inflation is witnessing an upward spiraling and staff turnover rates hit new highs,'' the HR consultancy firm said.
''In an environment where employees can achieve a pay rise of between 40 per cent and 50 per cent by moving to a competitor, they are unlikely to stay put,'' HayGroup added.
India, our home country is growing at a scorching pace leaving all others behind. If you're not in touch with the latest in India, you are bound to miss out on so many opportunities. One of the ways i keep in touch with the latest in India is through my favorite TV news channel NDTV 24x7. It is available here in the US on DirecTV's satellite TV service.