Trend Related to Compensation Among Different Industries

Abstract

The basic objective of this paper is to understand the key compensation and benefits trends across sectors in the Indian private market along with the fluctuations in the projected scenario and that of the actual environment. There is no to less number of studies which explains the trends of the compensation policy that is been prevailing in different industries and at different levels of the management which is acting as a gap which can be bridged through this study as it fills the gap of unawareness prevailing among the minds of the employees and the students. This study suggests that for the purpose of retaining the existing employees of the companies and to attract outlying talented people, the managers are increasing the level of annual increment rate and the annual variable pay rate. The insurance policy that is been provided by the employer during the years is showing that the companies are now focusing on the retention of the existing employees and also these things will attract the new talents into the company. The study is been conducted for analyzing the trends in Indian industries, but the results, in overall, can be implemented in any part of world because of the level of universal attribute of the results. This study is completely based upon the secondary sources of data such as the reports, newspapers, journals, websites, magazines, etc. In totality, 35 sources of data are evaluated for cumulating and analysis of the data. The results of the study are useful for the managers because it will help them in understanding the predominant pay drifts that are trailed by their current industry and other enterprises. Also, the management students will get the direction to choose their respective industry to enter for better exposure and compensation.