KPMG in Indias Annual

Compensation Trends
Survey 2017-18

People and Change

Management Consulting

March 2017
About the survey

KPMG in Indias Annual Compensation Trends Survey

aims to understand a wide range of current and emerging
compensation trends in organisations across India and
provide them with a reference point on key aspects such
as increments, variable pay, benefits, employee attrition
and retention, and potential future HR trends.
This survey analyses and brings together findings from
263 companies across 19 sectors.

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Survey approach
Survey Survey Data auditing Data Report
design launch and and query analysis launch
data resolution
collection
Key parameters To solicit The responses Data received Launch of Annual
of the study were participation, received from all was collated and Compensation
finalised and a formal e-mail participants were analyzed to get Trends Survey
structured invitations and an validated and detailed insights Report (FY 2017-
questionnaire online checked for on sector-wise 18)
was designed as questionnaire consistency and practices,
the primary tool were sent to the completeness. In compensation
for data target case of any and benefits
collection. A respondents query, reports trends
broad cross were sent out to
section of sectors the participating
covered in the companies
study were
finalized

1 2 3 4 5
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Definition of management levels
The senior-most executives in the
organisation (CEOs) coordinating between
all the functions, providing leadership,
overall direction and control of the
Top company operations. Also includes key
executive executives (direct reportees to CEO) within
Executives who directly report to the organisation heading key functions and
the top management and businesses, actively participating in
manage a wide range of developing company policies, who tend to
functions but are not regarded as Senior work closely with the top executive (CEO)
top management. This also management and the board of directors(if any)
includes direct reportees to
different key functional and
business heads
Middle Includes executives with supervisory
management responsibilities for a sub-function, part of a
business, etc. who directly report to senior
management
Includes supervisory staff usually Junior
involved in the day-to-day management
functioning of a small team (first
level of people management
responsibility)
Individual Includes non-management staff who work
contributor as individual contributors reporting to the
management

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Participant profile
Two hundred and sixty three organisations from 19 sectors participated in KPMGs Annual Compensation
Trends Survey for 2017-18.
n= 263
47 (17.9%)

37 (14.1%)
34 (12.9%)

27 (10.3%)
23 (8.7%)
20 (7.6%)
16 (6.1%)
13 (4.9%) 13 (4.9%)
10 (3.8%) 10 (3.8%)
7 (2.7%) 6 (2.3%)

Automotive & Banking & Infrastructure, Life Sciences/

Consumer Engineering/ Media &
Auto Financial Energy Construction IT ITeS Pharmaceuticals Logistics Retail Others**
Goods Manufacturing Advertising
Components Services & Real Estate & Healthcare

Employee strength Sales turnover (in INR) Organisation type

21 (8.0%)
82 (31.2%) 29 (11.0%)
22 (8.4%) <100 crores 117 (44.5%)
< 500 146 (55.5%)
500 - 2000 31 (11.8%) 100-300 crores
16 (6.1%)
2000 - 5000 300-500 crores Indian

5000 - 10000 500-1000 crores Multinational

27 (10.3%)
53 (20.2%) 10000 - 25000 >1000 crores

> 25000
38 (14.4%)
69 (26.2%) 138 (52.5%)

** Others include companies in Hospitality, Telecom, Entertainment, Education, Facility Management and Social Services sectors and a few conglomerates.
Considering the limited number of responses from these sectors within the specified timelines, separate sector reports have not been published
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Executive summary | Key survey findings

Average projected
9.7% 15.4%
Average projected variable
13.4%
Average annual voluntary
54.0%
Organisations identified
increment for the year pay across sectors, 0.4 attrition across sectors re-inventing PMS as the
2017-18, a decrease of per cent higher than that most critical future HR
0.6 per cent from 2016-17 in 2016-17 trend

The highest increment The highest variable
of 12.5 per cent is pay of 20.7 per cent is
reported by the e- reported by the
commerce sector, financial services
the lowest of 8.1 per sector, the lowest is
cent is that of logistics that of energy at 10.1
per cent
The highest voluntary While 54.0 per cent of
attrition of 20.4 per cent the respondents deem
is reported by re-inventing PMS to be
e-commerce, while the critical, only 46.0 per
lowest of 8.1 per cent cent of them have
being reported by confirmed that they are
energy sector ready for this change

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Executive summary | Key survey findings
Top three reasons reported for Top three compensation levers Top three compensation
attrition for talent retention levers for attracting talent
28.1% Better pay elsewhere
19.7% Performance-based variable pay 26.3% Attractive benefits offerings

23.4% Better career opportunity

13.1%
Recognition awards - cash/non-
cash 19.4%
Guaranteed incentives / variable
pay
Personal reasons - marriage,
19.6% health, children, relocation 11.8% Retention bonus
16.6% Referral benefits / awards
etc.
n = 235 n = 229 n = 247
Top three reasons for lower salary Top five elements for determining increments
budgets

65.0% 40.0% 25.0% 89.9% 75.0% 71.9% 68.4% 66.7%

Uncertain Cost cutting Current pay Organisation Productivity of Business unit Positioning with Industry
economic in the ranges are over performance employees performance respect to outlook
conditions organisation market standards competitors in
n = 140 relevant markets n = 228
Top three reasons for higher salary Top five rewards challenges
budgets
56.3% 48.3% 47.1% 66.2% 65.4% 64.0% 57.0% 55.7%
Differentiating Creating/improving Maintaining Addressing Enhancing the
Anticipated To reward & Anticipated ability of managers
rewards for key performance and market the diverse
improvement in retain HiPo improvement in
talent productivity linkage competitivene needs of your to have effective pay
company's Business unit
to rewards ss of pay workforce conversations with
performance performance their team
levels
n = 87 n = 228
Percentages can sum up to more than 100 per cent due to multiple selections by a few organisations
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Executive summary I Actual vis--vis projected
Actual (2016-17) Projected (2017-18)
10.3% Overall AverageOverall Average 9.7%
10.6% Automotive & Auto &
Automotive Components
Auto Components 10.1%
Average increment

9.6% Banking &Banking

Financial ServicesServices
& Financial 8.6%
10.7% Consumer Goods
Consumer Goods 10.3%
9.3% Energy (Oil/Gas/Coal/Power)
Energy (Oil/Gas/Coal/Power) 9.1%
10.2% Engineering/ Manufacturing
Engineering/ Manufacturing 9.7%
9.8% Infrastructure, Construction
Infrastructure, & &Real
Construction RealEstate
Estate 9.4%
10.7% IT IT 9.8%
10.4% ITeS ITeS 10.1%
11.7% Life Life Sciences/
Sciences/ Pharmaceuticals &
Pharmaceuticals & Healthcare
Healthcare 11.4%
8.6% Logistics Logistics 8.1%
11.3% Media & Advertising
Media & Advertising 10.6%
11.3% Retail Retail 11.1%
n = 249
Actual (2016-17) Projected (2017-18)
15.0% Overall AverageOverall Average 15.4%
15.0% Automotive
Automotive & Auto & Auto Components
Components 15.5%
Average variable pay

19.6% Banking &Banking

Financial ServicesServices
& Financial 19.9%
17.2% Consumer Goods
Consumer Goods 17.5%
10.1% Energy (Oil/Gas/Coal/Power)
Energy (Oil/Gas/Coal/Power) 10.4%
13.5% Engineering/
Engineering/ Manufacturing
Manufacturing 14.0%
12.5% Infrastructure, Construction
Infrastructure, & &Real
Construction RealEstate
Estate 13.0%
15.2% IT IT 15.6%
12.3% ITeS ITeS 12.8%
17.1% Life Life Sciences/
Sciences/ Pharmaceuticals &
Pharmaceuticals & Healthcare
Healthcare 17.4%
10.9% Logistics Logistics 11.3%
11.5% Media & Advertising
Media & Advertising 11.7%
15.5% Retail Retail 16.0%
n = 229
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Overview | Average increments
All sectors surveyed project a decrease in the average increments in 2017-18. The maximum decrease is being
projected by the Banking and Financial Services sector, where Financial Services sector has decreased the
increment from 9.7 per cent to 8.1 per cent. The Energy Sector projected the minimum decrease from 9.3 per
cent to 9.1 per cent.
Average increments percentage Actual (2016-17) Projected (2017-18)
Top

Automotive
Automotive & Auto & Auto
Components
Overall
Overall Average
average 10.3%
9.7%
10.6%
9.4% executive
9.0%
Components 10.1%
Banking & Financial Services
Banking & Financial Services 9.6%
8.6%
Consumer
Consumer Goods
Goods 10.7%
10.3% 9.7% Senior
manage-
9.1%
Energy (Oil/Gas/Coal/Power)
Energy (Oil/Gas/Coal/Power) 9.3%
9.1%
ment
Engineering/
Engineering/Manufacturing
Manufacturing 10.2%
9.7%
Infrastructure,
Infrastructure,Construction
Construction &&

10.2% 9.9%
9.8%
Real Estate Real Estate 9.4% Middle
10.7% management
IT
IT
9.8%

ITeS 10.4%
ITeS 10.1%
Life Sciences/
Life Sciences/ Pharmaceuticals&
Pharmaceuticals 11.7%
& Healthcare 11.4%

10.8% 10.4%
Healthcare Junior
Logistics 8.6%
Logistics 8.1% management
Media&& Advertising
Advertising 11.3%
Media 10.6%
11.3%
Retail
Retail 11.1%
10.7% Individual
contributor
10.3%
Actual (2016-17) Projected (2017-18) n=249 n = 240
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Overview | Average variable pay
The Average variable pay projection has increased from 15.0 per cent in 2016-17 to 15.4 per cent in 2017-18. This
indicates that organisations are continuing to move towards paying for performance and variable pay holding a
higher percentage in the CTC. The highest variable pay as a per cent of CTC is reported by the Banking &
Financial Services sector and lowest by Energy (Oil/Gas/Coal/Power).
Average variable pay (as a percentage of CTC) Actual (2016-17) Projected (2017-18)
Top

Automotive &Automotive & Auto

Auto Components
Overall
Overallaverage
Average 15.0%
15.4%
15.0%
22.8% executive
23.6%
Components 15.5%
Banking &Banking & Financial
Financial Services 19.6%
Services 19.9%
ConsumerGoods
Consumer
Energy
Goods

10.1%
17.2%
17.5% 20.4% Senior
manage-
20.7%
Energy (Oil/Gas/Coal/Power) 10.4% ment
(Oil/Gas/Coal/Power)
13.5%
Engineering/
Engineering/Manufacturing
Manufacturing
14.0%
Infrastructure,Construction
Infrastructure, Construction& 12.5%
& Real Estate Real Estate
ITIT
13.0%
15.2%
15.6%
15.1% Middle
management 15.5%
12.3%
ITeS
ITeS 12.8%
Life Sciences/ Life Sciences/
Pharmaceuticals & 17.1%
Pharmaceuticals & 17.4%

11.2% 11.3%
Healthcare Junior
10.9%
Logistics
Logistics 11.3% management
11.5%
Media
Media&&Advertising
Advertising 11.7%
15.5%

10.6% 10.8%
Retail
Retail 16.0%
Individual
contributor
Actual (2016-17) Projected (2017-18) n=229 n = 229
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 Overview | Prevalence and frequency of variable pay
Prevalence of variable pay plans

Team awards 77 (33.6%)

Almost 91.9 per cent (229 of

Special recognition awards 135 (59.0%)
249) respondents say they have
a variable pay programme in
Functional / Business Unit 116 (50.7%) their organisation. The most
prevalent program being
Organisational 144 (62.9%) Individual Performance Awards
commonly given to middle
Individual performance awards 196 (85.6%) management to individual
n = 229 contributor cadres.
Frequency of pay out The average pay out as a per
Annually 188 (82.1%) cent of CTC is seen to increase
in ascending order from
individual contributor to top
Bi-annually 14 (6.1%)
executives.

Quarterly 18 (7.9%)

Monthly 9 (3.9%)
n = 229

Percentages can sum up to more than 100 per cent due to multiple selections by a few
organisations
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Overview | Performance management
The most prevalent frequency of performance review is Almost 77% (173 of 225) respondents identify high
reported to be Annual for most organisations surveyed. potential (HiPo) employees and offer them an average hike
However, a few sales organisations review performance of 14.7%.
Bi-annually
Only 12% (30 of 249) respondents have reported giving an
off-cycle salary hike.
Where organisations report quarterly frequency of PMS,
the salary hike is annual (sales and non-sales)
Average Increment by performance rating
16.2% 16.0%
Almost all organisations reported using a threshold for 15.1% 15.0%
15.9% 14.6%
including new joiners in the performance cycle, with 203 13.6% 13.9% 15.2%
14.7%
of 227 (89.4%) organisations keeping it at six months 13.8%
13.4%

10.3% 10.5%
Few organisations have moved to a process of 9.5%
9.1%
9.8%
9.0%
continuous performance evaluation including
continuous feedback mechanisms

4.7% 4.6%
Frequency of performance review 4.1% 4.4%
3.4% 3.6%

14 (6.1%)

Overall Employees

Top Executive

Management
Management

Junior Management

Individual Contributor
Annually

Middle
Senior
188 (82.1%) 41 (17.9%) Bi-annually
18 (7.9%)
Quarterly
Monthly
9 (3.9%)
Did not meet expectations Met expectations
n=229 Exceeded expectations HiPo n = 249
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 Overview | Long term incentives (LTIs)
Percentage of organisations granting LTIs

Stock Options 87 (42.4% )

Out of 205 respondents who
answered this question, 122
(59.5%) organisations give
Restricted Stocks 89 (43.4%) some form of Equity
compensation to their
employees.
Performance Shares/Units 48 (23.4%) Stock Options and Restricted
Stocks are the most prevalent
form of LTIPs used across
Phantom Stocks 17 (8.3%)
sectors according to our
respondents. Coverage under
LTI Plans is prevalent more in
Top Executive and Senior
Others 28 (13.7%) Management Levels across
sectors
n = 205

Percentages can sum up to more than 100 per cent due to multiple selections by a few
organisations
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 Overview | Average voluntary attrition (2016-17)
The average annual voluntary attrition appears to have drastically
Energy (Oil/Gas/Coal/Power) 8.1% gone down from 16.5 per cent to 13.4 per cent.
The highest attrition was reported by the retail sector, with e-
Automotive & Auto Components 8.9% commerce being on the higher side with an average voluntary
annual attrition of 20.4 per cent.
Engineering/ Manufacturing 9.9%
Average annual voluntary attrition by levels
15.1%
Infrastructure, Construction & Real Estate 11.4%
13.4% 13.7%

11.2%
Logistics 12.6%
8.7%
8.1%
Consumer Goods
13.2%
13.4%
IT
14.5% Overall
average

ITes 15.4%

Top executive

management

management
Overall employees

Junior management

Individual contributor
16.1%

Middle
Senior
Life Sciences/ Pharmaceuticals & Healthcare

Banking & Financial Services 17.4%

Media & Advertising 18.5%

Retail 19.4% n = 256

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Overview | Insurance benefits

205 (81.3%) Organisations provide life

insurance benefits to employees

218 (86.5%)
Organisations
provide accident
insurance benefits
to employees

250 (99.2%)
Organisations provide medical
140 (55.6%)
Organisations cover parents in
insurance benefits that cover addition to employees, spouses
employees, spouses and and children under their medical
dependent children insurance plan

n = 252
Percentages can sum up to more than 100 per cent due to multiple selections by a few organisations
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Future HR trends(1/2)
Re-inventing PMS Gamification Robotics and cognitive
automation

Organisations are largely re-thinking the Companies integrate game mechanics in Robotics and cognitive automation
way they look at performance management. unique and compelling ways, all with the promises to release bandwidth for higher
They are experimenting with new purpose of driving user engagement, value adding work, leading to reduced
approaches; however, an optimal new increasing employee and customer errors and cost reduction. Automation of
model hasnt yet emerged and many satisfaction and retention. A well-structured business processes that are repetitive,
organisations are in the trial and error gamification system utilises the cognitive rule-based, and voluminous is set to
phase. drivers that people want to experience, impact middle-income routine jobs, that
creating novel ways of forming and are likely to be replaced by cognitive
Organisations are increasing employee
extending relationships and encouraging platforms and smart algorithms.
satisfaction and reducing the threat
long-term engagement and loyalty.
stemming from the link between Cognitive technology is envisaged to
performance and pay by; giving more A few years ago, gamification in HR was enhance skills and expertise, unlocking the
control to employees, creating more of a only applied to a small number of isolated true value of human capital, despite
culture of feedback, having more regular pilot companies, brave enough to test the projected scenarios of massive
conversations and setting clear waters. Now it is a widely recognised tool unemployment.
expectations on the role of the manager for various HR initiatives.
and the employee.

Criticality - 54.0% Criticality - 24.0% Criticality - 37.0%

Readiness - 46.0% Readiness - 21.5% Readiness - 30.0%
Percentages indicate percentage of respondents indicating high criticality / readiness for each element. n = 200
For example: 54.0 per cent of the respondents consider Re-inventing PMS as critical
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Future HR trends(2/2)
Digital HR Predictive people and Gig economy
talent analytics

Digital is poised to disrupt HR and Organizations are extensively using Gig economy has become a global trend
redefine the future of HR function. More analytics for data-driven decision-making characterised by temporary positions and
and more organizations are looking to hiring and developing specialized on-demand contracts with independent
transform their HR services through the analytics teams, deploying analytics workers. A large proportion of the
use of technology enabled using new offerings and solutions. Predictive workforce in the gig economy are
digital platforms, mobile applications and analytics is an emerging trend in the field independent contractorsthey work for
integrated HR systems. of analytics. themselves.
More and more organisations are looking Predictive Analytics allows HR This workforce brings a different set of
to evolve from the traditional HR operating departments and practitioners to be values and a diverse approach to work.
model, developing strategy and vision for more strategic in predicting talent for the They possess a distinctive knowledge set
the HR target operating model to integrate future, identifying potential HR focus that allows them to collaborate and
digital solutions and achieve higher areas for driving growth and making the manage their careers independently,
efficiency, effectiveness and increase the HR function more agile. rather than following a set career path.
value add of the HR organisation. Organisations need to recognise these
differences they bring in at work.

Criticality - 48.0% Criticality - 41.5% Criticality - 24.5%

Readiness - 33.0% Readiness - 27.0% Readiness - 20.0%
Percentages indicate percentage of respondents indicating high criticality / readiness for each element. n = 200
For example: 54.0 per cent of the respondents consider Re-inventing PMS as critical
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 KPMG in Indias People
and Change Advisory Services

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 Our capabilities
We help clients implement progressive people strategies with an aim to achieve breakthrough business performance

Organisation Workforce Talent HR Behavioural

development intelligence management optimisation change management
An approach to develop and A focus on strategic A thorough approach to attract, A strategic transformation of HR A proactive structured approach
re-develop organisations to workforce planning, rewards develop and retain talent and functions through process, to facilitate complex changes
achieve specific objectives and HR analytics capability to help deliver a technology and operating model
competitive advantage streamlining

Our offerings Our offerings Our offerings Our offerings Our offerings
Organisational vision, Total rewards strategy Talent strategy HR audit and road map Business case and vision
mission and values Performance management for change
Compensation HR vision, strategy and
including KPIs Change risk analysis
Diagnostics for organisations structuring performance measures
structure effectiveness and Competency modelling,
Compensation and Change strategy
readiness for future talent assessments, HIPO Design HR service
benefits benchmarking identification delivery model Change leadership
Organisations structure Leadership development, Stakeholder management
Job evaluation and Design HR process/
benchmarks
grade structure design career paths and maturity assessment and Involvement strategies
Strategic organisation succession planning enhancement Organisational integration
Short and long-term
design L&D solutions
incentive plan design HR technology an tools People transition and
Employee engagement
Role definitions HR analytics and assessment/ workforce effectiveness
and culture assessment
dashboards implementation Benefit realisation and
Critical workforce Employee value
segmentation Design HR shared sustainable performance
Workforce analytics and proposition
modeling Talent analytics services and transition Communication and
Strategic workforce
HR capability building engagement
planning
Mergers and Acquisitions HR due diligence

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Our team
We are a trusted advisor in the Human Resources domain providing services to a multitude of multinational as well as Indian organisations operating
in private, public, and government sectors. We focus on developing strategies, structures, systems, processes as well as building capabilities that
can enable oraganisations to attract, develop, engage, retain and manage talent. We deploy leading methodologies to assist HR functions and
business partners to align their strategies and enable organisations to focus on their people priorities while taking into account costs, capability,
capacity, connection, and compliance-related considerations.

Key contacts:
Nitin Attroley Vishalli Dongrie Saptarshi Chatterjee
Partner and Head Partner and Head Director
Sales and Markets People and Change Advisory Services People and Change Advisory Services
T: +91 124 307 4887 T: +91 98339 73458 T: +91 88846 51648
E: nitinatroley@kpmg.com E: vishallidongrie@kpmg.com E: saptarshic@kpmg.com

Acknowledgements:
We acknowledge the efforts put in by the following team members:
Kriti Arora
Shikha Ashwani
Richa Singh
Mandar Ranade
Sohan Tulpule
Vivek Malekar

KPMG.com/in The views and opinions expressed herein are those of the survey respondents and do not necessarily represent the views and opinions of KPMG in India. The
information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to
provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be
accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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