NEW DELHI: Salaries of top executives are likely to see double digit rise this year with compensations of CEOs and Managing Directors expected to grow by 10.2 percent and of those in senior management by 10.5 percent.
According to global management consultancy Hay Group, compensation of CEOs and MDs are expected to grow by 10.2 percent in 2014-15, slightly higher than 10 percent in 2013-14, and senior management members are set to see a 10.5 percent rise in their pay, up from 10.4 percent last year.
As per the annual Top Executive Compensation Report 2014-15, benefits are increasingly becoming smaller components in the overall compensation structure as organisations are moving towards a cash based renumeration structure.
"The economic outlook is positive and organisations believe that a stable government will give a spurt to their business prospects. From an overall perspective, India's top management compensation mix continues to be more driven by fixed pay in comparison to other Asian, European and American economies," Hay Group India Managing Consultant and Leader of Executive Rewards Practice, Hemant Upadhyay, said. However, organisations are using benefits and perks as ways of recognising their top performers.
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