BENGALURU: Industrial and automation companies showed diverse salary structures, with several firms offering compensation packages at the conservative end of the spectrum. Salary hikes in industrial and automation sectors show wide disparity amid economic pressures.
During the 2023-24 financial year, some firms experienced an even more pronounced decline in wage increases. Whilst employees received minimal raises, senior executives at certain organisations continued to receive substantially higher compensation compared to their workforce. The situation remained challenging at other firms as well, with modest increments being the norm.
At Bosch India, employees got a meagre 0.6% hike in FY24, while managerial personnel got an average increment of 10.5%. On the contrary, Guruprasad Mudlapur, president of Bosch Group in India, got a 15.5% hike during the same period, taking home over Rs 3 crore.
The company has over 5,000 employees in India. Engineering services company Honeywell Automation India’s annual report showed employees salaries dropped 0.8% in FY24, but key managerial personnel received an 8% increment. Its India MD, Ashish Gaikwad’s remuneration increased by 12% to Rs 63.7 crore. At Cummins India, its MD Ashwath Ram’s compensation reached Rs 6.2 crore following a 20% merit increase plus a 10% market adjustment in FY24. Its employees received an average 12.4% increase.
3M India presented a different scenario, with its MD Ramesh Ramadurai’s increment matching other employees. Schneider Electric Infrastructure provided average salary increases of 10.3% in 2023-24. “Product companies need capital-intensive investments, which can sometimes influence their salary budgets differently from service firms,” Sachin Alug, CEO of talent solutions firm NLB Services, said.
Krishna Vij, Teamlease digital’s business head of IT staffing, said increases in salaries of key management personnel reflect a talent retention strategy.
