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We derived inputs from over 500 senior IT managers to gain insights into the appraisal cycles and trends and associated bonus formats across industry verticals.
The level of satisfaction with bonus and salary hike seems to vary with industries. Interestingly, 20 per cent of the senior IT managers from the manufacturing sector are very satisfied with their appraisals and compensation structure, while 40 per cent of senior IT managers from IT & ITeS sector are satisfied.
The level of satisfaction with the previous appraisal across industries is high. About 40 per cent of them are somewhat satisified, 21 per cent are not very satisfied, only 15 per cent of them are extremely satisfied while 14 per cent of them are thoroughly dissatisfied with the appraisal process.
The findings of IT Next Salary Survey released in April 2014 revealed that the average compensation of an IT manager has been in the tune of Rs 18 lakhs per annum. It also revealed the total compensation of the IT professionals depend on the job title they carried and the category they belonged to. The survey revealed that about 16.5 per cent of the total participants who belonged to the Group A category fetched an annual CTC of more than 41 lakhs. Group A comprised senior IT decision makers designated as Head-IT, GM-IT, VP-IT, Director-IT and CIO.
In this survey where 500 senior IT managers have participated, findings suggest that 33 per cent are dissatisfied with the level of salary and bonus hike after the last performance evaluation whereas 11 per cent of them are very satisfied.
The appraisal cycle is not consistent across industries and organisations. The findings validate that for more than 61 per cent of the respondents, the appraisal cycle does not fall under the industry common cyle of October-september, July-June, January-December or April- March. For 18 per cent of the respondents, October-September is the appraisal cylce with only 3 per cent having financial year (April- March) as their appraisal cycle.
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