Salary hikes low at handset companies

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Annual increments for employees at handset companies have reduced to 6-8% for fiscal 2023 from an average of 10-12% in the previous two years, staffing firms said, as the industry struggles with a slump in demand...

Things, though, are expected to take a turn for the better with the smartphone market showing signs of recovery in the April-June quarter, experts said.. "There has been a slight decline in appraisals and increment sentiments in the smartphone market..

While some companies are laying off administrative and marketing staff, several others are yet to fill vacancies left by outgoing employees in handset retail over the January-May period, staffing executives added...

Some smartphone brands had put a section of underperforming employees under performance-improvement plans, many of whom eventually left the companies, industry experts said.. Apart from the slowdown in demand and sales, the smartphone segment is dominated by Chinese firms that have been under the scanner of late and engaged in legal battles with Indian authorities..

The segment is also seeing indirect attrition, in that vacancies created by outgoing employees in retail and marketing are not being filled..

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