New Delhi: Employees of the real estate industry never had it so good. Took home the highest raises in 2007, leaving behind their counterparts in the technology Information and ITES sector. As salaries continue to show double-digit growth in India, employees received an average increase of 15.1% in 2007 compared to 14.4% in 2006, according to the annual salary of 12 Increase Survey conducted by Hewitt Associates, a firm's global human resources services. In 2008, average wages are expected to rise 15.2%.

Junior Directors continue to see highest salary hikes with 15.9% increase in 2007 compared to colleagues in the upper and roles senior management whose earnings increased by 13.9% and 14.9% respectively. Middle managers have seen significant wage increases (15.7% in 2007) because a shortage of talent in the technical and managerial positions, according to the survey.

The study also reveals that India is facing a greater shortage of specialists and technical skills. Commenting on the results of the study, Sandeep Chaudhary, leader of Hewitt's Rewards € ™ s consulting practice in India, says, â € How is intensifying war for talent, employees are being actively pursued by other organizations offering extremely attractive opportunities and packages.â € â € Therefore, companies are using compensation as a strategic lever to attract, retain and motivate talent, â € he adds.

The executives of information technology and ITES sector took home average salary increase of 15.4% and 14.1% respectively in 2007 compared with real estate professionals, which saw payrolls increase of 25.2%. In 2008 and ITES professionals can expect an increase of 14.6% and 14% against a rise of 25% of employees in real estate.

OMAX executive director of corporate strategy and finance, Arvind Parakh says the sudden requirement of people through of functions such as developers, architects, strategy and urban planners, civil engineers, contractors, among others, resulting in explosive growth of assets in real time has led to a shortage of talent.

â € The arrival of multinationals and organized players in the infrastructure space has also increased the wage levels, Parakh said. â € In addition, real estate companies can afford to pay higher salaries to acquire talent in comparison to IT, ITES companies because margins are better in the real estate industry, â € added Parakh.

Explain consolidation in the wage increase in IT, ITES sector, Chaudhary says, â € Salary increases in the technology sector and outsourcing, which are still among the highest in Asia and the Pacific have been stabilizing between 13% and 15% since 2004.a €

â € This is mainly due to the levels of salaries in these two sectors are sufficiently competitive, â € added Chaudhary. Ma Foi Management Consultants COO E Balaji says factors including narrowing margins, rupee appreciation and the internal development of talent has led to some consolidation in IT and ITES salaries.

Interestingly, the projected increases for 2008 show a slight decrease compared to 2007. While employees in senior management roles are expected to get 13.6% increase, the level paychecks middle and young executives who are expected to climb 15.2% and 15.5% respectively. Hewitt forecasts stabilization of salary increases ranging from 9% to 10% in 2012. The study cites the reduction of differences in ability, changes in the talent acquisition model, re-engineering talent, and greater attention to training as factors determining the consolidation of pay increases.

The survey of 2007-08, which measures real wage increases and planned and compensation practices for different levels of employees, is based on the response of about 600 foreign-owned, locally owned and joint ventures across 19 primary industries and 22 sub-sectors.

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