Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

The Auto Industry is showing signs of recovering faster than expected and auto manufacturers have started their increments and promotions cycles after having assured employees that there would be no salary or job cuts.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

According to The Economic Times, Toyota Kirloskar Motor has announced salary hikes for employees that do not belong to the Workers' Union. Hyundai Motor India has already increased wages of employees at its facilities and is now in the processes of finalising increments for its executive employees.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Maruti Suzuki India Limited said it was likely to roll out bonuses and incentives over the next two months, while MG Motor said they were planning to announce increments faster than planned.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Mr Stephen Sudhakar, the Senior Vice President for People Strategy & Business Support at Hyundai Motor India said, "We are in the process of firming up our plans for the junior, middle and senior-level executive cadres."

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Mr Rajeev Chaba, the Managing Director at MG Motor India said, "With things getting back to normalcy, we are currently planning to give increments and promotions in the next 2-3 months, which is sooner than what we had anticipated a few months ago."

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Between 10 and 14 auto manufacturers have released or are in the process of releasing incentives and bonuses for the last 18 months. Increments too are being rolled out by Honda, Toyota and Renault with the brands offering between 4 and 14 percent.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

While some brands have begun their promotions and increments processes, others have decided not to roll out any promotions, increments, bonuses, and incentives.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Mr Rajeshwar Tripathi, the Chief Human Resources Officer at Mahindra & Mahindra said that the brand had decided against forced reductions in salaries, was going ahead with performance pay and promotions, but will not increase salaries this year.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

Thoughts About Manufacturers Rolling Out Promotions And Increments

The outbreak of the Covid-19 pandemic and the multiple lockdowns called for have coincided with pay-revision cycles of almost every company. The last few months have borough major anxiety to employees, who must be relieved that some brands have started rolling out performance payouts.

Auto Manufacturers Hand Out Promotions, Increments As Industry Recovers Faster Than Expected

We hope the situation improves for the dealer network across the country. Dealers have been struggling to stay afloat, and have cut jobs and salaries during the lockdown.

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Read more on: #auto news
Article Published On: Wednesday, July 22, 2020, 16:01 [IST]
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