It’s also the time companies assess employees as part of their annual performance appraisals, during which management jargon such as KRAs, SWOT analysis, Bell curves, and ‘out of the box’ thinking get tossed around. The process spells good news for some, and a damp squib for others.

In what might sound like a heartening development for office-goers, it was reported last week that over 90 per cent of companies in India are considering pay hikes for employees this year, as compared to 60 per cent of firms in 2020. Promotions are also on the anvil for many workers, as per the study by Deloitte which said at least 10 per cent of employees could expect promotions in 2021, compared to the 7.4 per cent in 2020. When it comes to increments, some companies will always be more equal than others, like those involved in the IT sector and life sciences. These businesses could dole out the lion’s share of pay hikes, while manufacturing and services will make do with comparatively lower pay hikes.

The timing of this survey is quite telling, considering the all-pervasive impact of inflation on India. There is the debilitating hike in petrol price, which touched Rs 100 per litre in Rajasthan and Madhya Pradesh. There’s also the rise in the price of a gas cylinder, by as much as Rs 50 for a 14.2 kg unit, which brings the effective cost to Rs 769 per cylinder (ex-Delhi). Simultaneously, India’s wholesale price-based inflation or WPI rose from 1.22 per cent in December 2020 to 2.03 per cent in January, the highest in 11 months. The reason was the increase in the prices of manufactured goods. Per industry watchers, the current rate is the highest level of WPI since Feb 2020, when it stood at 2.26 per cent.

India’s workforce is stretched thin, dealing with the fallout of a pandemic that hasn’t vanished into thin air. Work from home might have eliminated the need for the daily commute for a few cocooned individuals, but those benefits have been offset by austerity measures of companies such as retrenchment, layoffs and benching as well. For head honchos wondering about the feasibility of a pay hike for all employees, there’s evidence to demonstrate that even monetary benefits (that constitute the bare minimum) might not suffice to keep workers in good stead, during a moment of crisis. The net impact of the pandemic on the well-being of the working class has been documented throughout the COVID-19 crisis. From issues about the mental health of staffers due to overwork and job-related stress, to even eating disorders and obesity that have cropped up due to lack of exercise, or even the restriction on movement and the absence of paid holidays, the conditions are ripe for a ticking time bomb to go off. Unfortunately, these are fallouts of a broken system that cannot be compensated in monetary terms.

But a few companies are putting their best foot forward, even at an hour when others are tightening their purse strings. The Indian arm of a consumer goods MNC made headlines when it said that it would extend its parental leave policy to all employees, irrespective of gender, marital status, or sexual orientation. All parents, including adoptive parents and same-sex couples, would be entitled to a fully paid 8-week parental leave. Other firms like a major steel manufacturer offer child care leave, allowing both parents to participate in the caregiving process. It’s only fair that India Inc does not treat the notion of salary increment and employee benefits as a luxury this year. It’s a well-deserved raise earned by all employees who have helped keep enterprises afloat in this exceptionally challenging year.