A highly promising job market has welcomed a new wave of career opportunities for ambitious Indians, who have grown more aware of their own market value, according to Michael Page India’s Employee Intentions report.
Exhibiting a high turnover, where 82% of the survey’s respondents are likely to change roles in the next 12 months, the survey compels employers to fine-tune their attraction and retention policies.
Sebastien Hampartzoumian, Senior Managing Director, Michael Page India says, “India’s talent pool has very high potential indeed. The market is currently at its prime and businesses would do well to have their ears to the ground while formulating their retention strategies in order to avoid losing their star performers. We foresee a trend wherein employers will push the envelope while doling out pay packages and other benefits.”
High attrition levels have led to higher expectations, with the most commonly expected increase upon changing roles at 26% or above (for 34% of survey respondents). The warning signs have never been more pronounced with 73% of survey respondents admitting to attending an interview in the past 12 months.
The fact remains that Indians are working long hours, with 34% of employees noting that they work more than 51 hours each week. Indian organisations are lagging behind when it comes to driving their diversity agenda with 42% of survey respondents indicating that they were unaware of their company’s diversity policies.
Reassuringly, there is very little disparity between males and females who received a promotion (50% of males and 46% of females) in the last year. For almost two-thirds of the respondents (65%), career progression is the primary factor for moving to another organisation. This was closely followed by the company’s brand and reputation (45%).
An interesting trend observed during the course of the survey was the fact that 52% of female respondents were more likely to value company brand and reputation than salary, while the converse was true for male respondents with 57% preferring a salary hike. Fast tracked careers are still a rampant ideology in the Indian mindset and one of the primary reasons for a high turnover forecast.
See: Indian Employers Expect the Hiring Pace to Remain Robust in Q1 2016
With the global employment market looking up, Indians are exposed to better international opportunities. This has led to a significant majority (76%) of survey respondents indicating that they would definitely scout for overseas employment within the next 12 months. Although many respondents indicated that they would be willing to relocate anywhere in the world, Singapore was the most preferred destination within Asia.
Job searches have evolved to accommodate the specific needs and demands of the Indian job aspirant. While 91% of survey respondents favoured recruitment consultants (it should be noted that this survey was conducted by a recruitment firm), around 78% continue to utilise their professional network for job referrals.
LinkedIn continues to be the most popular website for a job search (82%), closely followed by Naukri (79%), emphasizing the need for companies to build strong goodwill amongst today’s netizens.
A quick overview of retention strategies highlighted that financial rewards rank as the number one factor that would entice employees to stay in their current role (21%). Strong leadership figures were a close second with 19% dependent on good managers to motivate them to carry on in the same organisation.
Oddly, 70% of employees intend to ask for a promotion within the next 12 months, while only 46% of employees expect to receive one. The survey found that employees seem to be quite positive about their future in their chosen industries with Financial Services showcasing the greatest confidence levels (31%), describing current job opportunities in the sector to be excellent.
The future will lie in hands of employers who will need to orchestrate their recruitment methods in order to ensure that the best talent is retained.
Also read: 2016 Salary Increase Trends for Employees in Asia Pacific
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