Indian workforce optimistic on economic condition: study

As the world economy is continuing on an uncertain trajectory the Indian workforce is optimistic about the economic situation in the country. The employees in the country are bullish about the economic situation in the coming year.

According to a survey by Randstad, an HR services company, around 72% of respondents in India feels that the current economic situation is good, while around 83% of the participants believe the situation to improve next year. This indicates a high level of optimism in comparison to the world average of only 41%, who felt the economic situation was good.

The Workmonitor Survey 2012 – Wave 4 is a quarterly review that tracks jobseeker confidence and provides an understanding of the job market sentiment and trends relating to the employment market.

 

The survey covers 30 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The quantitative study is conducted through an online questionnaire among the population aged 18-65 years, working a minimum of 24 hours a week in a paid job. The minimal sample size is 400 interviews per country and for India the sample size was 610.

It also revealed that 90% of the employees feel their organisation was in good financial health, this is higher than the world average of 72%.

Commenting on the findings, E Balaji, MD and CEO, Randstad India, said: “While the economic downturn continues globally, it is heartening to see that Indian employees are optimistic about the country’s economic situation and their employer’s stability. This is an opportunity for the line managers and HR professionals to build on the same to boost morale and drive productivity.”

Around 87% surveyed employees stated that their workload has increased significantly in 2012 and 93% have indicated a preference towards better work-life balance in 2013.

“The year 2012 was a challenging year for both employees and companies. So, it is no surprise that employees perceive an increase in workload. Employers should take cognizance of this fact and address the work-life balance issue, to prevent disengaged employees. Also, this will help address attrition that is likely to increase when the job market picks up,” he added.

Interestingly, Randstad said India has the highest score on receiving a pay hike in the year 2012 with 83% of the respondents surveyed having received a pay hike while the world average was only 55%.

Hong Kong followed India with an 80% while Greece is the lowest with only 8% of employees having received a hike.

A little over eight of 10 Indian employees surveyed said they had made a New Year resolution and a similar proportion of 83% employees said they make a New Year resolution regarding their career. New Year resolutions seem to be a predominantly Indian practice with world averages of only 51% and 44%, respectively for making resolutions and resolutions specific to one’s career.