A highly-promising job market will lead to more Indian employees looking for a new role and job in the next 12 months, according to Michael Page India’s Employee Intentions report. Individuals have grown more aware of their market value, the report said.
About 82 per cent of the survey’s respondents said they are likely to change roles in the next 12 months. High attrition levels have led to higher expectations, with the most commonly expected increase upon changing roles at 26 per cent or above (for 34 per cent of survey respondents).
For almost two-thirds of the respondents (65 per cent), career progression was the primary factor for changing job. This was closely followed by the company’s brand and reputation (45 per cent).
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An interesting trend observed during the course of the survey was the fact that 52 per cent of female respondents were likely to value company brand and reputation than salary, while the converse was true for male respondents with 57 per cent preferring a salary increase. Sebastien Hampartzoumian, senior managing director, Michael Page India, said, “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 star performers. We foresee a trend wherein employers will push the envelope while doling out pay packages and other benefits.”
The report is based on an online survey of responses from more than 300 employees in India.
It added that 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.
But, there is very little disparity between males and females who received a promotion (50% of males and 46% of females) in the last year.
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.
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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 was 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 Human Resources showcasing the greatest confidence levels (31%), describing current job opportunities in the sector to be excellent.
The 2015 Michael Page India Employee Intentions report is based on the online survey responses of more than 300 employees in India and supported by insight gleaned from conversations with thousands of professionals.