83% Indian millennials ready to switch jobs for pay hike: Report

Don't want to miss the best from Business Standard?

For the Indian millennial workforce, money is the key motivating factor to stick to a job as 83 per cent employees -- aged between 25 to 34 years -- would consider switching jobs for a salary hike, says a report.

According to a survey conducted by global job site Indeed, over 80 per cent of respondents agreed that they would consider changing their jobs in order to secure a pay rise.

However, a number of respondents also stated that they would be willing to accept alternative benefits at work in place of a pay raise. Over 60 per cent stated flexible work hours as an alternative to a pay hike, while 47 per cent suggested an increase in annual leave.

Close to 40 per cent also cited paid parental leave as a benefit they would prefer, while 63 per cent respondents asked for healthcare benefits instead of a pay raise.

Interestingly, of the respondents who do not plan to ask for a pay raise, 43 per cent claimed that their present salary was satisfactory.

While wage growth continues to be the leading priorities for employees, it is imperative on part of organisations to ensure that employee expectations are met," said Sashi Kumar, Managing Director, Indeed India.

Kumar further noted that "millennial job seekers, in particular, are today exploring highly aspirational career paths, and are not afraid of seeking greener pastures and newer experiences to further their professional goals and widen their horizons."

The survey was conducted by Censuswide, a UK-based survey consultancy, on 2005 employees from companies across various sectors like IT, telecom, education, manufacturing and utilities, finance and healthcare. A majority of these participants were in the age group of 25-44 and in full-time occupations.