No Dream Job, Only Dream Salary: 83% Millennials will Switch Jobs for More Money
More women dissatisfied with pay and 67% plan to ask for a pay hike compared to 64% of men
Job site, Indeed, conducted a survey of employees across industrial sectors in India in order to gauge their expectations on wage growth in 2018.
According to the survey findings, over 80 percent of respondents agreed that they would consider changing their job in order to secure a pay rise; a majority of them being in the 25-34 age group. Over 50 percent of respondents planning to ask for a pay rise cited their good work as a reason they should be rewarded, while a significant faction of respondents stated that the rising cost of living, the extra responsibilities and extra hours of work put in by them should be compensated.
Further, 93 percent of the respondents possibly or definitely plan to ask for a pay raise in the coming appraisal cycle for 2018, with women more likely to ask for a raise than men. 67 percent of all women respondents confirmed that they would be asking for a pay raise in comparison to 64 percent of men. While this is indicative of the fact that most employees are not satisfied with their current level of remuneration, it highlights the fact that more women than men are dissatisfied with their current pay. Interestingly, while 20 percent of women respondents believe that their male counterparts are being paid more than them, only 9 percent of men feel their female peers are being paid less than them.
More than half of the respondents stated that they had asked for a hike in the previous year, while a third said they had done so more than once during the same period of time, only to be refused. The primary reason given for the refusal was the lack of budgets; however, close to a third of respondents were also told that their quality of work was not up to the mark. In comparison to remuneration in other countries, over 64 percent of respondents believe that Indian salaries are generally lower than the average.
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 percent stated flexible work hours as an alternative to a pay hike, while 47 percent suggested an increase in annual leave. Close to 40 percent also cited paid parental leave as a benefit they would prefer, while 63 percent 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 percent claimed that their present salary was satisfactory.
Sashi Kumar, managing director, Indeed India said, “While wage growth continue to be the leading priorities for employees, it is imperative on part of organizations to ensure that employee expectations are met. In today’s era of transparency and peer consultation, employees are far more informed about industry standards and company cultures. 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. The average length of employment at the current company was about 6 years. The average annual pay was a little over 6 lakh.
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