Salary Growth, Key Priority For Indian Millennial Workers: Study
Even though employees look for things like career growth and flexibility in their jobs, as also several studies revealed that money may not always be the key motivating factor to stick to a job, a recent survey noted that eighty three percent of Indian millennial employees would consider switching jobs for a pay rise. This brings us to the cliche thought that money matters are indeed the most important factor for new age employees to remain in a job.
The findings summerized by leading job site Indeed that conducted a survey of employees across industrial sectors in India in order to gauge their expectations on wage growth in 2018, said that at least eight out of 10 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% of respondents are 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% 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% of all women respondents confirmed that they would be asking for a pay raise in comparison to 64% 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% of women respondents believe that their male counterparts are being paid more than them, only 9% 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% 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% stated flexible work hours as an alternative to a pay hike, while 47% suggested an increase in annual leave. Close to 40% also cited paid parental leave as a benefit they would prefer, while 63% 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% 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.”