Flexibility Tops Salary As India’s Key Job Seeker Parameter To New Roles
Recently, Michael Page released a report, India Talent Trends 2024 which indicates employees ‘Expectation Gap’ across all facets of today’s workplace – India prioritizes well-being over wealth and leads APAC in reporting workplace discrimination.
Highlights
- One in three organizations struggle to retain talent.
- 94% of respondents (Employees in India) are open to exploring different roles in 2024
- 47% of employees in India are using AI in their current roles, a figure higher than the APAC average of 41% and global average of 30%.
The key findings include insights that show that whilst wage growth is slowing globally, workers still expect higher salaries to keep pace with the rising cost of living and to feel valued for their contributions.
Flexibility has become a major point of contention in most parts of India, as employers grapple with implementing hybrid working models and policies that meet both business needs and employee preferences.
With a multigenerational workforce, maintaining a dynamic and inclusive culture where everyone can be their authentic selves is more complex than ever. Also, AI is no longer a concept rooted in the future. It’s already affecting people’s daily working lives and career decisions, adding another layer of complexity to the talent market
For the first time, India sets a new benchmark in the APAC region, with 47% of employees reporting workplace discrimination, higher than the APAC average of 31%. However, 45% of the workforce still faces barriers in formally reporting such incidents
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34% of organizations in India encounter difficulties in finding suitable talent, with nearly one in three struggling to retain their current workforce. This trend underscores the intense competition within the talent market amidst the ongoing global economic recovery.
Globally, 28% of organisations report similar retention challenges, indicating heightened pressure on Indian companies. A whopping 94% of respondents (India) are open to exploring different roles in 2024.
To maintain high levels of job satisfaction among all age groups, organizations must understand and address the distinct priorities of each generation, from Baby Boomers to Generation Z.
Although these age groups universally prioritise work-life balance and career progression as top aspects of job satisfaction within the context of company culture, their subsequent priorities differ.
Technology & Telecom
26% of Indian employers report recruitment challenges, while 25% face difficulties in retention.
The increasing reliance on digital infrastructure and the rapid pace of technological advancements are driving intense competition for skilled professionals.
Companies are focusing on upskilling initiatives and offering flexible work arrangements to attract and retain talent.
Healthcare
31% of organizations in the Indian healthcare sector experience recruitment challenges, and 30% struggle with retention.
The sector is witnessing a surge in demand for healthcare professionals due to increased healthcare awareness and the expansion of healthcare services.
Telemedicine and digital health platforms are also contributing to the demand for tech-savvy healthcare workers.
Industrial/ Manufacturing
This sector in India faces the highest recruitment and retention challenges, with 37% and 40% of companies respectively reporting difficulties.
The push towards automation and Industry 4.0 technologies is creating a skills gap, with companies seeking workers proficient in advanced manufacturing technologies and data analytics.
FMCG
The Fast-Moving Consumer Goods sector in India reports the highest retention issues, with 54% of companies indicating difficulties in keeping their talent.
The rise of e-commerce and shifting consumer preferences are prompting FMCG companies to adapt quickly, leading to high demand for professionals with expertise in digital marketing, supply chain management, and consumer insights.
Insights on Employee Expectations
The report also highlights that the willingness of workers to explore new career avenues remains strong, with 94% of Indian respondents expressing openness to new job opportunities in 2024, reflecting a slight decrease of 4% from the previous year. Globally, 89% of respondents are open to new roles, indicating increased mobility in the Indian job market.
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Among respondents who find themselves working more in-office compared to 12 months ago, those in their 20s are primarily motivated by the desire for enhanced career development and in-person mentorship. Conversely, employees aged 50 and above are increasingly inclined towards remote work arrangements, underscoring the importance for companies to cater to the diverse needs of their multigenerational workforce.
The desire for flexibility in work arrangements remains a key priority for 31% of Indian employees when considering new job opportunities, surpassing the global average of 27%. Additionally, 48% of Indian respondents prioritise a better company culture in their job search, exceeding the global average of 41%.
Employers must look beyond competitive salaries and address broader aspects such as flexibility, diversity, equity, and inclusion (DE&I), and a positive workplace culture to effectively attract and retain top talent.
AI has already begun to reshape the workplace, with 47% of employees in India using AI in their current roles, a figure higher than the APAC average of 41% and global average of 30%.
Popular AI technologies adopted in the workplace include chatbots and virtual assistants, Generative AI (Gen AI), Machine Learning (ML), Natural Language Processing (NLP), and Robotic Process Automation (RPA). The report also reveals that 79% of employees with disabilities reported using AI in their jobs.
AI technologies can often mitigate barriers and provide tailored support to individuals with disabilities, enabling them to perform tasks more efficiently and independently.
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