Mumbai, June 20, 2016: While market commentators debate over whether India is the next China or vice versa, Michael Page turns to job seekers, the drivers of economic growth, to uncover some interesting insights across the two Asian giants. A study by the global specialist recruitment firm found that, while both nations compete for the coveted number one position as the fastest growing economy, employees in India were far more confident about the state of their economy (50%) over the Chinese who seemed to be less self-assured (28%).
The study drew a comparison between the responses from over 1200 employees in India and over 700 employees in China, from mid-senior level, across organisations and sectors, and found:
- Employees in India were less satisfied about salary (21% compared to 16% in China), opportunities for promotion (31% compared to 28% in China) and job security (20% compared to 14% in China)
- Employees in India were more optimistic about the next 12 months with regard to better skill development (74% compared to 72% in China) and career progression (72% compared to 67% in China)
- 44% Indian employees cited new skills development as the top reason for conducting a job search, while 43% of employees in China sought work-life balance
- Overseas employment was generally seen as an attractive option across both nations; India – 64% and China – 59%
Sebastien Hampartzoumian, Senior Managing Director, Michael Page India, says, “Interestingly, Indian employees seem to be less satisfied about certain aspects of their job compared to their counterparts in China. This can be attributed to an optimistic mindset and a better sentiment of market conditions hence higher expectations.”
The survey noted that Indians continued to be positive about the opportunity to develop new skills and the possibility of getting a promotion this year. In contrast, employees from China were slightly less confident.
In China, keenness to attain a healthy work-life balance is prioritised over new skill development, which seemed to be of greater significance to Indians. Both countries showcased a willingness to explore working abroad. “India’s growth story has been closely linked to skill development over the last two years and seeing this taking importance over salary increase is very surprising,” adds Hampartzoumian.