Key highlights: (Source: 2015 Michael Page India Employee Intentions report)
Of the 300 plus employees surveyed across India Inc.:
- 76% would consider overseas opportunities in the next 12 months
- 73% attended an interview in the past 12 months
- 70% intend to ask for a promotion within the next 12 months
- 34% indicated that they work 51 or more hours each week
- More than 1/3 expect a salary increase of 26% or more when changing roles
Mumbai, June 1st 2015: A highly promising job market has welcomed a new wave of career opportunities for ambitious Indians, who have grown more aware of their own market value, according to Michael Page India’s Employee Intentions report. Exhibiting a high turnover, where 82% of the survey’s respondents are likely to change roles in the next 12 months, the survey compels employers to fine-tune their attraction and retention policies.
According to Sebastien Hampartzoumian, Senior Managing Director, Michael Page India, “India’s talent pool has very high potential indeed. The market is currently at its prime and businesses would do well to have their ears to the ground while formulating their retention strategies in order to avoid losing their star performers. We foresee a trend wherein employers will push the envelope while doling out pay packages and other benefits.”
High attrition levels have led to higher expectations, with the most commonly expected increase upon changing roles at 26% or above (for 34% of survey respondents). The warning signs have never been more pronounced with 73% of survey respondents admitting to attending an interview in the past 12 months. The fact remains that Indians are working long hours, with 34% of employees noting that they work more than 51 hours each week.
Indian organisations are lagging behind when it comes to driving their diversity agenda with 42% of survey respondents indicating that they were unaware of their company’s diversity policies. Reassuringly, there is very little disparity between males and females who received a promotion (50% of males and 46% of females) in the last year.
For almost two-thirds of the respondents (65%), career progression is the primary factor for moving to another organisation. This was closely followed by the company’s brand and reputation (45%). An interesting trend observed during the course of the survey was the fact that 52% of female respondents were more likely to value company brand and reputation than salary, while the converse was true for male respondents with 57% preferring a salary hike. Fast tracked careers are still a rampant ideology in the Indian mindset and one of the primary reasons for a high turnover forecast.
With the global employment market looking up, Indians are exposed to better international opportunities. This has led to a significant majority (76%) of survey respondents indicating that they would definitely scout for overseas employment within the next 12 months. Although many respondents indicated that they would be willing to relocate anywhere in the world, Singapore was the most preferred destination within Asia.
Job searches have evolved to accommodate the specific needs and demands of the Indian job aspirant. While 91% of survey respondents favoured recruitment consultants (it should be noted that this survey was conducted by a recruitment firm), around 78% continue to utilise their professional network for job referrals. LinkedIn continues to be the most popular website for a job search (82%), closely followed by Naukri (79%), emphasizing the need for companies to build strong goodwill amongst today’s netizens.
A quick overview of retention strategies highlighted that financial rewards rank as the number one factor that would entice employees to stay in their current role (21%). Strong leadership figures was a close second with 19% dependent on good managers to motivate them to carry on in the same organisation. Oddly, 70% of employees intend to ask for a promotion within the next 12 months, while only 46% of employees expect to receive one.
The survey found that employees seem to be quite positive about their future in their chosen industries with Financial Services showcasing the greatest confidence levels (31%), describing current job opportunities in the sector to be excellent. The future will lie in hands of employers who will need to orchestrate their recruitment methods in order to ensure that the best talent is retained.
2015 Michael Page India Employee Intentions report
The 2015 Michael Page India Employee Intentions report is based on the online survey responses of more than 300 employees in India and supported by insight gleaned from conversations with thousands of professionals. Survey participants represent a broad range of professional occupation groups and hold positions ranging from entry level to senior management. The scope of the report includes key insights into employee preferences for attraction and retention, salary expectations and their view on the predicted employment outlook.
About Michael Page:
As part of PageGroup, Michael Page is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers.
Michael Page launched operations in India in January 2011, in line with its commitment to grow the company’s footprint in the Asia region. Today, the business in India has grown organically and is now made up of more than 55 people working across two offices in Mumbai and Delhi (NCR). Within the India business, Michael Page’s experienced consultants specialise in the recruitment of middle to senior level professionals across Banking & Financial Services, Finance & Accounting, Sales & Marketing and Human Resources.
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