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Employee confidence set to give employers a turnover headache
12 August 2015
As the Indian employment market continues to develop and expand, a study by Michael Page shows a supreme level of confidence among employees, who are growing increasingly aware of their own value in the market and actively looking to move jobs.
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.
Among the notable findings was the high percentage of employees intending to change roles in the next 12 months. A massive 82% said they expect to be in a new job within a year and 73% said they had attended an interview during the past year. Michael Page’s Senior Managing Director for India Sebastien Hampartzoumian believes strong market conditions are clearly impacting employee behaviour but warns employers they “will need to ensure their communication, appraisals, training programmes etc. are optimised to keep people engaged and competing against potential churn.”
Also interesting in the findings were the significant salary increases expected when employees do change roles. More than a third of those surveyed expect an eye-watering increase of 26% or above, with almost another third expecting an increase of 21-25%. Sebastien says, “this is a further indication of the current strength of the market and the bullish attitude of employees about their prospects.”
That strong market may not be enough to retain talent within India with a huge 76% of surveyed employees saying they would consider overseas opportunities in the next 12 months. The chance to broaden experience and learn from international organisations was cited as the key reason. Sebastien believes the lure of working internationally is strong but states “the positive market conditions and outlook, combined with solid retention strategies could well persuade many employees to remain in India and make the most of the many opportunities that will be available in the next 2 years.”
Speaking about the survey, Sebastien said “we’ve spoken to a sizeable number of employees representing a broad range of professional occupation groups and holding positions ranging from entry level to senior management, so the findings are a really good reflection of what the market is thinking and doing.”
The findings should come as a stark reminder to employers that they need to have attractive and meaningful retention strategies in place, whilst those looking to grow their teams will need attraction strategies that can compete with the best.
For all the key insights into employee preferences for attraction and retention, salary expectations and their view on the predicted employment outlook download a copy of the report here.