For the Indian millennial workforce, money is the key motivating factor to stick to a job, as 83 percent employees – aged between 25 to 34 years – would consider switching jobs for a salary hike, says a report.
According to a survey conducted by global job site Indeed, over 80 percent of respondents agreed that they would consider changing their jobs in order to secure a pay rise.
However, a number of respondents also stated that they would be willing to accept alternative benefits at work in place of a pay raise. More than 60 percent stated flexible work hours as an alternative to a pay hike, while 47 percent suggested that the number of leaves given annually be increased.
As much as 40 percent of the respondents also preferred parental leave as a benefit, while 63 percent respondents asked for healthcare benefits instead of a a pay hike.
The survey also reportedly pointed out that at least 50 percent of the respondents were refused a salary hike in 2017, despite asking for it. Among the many reasons given by the employers to the employees for this was paucity of funds as well as quality of work not meeting expectations.
However, for 2018, as many as 93 percent of the respondents are considering asking for a salary hike, the survey said. A breakup of this figure further revealed that women were more willing to ask for an increase in salary compared to men.
Interestingly, of the respondents who do not plan to ask for a pay hike, 43 percent claimed that their present salary was satisfactory.
Speaking about the report, Sashi Kumar, managing director, Indeed India, said:
While wage growth continue to be the leading priorities for employees, it is imperative on part of organisations to ensure that employee expectations are met.
Kumar further noted that "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."
The survey was conducted by Censuswide, a UK-based survey consultancy, on 2,005 employees from companies across various sectors like IT, telecom, education, manufacturing and utilities, finance and healthcare. A majority of these participants were in the age group of 25-44 and in full-time occupations.
(With inputs from PTI and Financial Express)
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