Indian workers persist in expecting higher salaries to offset escalating living expenses and to feel valued for their contributions. says report.
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New Delhi: Indian workers persist in expecting higher salaries to offset escalating living expenses and to feel valued for their contributions and flexibility remains a pressing concern for most employees, says a report.
According to recruitment firm Michael Page India's Talent Trends 2024 report, 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.
At a time when a whopping 94 per cent of respondents (India) are open to exploring different roles in 2024, employers must look beyond competitive salaries and address broader aspects such as flexibility, diversity, equity, and inclusion (DE&I), and positive workplace culture to effectively attract and retain top talent, the report said.
"A successful recruitment strategy needs to go beyond merely offering competitive salaries. It should prioritise cultivating a robust company culture, providing flexibility, and addressing diversity, equity, and inclusion (DE&I) initiatives to effectively attract and retain top talent," Ankit Agarwala, Managing Director of Michael Page India, said.
The report titled The Expectation Gap covered responses from approximately 50,000 skilled white-collar professionals across 37 countries, including over 3,000 individuals from India.
According to the report, India leads APAC in reporting workplace discrimination, with 47 per cent of employees reporting workplace discrimination, higher than the APAC average of 31 per cent. However, 45 per cent of the workforce still faces barriers in formally reporting such incidents.
Globally, 28 per cent of organisations report similar retention challenges, indicating a heightened pressure on Indian companies.
To maintain high levels of job satisfaction among all age groups, organisations must understand and address the distinct priorities of each generation, from Baby Boomers to Gen Z, the report said.
Among various sectors, 26 per cent of Indian employers report recruitment challenges, while 25 per cent face difficulties in retention. Meanwhile, 31 per cent of organisations in the Indian healthcare sector experience recruitment challenges, and 30 per cent struggle with retention.
The Fast-Moving Consumer Goods sector in India reports the highest retention issues, with 54 per cent 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," the report noted.