Salary vs Flexibility: What Matters More In India’s Job Market? Report Reveals Major Trends
The report highlighted that with 94 percent of Indian respondents open to exploring new roles in 2024, employers need to go beyond competitive salaries.(Representative Image)
Indian workers persist in expecting higher salaries to offset escalating living expenses
Indian workers continue to insist on higher salaries to counter rising living costs and to be recognised for their contributions, with flexibility remaining a critical issue for the majority of employees, says a report.
Also Read: Employers In India Are Cautious In Hiring, Finance and Real Estate Top Job Creators: Report
Key findings of the report;
Flexibility Challenges
According to the Talent Trends 2024 report by Michael Page India, flexibility has emerged as a significant issue across most regions in India, with employers navigating the challenges of implementing hybrid work models and policies that align with both business requirements and employee preferences.
The report titled The Expectation Gap compiled feedback from about 50,000 skilled white-collar professionals across 37 countries, including more than 3,000 participants from India.
Talent Attraction and Retention Strategies
The report highlighted that with 94 percent of Indian respondents open to exploring new roles in 2024, employers need to go beyond competitive salaries. They must also focus on broader elements such as flexibility, diversity, equity, and inclusion (DE&I), along with fostering a positive workplace culture, to successfully attract and retain top talent.
Ankit Agarwala, MD, Michael Page India, 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.”
Workplace Discrimination Insights
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.
