Over 85% of employees in India will be looking for new job opportunities in the next six months, as organisational culture and a greater accent on sense of purpose have emerged as critical factors when it comes to attracting and retaining talent in a post-pandemic world, a report has concluded.
Strikingly, more than one-third of employees in India, or 38%, have been in their present positions for less than two years.
Across all industries, levels of seniority, and age groups, a clear majority has indicated this talent migration will continue, according to Talent Trends Report 2022, launched by recruitment agency Michael Page India.
The report with insights drawn from a survey of 3,069 respondents, gives a depiction of what the talent market looks like today, and how it will likely pan out over the year.
With the pandemic bringing home and work-life into the same physical location, people's perspectives on not only their work, but their lives as a whole have been put under the spotlight. Employees are rethinking what it means to do good work, and they want it to be meaningful.
While salaries, bonuses, and rewards are still top attraction motivators for candidates, the study shows a big swing towards non-monetary motivators.
As per the report, a significant 61% of respondents in India are willing to accept a lower salary or forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Matching salary expectations will be one of the leading recruitment challenges in 2022. However, the challenges facing recruiters, HR departments and hiring managers are consistent across industries with demand for talent far outstripping supply, making human capital one of the scarcest resources.
Nicolas Dumoulin, Senior Managing Director of Michael Page India and Thailand, said: “Individuals are placing an increased importance on company culture, sense of purpose, and leadership” ahead of company brands and promotions. Organisations that have great company culture will likely experience a competitive advantage.”
Salary, bonus and reward will remain one of the key soft motivators, influencing 20% of candidates in their decision on where to work. The past 24 months have revealed people’s desire for flexibility and autonomy over their jobs.
Employees want pay, bonuses, benefits, and rewards, but more than ever, they want to feel valued and heard by their employers. Of those unemployed, 43% say they have been so for more than six months.
The surge in resignations is being driven by people searching for the right job at the right company with the right values and culture — and many would simply rather remain unemployed until they have found the right match, according to the report.
As economies recover, organisations should take this opportunity to redesign their working models to be more human-centric. 87% of the respondents want a hybrid work arrangement between working from home and the office. Hybrid work arrangements are now a universally-expected basic. 68% of employees prefer a hybrid working format in India and 11 % have resigned or are planning to resign if the company is not willing to provide flexibility.
DE&I is no longer a “niche” and is non-negotiable. Majority of companies are lacking clear policies and strategies. In 2022, employees want to work in a place that’s built on respect, trust, and kindness with the majority of the workforce now expecting companies to implement clear DE&I policies.
An average of 70% of people will consider asking about a company’s DE&I policy at job interviews, and 33% of people say a lack of a clear DE&I policy and commitment from a potential employer would stop them from actively pursuing an interview or opportunity at that company.
The pandemic has shifted priorities, with 61% of candidates valuing well-being over money. Companies must take action to create positive workplace cultures in which employees at all levels feel supported and appreciated, or risk losing high-performing talent to their competitors.
A significant number of employees do not feel supported by their employers. 57% of those surveyed said that their workload has increased compared to before COVID-19. 88% Believe that their company does not take active steps to ensure work-life balance. Companies need to try new ways to change things and help employees work more efficiently.
95% of people believe that it is important for them to upskill themselves for their next career move. Education is no longer limited to often costly degrees or diplomas that take years to achieve. More than two-thirds of respondents used online learning platforms (e.g., LinkedIn Learning and Coursera) to upskill and reskill.
The good news is that the economic impact of COVID-19 is finally abating, with the majority of employers planning annual salary increases of more than 5%, which is more generous than many other markets in APAC.