68% employees feel that a better salary is more important factor than enjoying the work: Survey

by · July 19, 2012

Indian employees are willing to compromise on salary for pleasant colleagues and job security according to Randstad India’s latest global Workmonitor Survey 2012, a quarterly review that tracks jobseekers confidence and provides a comprehensive understanding of job market sentiment and trends relating to the employment market across 32 countries. The survey indicates that 82% of the employees surveyed in India attach a premium to pleasant colleagues, which is the second highest in the world after China and it is well above the world average of 60%. The survey also reflects that employees in India work to live rather than live to work, which is on par with the global average.

Another interesting finding of the survey is that 54% of the respondents felt that the financial performance of their organization was currently under pressure. This is slightly above the world average of 42%. Of this group, 76% said that foregoing a part of their salary is fine to secure their job and 71%, to prevent redundancies in their organization.

Commenting on the findings, Mr. E. Balaji, MD & CEO, Randstad India said, “Considering employees spend most of their hours at work, salary is often not enough to keep them happy at work. It is imperative for the HR managers to create a work environment with a sense of community.”He further added, “Employees view their organization’s financial performance to be under pressure, given the current economic conditions. Organizations must ensure they effectively communicate about the performance of the company to their employees, making sure they feel connected at work, to the organization and are safe in their jobs. This would help them gain employee confidence and thus build their employer brand in this competitive market that would not only help to retain the best talent but also attract quality talent.”

Key findings from India report:

Pleasant Colleagues Vs Salary: 82% of the employees surveyed felt a higher need for pleasant colleagues at workplace over salary which is well above the world average of 60%.

Salary – Enjoying Work: Of the respondents surveyed, 68% felt that a better salary was more important factor than enjoying the work they did.

Social Network @ Work & Beyond: About 90% of the respondents said that they have close friendships with some of their colleagues and that about 80% meet their colleagues outside work hours. These findings are well above the world average of 71% and 63% respectively. 85% of the high income earners felt the need for networking with colleagues at work and outside work while only 50% of the low income earners felt the same need. Employees with Higher or moderate education felt the increased need for networking with colleagues than the employees with lower education. In general, building a networking with colleagues at workplace grows with income.

Social Media: 80% of the employees have said that social media has enabled more connect with colleagues outside working hours than before and it is significantly higher in India than the rest of the world [49%]. This is again more prevalent with employees having higher or moderate education background than the employees with lower education. Similarly, by income segments, social media is used most by those with higher income and least amongst those with lower income.

Financial Performance: Over half of the respondents surveyed in India [54%] have agreed that the organizational financial performance is currently under pressure. A higher percentage of employees said that foregoing a part of their salary is fine to prevent redundancies or to ensure job security.

Personal Development: Personal development for every individual is important when working in an organization.81% of the employees have responded that they would quit working in an organization for lack of personal development which is and this is significantly higher than the world average of 41%.

Romantic relationship: About 70% of those surveyed said that romantic relationships occur between colleagues from time to time in their organization.

Mobility Index: Amongst all the countries surveyed, India has the highest index of 142. This is in line with the findings that emerged in all the previous nine quarterly surveys conducted since Q1 2010. While the finding per se is not new, its consistent trend over nine surveys confirms that the war for talent continues to be a major challenge for organizations in India.

The survey is a scientific understanding of employee’s intent to shift job every six months. While this is the central objective of the study, few other aspects like pleasant colleagues, good salary and personal development in an organization play an important role for an employee.

 Randstad Workmonitor Survey Q2 2012

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