According to a recent report, 98% of all employees are open to new opportunities, 75% are “active job seekers,” which means they are looking for a new job now or want to do so within the next six months, and 23% are uncertain but open to doing so.
The Michael Page India Talent Trends 2023 report, titled “The Invisible Revolution,” states that the talent market is in universal flux and that companies can only securely rely on less than 1 in 10 of the current employees in their workforce to be retained this year.
According to the report highlighting significant trends and developments in the employment market, 37% of people are prepared to turn down a promotion if they think it will harm their well-being. This is down from 61 per cent in the previous year’s study, indicating the growing weight of salaries in the current economic situation.
The report also highlights the growing demand for data science, cybersecurity, and cloud computing professionals in the technology industry. Michael Page’s data shows an increase in CTO hiring in the technology sector, with India’s GCCs (global capability centres) exceeding 1,200 and Indian startups receiving $3 billion in funding in the first quarter of 2023.
“The Invisible Revolution revealed some new startling revelations. We believe successful recruitment can only happen when a few core fundamentals are adequately considered. A strong employee experience is based on company culture. Employees stay when a strong culture and an authentic experience are created which then creates a strong reputation for any organization,” says Ankit Agarwala, Managing Director, Michael Page India.
It offers an end-to-end perspective of about 70,000 globally (including India) skilled, white-collar professionals revealing their mindsets that include motivations, attitudes, perceptions, beliefs and employment drivers such as talent development, company culture, work-life balance, D&I, amongst other things, according to a statement.
Nicolas Dumoulin, Senior MD, Michael Page India and Thailand, said, “The technology industry continues to grow, and we see significant opportunities for professionals with the relevant skills and experience to advance their careers. Employers must offer attractive compensation packages, adapt to changing employee preferences and provide opportunities for talent development to attract and retain top talent.”
The report claims that the much-trumpeted Great Resignation never ended – rather than being a blip, higher attrition is now a longer-term reality for many employers. For many workers, loyalty has lost its appeal; even ‘happy’ employees are now susceptible to being lured away by the promise of more significant income, flexibility, and working conditions.
Amongst the surveyed employees, 54% are satisfied with their job, 19% are on the fence, and 27% are dissatisfied with their current roles. As many as 56% of employees are satisfied with their salary, while 38% are dissatisfied.
The researchers claim that organizations need to benchmark pay: While salary has always been significant, the report demonstrates that employees now value pay more than ever. People won’t take lesser pay if they can earn more elsewhere, they won’t sacrifice pay for advancement, and they will ignore any other advantage until pay reaches the required threshold, a fundamental component of the ‘Invisible Revolution’.