News: 42% employees in India plan job change in 2024 for pay, promotions

Compensation & Benefits

42% employees in India plan job change in 2024 for pay, promotions

Twice as many Indian professionals, constituting 70% of the workforce, are open to pursuing promotions compared to their global counterparts.
42% employees in India plan job change in 2024 for pay, promotions

The Indian workforce is set to push for more: demanding higher salaries, seeking promotions, and being open to changing jobs. 

According to PwC's 'India Workforce Hopes and Fears Survey 2023,' this proactive approach aligns with their recognition of the importance of upskilling and the potential productivity gains from artificial intelligence (AI).

Amidst this drive, the Indian workforce displays heightened restlessness, with 42% eyeing job switches in pursuit of improved pay and promotions—a notably higher figure than the global average of 26%. 

70% of Indian professionals are open to seeking promotions, doubling the rate compared to their global counterparts.

Notably, millennial show stronger inclinations toward salary hikes (74%) and promotions (74%) compared to Gen Z, Gen X, and boomers. Even across job levels, the trend is evident: 73% of senior executives, 70% of managers, and 63% of non-managers express a willingness to negotiate pay raises, emphasising the shared desire for career progression and financial growth.

Anumeha Singh, Partner at PwC India, emphasised, "In the face of uncertainty and the transformative impact of AI, the workforce expects more from employers—not just competitive compensation, but deeper job satisfaction and faster avenues for growth."

The urgency to upskill is prevalent among Indian employees, with 62% recognising the need for evolving skill sets in the next five years—a significantly higher proportion than the global average of 36%. Over two-thirds (69%) are aware of these changing skill demands, underlining a collective awareness.

This urgency for upskilling is vividly reflected as 53% of Indian workers cite skill development as a primary reason for taking on secondary employment, surpassing the global average of 36%.

Regarding AI, 51% of respondents anticipate improved productivity or efficiency at work, outpacing the global sentiment of 31%. Yet, 24% fear AI might negatively impact their job nature—a 10% increase over the global average. Furthermore, 21% of Indian participants believe AI might replace their jobs, surpassing the global rate of 13%.

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Topics: Compensation & Benefits, Employee Engagement, #HRTech, #HRCommunity

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