First drawn salaries have risen again to become an issue of contention between Gen Y and Gen Z employees and their respective employers. As a survey done by TimesJobs reveals, around 55 percent of employees within the Gen Y category and 53 percent of Gen Z employees were disappointed with their first drawn salaries.
“This disappointment with salaries is due to many factors – the lack of a proper benchmark tool is one of the reasons which is not readily acknowledged. However, the thing is, if you can assess your worth on the basis of what the standard payout is in a particular sector for a particular role is, you will be saved of that disappointment when you actually get the job offer,” says Vikas Deep Verma, Head of Product & Marketing, TimesJobs.
This study was conducted by TimesJobs with inputs from over 1000 working professionals across India.
The TimesJobs study based, on the first job journey of Gen Z and Gen Y workforce, also reveals that Gen Z employees are agiler when it comes to getting their first jobs in comparison to their Gen Y counterparts. On asking how soon they were able to find their first jobs, 49 percent of the Gen Z employees interviewed were able to get a job in less than 2 months while around 45 percent Gen Y'ers stated that took them around 3-6 months for the same. Nearly 46 percent Gen Y workers applied to at least 5-10 jobs before finally getting hired and 52% Gen Z workers applied to 10-15 jobs before ultimately accepting a job offer. This is a positive trend that shows that the new generations of the workforce have substantially better access job opportunities.
Another interesting insight is that Gen Z professionals are more aware of their market worth as 58 percent of them were able to negotiate their salaries before accepting the final job offer. This is a steep increase when compared to 40 percent of Gen Y'ers who were able to do the same. However, despite being able to get a job offer sooner compared to Gen Y and also being more aggressive on the salary negotiation front, 53 percent Gen Z workers still claim dissatisfaction from their salaries.
This dissatisfaction, however, points towards larger demand for a stronger salary benchmark that employee have an access to. The general dissatisfaction expressed by working professionals in this study clearly indicate that there are many candidates currently in the job market who are unaware of their for the industry standards. This makes it difficult for employees to negotiate their salaries.
Salary still an important factor
While salary may not be the only thing a job-seeker values while making a career choice it is certainly a critical driver. As TimesJobs' study further reveals, 45 percent Gen Y and 58 percent Gen Z stuck to their first jobs for 2-3 years and when they left about 51 percent Gen Y and 53 percent Gen Z opted out for a better package.
Interestingly, 50% Gen Y and 43% Gen Z also said they continued in their first jobs, for longer because they were getting good increments.
"This study highlights the fact that it finally boils down to your cash-in-hand component. It is essential to be aware of what must you ask for, at your level, in your function, and in your industry to have a good career. It is wise to evaluate your worth in real-time by using the TimesJobs salary benchmark tool so that you know what you must ask in your next job and be happy about it, also." advises Verma.