Job market for freshers has improved significantly: Survey
GenZ are better informed, careful and waits for suitable opportunity while getting into their first job. This is what the recent Survey by JobBuzz.in has pointed out. According to the Survey, Gen Z professionals have a better experience in their first jobs compared to Gen Y professionals.
The Survey of 912 GenZ and GenY employees reveals that 49% of GenZ workforce received their first job offer in less than 2 months compared to 38% GenY candidates. About 45% of GenY took an average of 3-6 months to land their first job. This indicates that the job market has improved significantly for freshers.
Most (36%) GenY candidate’s first drawn salary was in the range of Rs 2-3 lakh per annum while 42% GenZ earned Rs 3-5 lakh per annum in their first job. In addition, none of the GenY candidates got a package of more than Rs 10 lakh per annum but about 10% GenZ did managed to land a job with heftier packages.
However, nearly 16% GenZ candidates took about a year to start their first job while 14% GenY took this long – showing a preference for carefully evaluating job suitability prior to joining. In fact, nearly 2% GenZ respondents claimed they are still unemployed and on the lookout for suitable opportunities in the jobs market.
"GenZ jobseekers are far more informed and careful while choosing their first jobs – they have a host of tools and platforms available to them to evaluate job and organization suitability. They are also quick to jump to another opportunity if they are not fully engaged - not just for more money but more so for challenging, exciting work and greater responsibilities," says Nilanjan Roy, Head of Strategy, Times Business Solutions.
On the most significant aspects of choosing their first job, GenY (37%) and GenZ (44%) both laid major emphasis on salary.
Interestingly, despite the clear emphasis on pay by both workforce generations, nearly 40% GenY and 58% GenZ respondents did not negotiate their salaries during their first jobs. Furthermore, 55% Gen Y and 53% GenZ candidates weren’t even satisfied with their first drawn salaries, according to the survey.
GenY laid greater emphasis on the job role, they were more satisfied with the role offered, claimed 61% GenY respondents and about 10% GenY professionals are still continuing with their first employer.
On the other hand, 57% GenZ respondents stated they were satisfied with their first job roles but just 3% GenZ said they were still with their first employers.
Nearly 45% GenY and 58% GenZ candidates left their first job within 2-3 years. When asked why they left, over 50% of both GenY and GenZ said the reason was better package. This is followed by better growth opportunity (Gen Y – 42%, Gen Z – 46%).
On asking the reason to continue in the same job, 57% of GenZ professionals said it was the case of getting challenging, enticing work and more responsibilities. Nearly 50% GenY said they were getting good appraisals and increments that made them stay put with their first employer.
"In today’s highly competitive environment, the only sustainable competitive advantage for an organization is its people. The insights that this JobBuzz Study reveal clearly indicate that employers need to engage, motivate, drive and inspire this newest generation workforce to retain top talent and their cutting edge in the long run," explains Nilanjan Roy.