According to a recent survey conducted by CIEL Works, salaries and benefits have become a dominant factor while attracting talent. The report suggests that this shift is due to the revival of the job market and the increasing confidence and optimism of the professionals about career opportunities.
CIEL surveyed 107 executives spread across industry sectors, levels and cities in India. Remarking on the findings, Aditya Narayan Mishra, CEO- CIEL HR Services, said “The study reflects the current sentiments of the Indian job market. With the evolution of technology and access to information the employee, more importantly, skilled talents across levels are more selective about choosing an employer or while considering a change. The employers must adapt to the changing dynamics of sentiments and realign their HR strategies to attract and retain the prime talent for their organization.”
Following are the key insights from the report:
- Salary hikes have been muted in the recent past, and hence, candidates want to make up for the perceived loss while changing their current job. This is more noticeable at senior level positions (20%-40% rise expected vis-à-vis 10%-30% last year) while for the mid-level roles, most candidates anticipate an increase of 20%-30%. Most Entry level executives expect 10%-20% hike in the salary.
- While discussing an offer with a potential hire, surveyed employers stated that the candidates at entry level are more concerned about salaries. Candidates at mid-level roles are more concerned about the designation. However, talent at the top level are more bothered about position, benefits, variable pay, and designation.
- 5% recruiters face salaries and benefits as the most significant challenge before them for attracting talent. The report unveiled that companies have increased the notice period for their employees to make it difficult for them to hop jobs. The study finds Long Notice Period to be the next most crucial challenge (34%) for the recruiters to fill vacant positions.
- Salaries and benefits continue to the primary push factor (26% for People in Entry Level Roles and 25% for Mid-Level Roles) to look for a new job opportunity. For people at senior level positions, salary and benefits is the second most important push factor. This underlines the significance of ‘Salaries and Benefits’ as a factor for Talent Attraction and Retention strategy.
- Another Push factor that has emerged out of the study is the relationship with ‘Managers’ which is the second most important factor (23% of people in Entry Level Roles). While at Mid-Level Roles, 13% of the people consider Manager to be a push factor to look out for a new job opportunity.
- Career Progression is another factor that has come out of the study, which has 12% significance for people in Entry Level Roles and 19% for people in Mid Level Roles.
The report also suggested that the HR practices are getting more agile than ever before. They are adapting new methods and technology tools in employer branding, HR analytics, and sourcing methods.