The great resignation in India

Great Resignation to keep India Inc on toes

India Inc is facing its moment of truth in the talent market as companies prepare to open offices after a gap of two years. According to a latest report by Michael Page, nearly 86% of India’s professionals will seek new jobs in the next six months as the Great Resignation in India will intensify in 2022, and matching salary expectations will be a leading challenge for many.

While salaries, bonuses, and rewards are still top attractions for candidates, the survey finds that there is a big swing towards non-monetary motivators. According to the report, a significant 61% respondents in India are willing to accept a lower salary or forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness. It is also seen that people want to move away from the current work location to Tier 2 cities and want to pursue job there and thanks to the job market(that's not difficult as it used to be). Matching salary expectations will also be one of the leading recruitment challenges in 2022.

Sparked by the global pandemic, there has been a wave of resignations in India with over one-third or 38% of employees, who have been at their current jobs for not more than two years, and a significant 86% of employees will be looking for new career prospects over the next six months.

With demand outstripping supply, human capital will be one of the scarcest resources. This will be a challenge for Top Management and hiring managers across industries.

The findings are from a survey of 3,609 respondents conducted across all industries, levels of seniority, and age groups, where a clear majority has indicated that this major talent migration will continue.

With non-monetary considerations gaining importance among people in 2022, organisations would need to have top focus on creating a compelling employee experience and nurturing company culture — especially in a hybrid work environment. With the pandemic forcing home- and work-life into the same physical space, a spotlight has been placed on how people view not only their work, but their lives more holistically. Employees are re-evaluating what constitutes quality work, and they want it to be purposeful.

One of the Senior leaders in Michael Page India and Thailand, said, “Individuals are placing an increased importance on company culture, sense of purpose, and leadership ahead of company brands and promotions. Organisations that have great company culture will likely experience a competitive advantage.”

Salary, bonus and reward will remain as the key soft motivators influencing 20% of candidates in their decision on where to work. The past 24 months have revealed people’s desire for flexibility and autonomy over their jobs. Employees want pay, bonuses, benefits, and rewards, but more than ever, they want to feel valued and heard by their employers. Of those unemployed, 43% say they have been so for more than six months.

The pandemic has brought with it long-term changes in the way employees view work. Moving forward, it will be important for organisations to listen to their employees and provide a degree of choice and ownership in how they run their workdays and work lives, while balancing it out to integrate and stay in touch with the company culture. This can only be done with clear, honest and transparent communication about the organisation’s plans, feedback mechanisms and thought processes.

So Bottom-line , there is a strong need to review policies that revolves around benefits and have a willingness to change if we have to retain talent . What was working yesterday might not work today or tomorrow !!

Drop your thoughts on what you or your org is doing to manage the spree !!

Source & Courtesy - Micheal Page, AON, Delloite .