Employees in India hold more control in the job market now: EY Survey
The balance of power in the job market has shifted in the favour of employees over the last year, finds an EY Survey. More than half the respondents in India say that they were likely to quit in the next 12 months, the survey found.
In India, the responses are captured by more than 100 business leaders and more than 500 employees. The EY 2022 Work Reimagined Survey canvassed the views of more than 1,500 business leaders and more than 17,000 employees across 22 countries and 26 industry sectors, reports Deccan Herald.
Globally, around 84 per cent of employees say the organisation’s culture has improved since the start of the pandemic. It found that 36 per cent of employer respondents say they want employees to come back to the office five days a week.
The survey shows that as many countries emerge from the Covid-19 pandemic, employees have gained significant influence over their employers and that their ‘wish list’ from potential employers is changing.
Aiming at higher pay
“Employees across India now hold more control in the job market, with more than half of respondents saying they are likely to quit in the next 12 months – driven mostly by a desire for higher total pay, better career opportunities and flexibility amid rising inflation, a shrinking labour market and an increase in jobs offering flexible working,” the EY Survey said.
EY India, Partner & India Leader, Workforce Advisory Services, Anurag Malik said, the survey found that over the last year the labour market changes meant the balance of power has shifted to favour employees. “As employers shifted gears providing more flexible work options, there is more that they will need to invest in – that includes higher pay and overall brand building of the organisation,” Deccan Herald quoted Malik.
Flexible hours a big factor
Flexible working arrangements, which were by far the biggest factors leading to employee moves according to last year’s survey, are now less of a driver given that many are already working for companies that offer flexibility in some form, he added.
Looking at the various age groups across the countries surveyed, Gen Z employees and millennials in the country are the most likely to quit their jobs this year (64 per cent), while across the sectors, it is those with technology hardware, telecommunications, and industrial products jobs that are most eager to leave, the survey said.