New Delhi [India], Apr. 6 : Wisdomjobs.com, one of India's end to end online recruitment and career solutions portals, recently released the outcome of its survey on the Employee Satisfaction on their Salary Structure.
The survey was conducted across Hyderabad, Mumbai, Delhi, Chennai, Bengaluru and Pune; and covered 10 sectors; IT, Telecom, ITES, Retail, Education, Media (and) Entertainment, Infrastructure, BFSI, Healthcare and Logistics.
The report examines and throws light on the satisfaction levels of employees with their salary structures.
More often than not, salaries and benefits are the make-or-break factors when it comes to an employee's decision to join a particular company, or to stick with the company in the long term.
While the 'take-home' salary is usually the key determinant of the decision to join a company, other monetary and non-monetary benefits offered in the employee's pay package gradually playing an important role.
Ajay Kolla, Founder (and) CEO, Wisdomjobs.com said, "Millennials, known as the Gen Y, make up the largest chunk of employees in most organizations.
We are also seeing a growing proportion of Gen Z employees, to be precise those in their early 20s', are being taken on-board every year.
Considering the overall generic prerequisites, companies are adapting to the mindsets of this young workforce by redesigning compensation structures to bring them in line with their expectations." He further added and said, " Apart from this, we also see that the companies to offer innovative perks and benefits to employees in order to make their job offers seem more enticing." Below are the overall findings of the survey: -53% of those surveyed felt that the fixed or base component of their salary is the most important factor while around 42% said that variable or differential pay was important to them.
-Salary structure continues to be seen as the defining factor when it comes to a professional taking up a new job or deciding to stay with an employer, with nearly 80% of the respondents giving it a high weightage.
-62% Gen Z employees said they are not content with their current salaries structures along with 46% of the Gen Y employees.
The overall % of discontent employees of those surveyed are 54%. -Nearly 70% of those dissatisfied with their salaries structure felt that it was not in line with market standards while 30% felt that it was not commensurate with the responsibilities being handled by them.
-In the Gen Z employees 58% said they want higher 'take-home' salaries where as only 28% of them said they would prefer more non-monetary benefits such as medical/health insurance coverage, flexible work arrangements and post-retirement benefits.
-The Gen Y employees 44% said they would prefer more non-monetary benefits such as medical/health insurance coverage, flexible work arrangements and post-retirement benefits, however only 39% said they want higher 'take-home' salaries.
-Among non-monetary components of their salary structures, those surveyed were most dissatisfied with child-related benefits and retirement benefits.
-The respondents showed the following levels of satisfaction with non-monetary components: o Telecommuting - 55% o Flexible timings - 48% o Maternity (and) Paternity benefits - 30% o Retirement benefits - 28% -Almost 30% of Gen Y and 18% of Gen Z employees preferred work-from-home benefits over increased salaries.
-While nearly 60% of women surveyed felt non-monetary benefits to be equally important as higher salaries, only 30% men felt so.
However, among men with more than 6 years of experience, this number rose to 45%. Sector wise salary structure satisfaction percentage: -Across all sectors, only 55% of respondents were satisfied with their current salary structure.
-Though the ITES sector has been one of the most booming sectors, providing Transport and other additional benefits; it has the second-lowest level of satisfaction at 43%.
-The IT sector shows that 35% of the respondents are reasonably dissatisfied with their salary structures.
-Education sector which creates the base of the country's development has the most dissatisfied employees at 60% -The Telecom sector, despite having the highest median salaries among all sectors, only showed a 50% satisfaction level.
-Post demonetization, the BFSI sector which is bound to witness an enormous growth in the industry along with soaring digital payments; showed only 53% of salary structure satisfaction.
-The Media and Entertainment sector showed a satisfaction level of just 58%, the second-highest satisfied among all the sectors surveyed.
-The Healthcare sector shows a 50-50 satisfaction-dissatisfaction level. -The Logistics sector showed the third-highest on the dissatisfaction level with salary structures, at 52% -The Retail sector also witnessed a similar dissatisfaction level of 52% with their salary structure.
-The Infrastructure sector showed dissatisfaction level of 48% with their salary structures. City-wise salary satisfaction percentage: - Among cities, the South Indian cities showed the highest (and) the lowest level of salary satisfaction with Bengaluru at highest level of 63% and Chennai at the lowest with just 46% - In between lie cities with average level of satisfaction; Pune at 57%, Mumbai at 54%, Hyderabad at 51% and New Delhi at 49%.