Middle and senior level managers of India Inc. are quite optimistic about the economic situation in 2014, says the latest survey by hiring agency Randstad India.
Global Workmonitor Wave 4 2013, a quarterly review, tracks jobseekers confidence and provides a comprehensive understanding of the job market sentiment and trends relating to the employment market across 32 countries, including India, which has the highest mobility index of 146.
The figure is the lowest the index has been as far as India is concerned since the survey was conducted in the first quarter of 2010, and is down by eight points from the previous quarter (154). The findings per se are not new and the consistent trend confirms that the war for talent continues to be a major challenge for Indian organisations. Malaysia, Mexico and Hong Kong follow India, while the mobility index is the least in Luxembourg, Germany and Belgium, indicating least employee churn. The index for the US and the UK is 107 and 104 respectively, implying moderate employee churn. Globally, the index is 107, which is similar to previous quarter. Approximately 12,800 interviews were conducted during the survey.
The key findings (for India) are as follows:
1. 84 per cent of the respondents believe that the economic situation will improve in 2014 as compared to the world average of 49 per cent.
2. 86 per cent expect a pay rise this year as compared to the world average of 58 per cent.
3. 80 per cent expect to receive a one-time financial reward/bonus at the end of this year, which is much higher than the world average of 48 per cent.
4. 70 per cent of the employees earning below Rs 90,000 expect a pay rise, while those in the middle and higher level income range are more optimistic.
5. Almost 93 per cent believe they have made an effort to develop their skills and competencies, and 80 per cent agreed that their employer provided opportunities for their development.
6. In 2013, 88 per cent of the employees felt that they had extended their knowledge through education and training, which is above the world average of 62 per cent.
7. 94 per cent of the surveyed employees in the middle education category agreed that their employer provided opportunities for them to develop, while 79 per cent of the respondents in the higher education category agreed on the same.
8. 82 per cent believe that working with foreign employees adds value to their job.
9. 56 per cent of the senior respondents (above 50 years of age) feel that working with foreign employees adds value to their job.
10 . 74 per cent of women employees feel this way about working with foreign employees as compared to 52 per cent of their male counterparts.