RGF International Recruitment: Cautious optimism prevails in India's employment landscape amid a transformative period of recovery
The latest edition of RGF International Recruitment’s Talent in Asia report offers perceptive insights into the changing facets of India’s employment market
NEW DELHI, April 20, 2022 /PRNewswire/ — The shifts in the prioritization of motivating factors for jobseekers indicated in this report largely reflect the impact of the pandemic that has hit India hard over the past two years and rocked the job market.
However, as the ravages of the pandemic abated, most industries have resumed business activities, leading to improving confidence and promising growth in the year ahead, and thereby the optimistic outlook of employers and increased hiring across the board.
The growth of new employment opportunities has also given jobseekers an optimistic outlook of their industry for the next 6 to 12 months (61%). The most optimistic among them are in Healthcare & Life Sciences (71%), Technology, Media & Telecommunications (68%) and Banking, Financial Services & Insurance (64%). The top 3 reasons for their positive outlook are: their industries’ ability to overcome the challenges of COVID-19, advancement in technology and digital transformation, and favorable changes in consumer preferences and demand.
55% of respondents are actively seeking new jobs while another 31% of them are open to new opportunities. Salary or benefit package is most important motivating factor for 61% of respondents seeking a new employer, as compared to 32% in 2020, followed by career progression opportunities (52%). Candidates expect a salary increase of 31% when changing jobs. However, the study found disparities in salary expectations between employers and talent.
Respondents who intend to stay with their current employer place management style and company culture (49%), work-life balance (47%) and salary or benefit package (40%) at the top of their list of priorities.
44% of respondents are satisfied or very satisfied with their compensation package, which is a significant increase from the 32% last year. However, the number of dissatisfied respondents also rose by 11%. While it is likely that employees will seek higher increment to be satisfied in the year ahead, increment expectations when switching jobs have dropped from last year.
71% of candidates believe that hybrid-working models are the most beneficial for their productivity, and more employers feel that staff productivity has improved in 2021. In fact, a majority of them (83%) believe work-from-home or hybrid work arrangements will be the norm in 2022.
So while employers remain wary about how COVID-19 will impact their business operations in the next 6 months, they would do well to refine their Employer Value Proposition by taking steps to enhance their company culture as well as work-life balance, job security and career progression opportunities for their employees.
Sachin Kulshrestha, Managing Director, RGF Professional Recruitment India, shares this sentiment: “While these trends may appear to be in favour of talent, caution is advised for both employers and jobseekers when setting expectations. In periods of volatility, forgoing realistic expectations can impact their prospects in the eventuality of a market correction.”
Please click here to download the copy of the Talent in Asia report.
