Drawing insights from over 1.63 lakh respondents worldwide, covering 32 markets the report reveals that the value attributed to work-life balance grew slightly in relative importance over the past years, as did good reputation. Women tend to place more emphasis on work-life balance.
Additionally, 49% of the respondents mentioned that they are willing to resign or have already resigned from their current job to improve their work-life balance. The finding directly aligns with the fact that work-life balance is consistently the most important EVP driver of the ideal employer today.
Employee perception on moonlighting: Nine in ten employees (91%) agree that an employer is much more attractive if they are allowed to take up additional jobs/assignments for supplementary income. Interestingly, the desire to take up a second job is relatively stronger among women than men (92% vs. 89%), possibly a pointer to the prevailing gender-pay gap. The sentiment to moonlight is strongest among the workforce within the age group of 25-34 years and it shows a gradual decline thereafter.
Employees in India consider non-material benefits equally as important as material benefits. Four out of five employees (82%) find non-material benefits to be very important when choosing one employer over the other, while material benefits are rated just slightly higher (85%). Women placed greater value on non-material benefits (86%) than men (79%). Interestingly, three in four employees (73%) find a good relationship with their manager and/or colleagues very important, making it the most highly rated non-material benefit.There is a lot of movement in the Indian employment market where 30% of the surveyed employees have already switched jobs in the last 6 months, and 43% plan to change employers in the next 6 months. Lack of career progression opportunities is a top reason for employees to leave and this could be the deciding factor for an employee to switch employers in this job market.The fear of job loss among the workforce continues to be nearly the same in 2023 (29%) as compared to 2022 (28%). Of those who have that fear, 57% plan to switch jobs in the next 6 months. The job loss fear is higher among those who recently switched (38%) than those who did not (25%), indicating that recent joiners do not yet feel secure about their job at their new employer. 5 in 10 employees (51%) are willing to consider re-joining their ex-employer, out of which 56% consider a great employer brand to be the primary reason behind this decision
Viswanath P.S, MD & CEO, Randstad India said, “Organizations across the world today realize that business success is based on people and not just capital and the talent community is becoming extremely mindful about which brand they want to work with and how they envision their work-life in the long-term. This year’s findings suggest that changing times lead to changing expectations. Talent is getting increasingly serious – not just about the job, but a long-term career progression and job satisfaction that allows them to enjoy the non-material benefits of being associated with the employer, along with identifying a clear purpose at work.”
He added: “Employers must be in touch with their employees to understand the real sentiments and continue to monitor how they feel on important EVP drivers such as salary, work-life balance, career progression and more.”