Salary continues to be the biggest factor when it comes to a professional taking up a new job or leaving an employer, and a majority of employees seem dissatisfied with their current salaries reveals a recent survey conducted by JobBuzz.
In a survey by JobBuzz, an employer rating platform powered by TimesJobs, nearly 95% of the respondents felt their salaries were not up to market standards. Only 5% said their salaries matched the market standard.
This understanding comes from employees doing research on social platforms and employer rating sites to find out the salary scales in their industry and functional areas. Job portals such as TimesJobs.com aggregate this data from their databases.
At a time when India Inc. is focusing energies on devising non-monetary benefits to engage and retain staff, it is interesting to know that salary still holds a lot of significance for employees. JobBuzz also highlighted the compensation and benefits expectations of all three generations of the workforce – Baby Boomers (57%), Gen X (37%) and Gen Y (41%) want more in-hand salary in their monthly pay packages but their preference for other benefits differ.
While 24% Baby Boomers prefer post retirement benefits, only 10% prefer medical/health insurance benefits.
Amongt Gen X, 29% prefer other benefits or perks (mostly flexible work options). A significant number of them (20%) also preferred post retirement benefits.
Contrary to popular perception, 22% of Gen Y opted for post-retirement benefits over other benefits or other perks.
“High performance professionals use a host of online services to evaluate their market worth, research best employers, assess their career growth and upgrade their skills in line with the latest industry and job market trends of their chosen vocations. Employers should conduct internal salary benchmark studies to fine-tune their salary structures and compensation scales according to market standards,” said Vivek Madhukar, COO, TimesJobs.com.
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