According to a recent report, Indian workers are steadfast in their demand for increased salaries, a response to the continual rise in living expenses and an affirmation of their valuable contributions to the workforce. Moreover, flexibility in work arrangements remains a pivotal concern for the majority of employees, highlighting the evolving dynamics of the modern workplace.
Flexibility Challenges
Based on the Talent Trends 2024 report from Michael Page India, flexibility has become a notable concern in various parts of India. Employers are grappling with the complexities of introducing hybrid work setups and crafting policies that meet both business needs and the preferences of their employees.
The report, titled The Expectation Gap, gathered insights from approximately 50,000 skilled professionals in white-collar roles across 37 nations, including over 3,000 respondents from India.
Talent Attraction & Retention Strategies
The report emphasized that in 2024, 94 percent of Indian participants are willing to consider new job opportunities, indicating that employers should offer more than just competitive pay. They should also prioritize aspects like flexibility, diversity, equity, and inclusion (DE&I), as well as cultivate a positive work environment to effectively attract and retain highly skilled employees.
Ankit Agarwala, MD, Michael Page India, said, “A successful recruitment strategy needs to go beyond merely offering competitive salaries. It should prioritize cultivating a robust company culture, providing flexibility, and addressing diversity, equity, and inclusion (DE&I) initiatives to effectively attract and retain top talent.”
Workplace Discrimination
India leads APAC in workplace discrimination reporting, with 47% of employees experiencing it, surpassing the APAC average of 31%. However, 45% of the workforce still encounters obstacles in officially reporting these incidents.
Organizations globally face 28% retention challenges, putting extra pressure on Indian companies. Addressing the unique priorities of each generation, from Baby Boomers to Gen Z, is crucial for sustaining high job satisfaction.
In India, 26% of employers encounter recruitment issues, and 25% deal with retention problems. Specifically in the healthcare sector, 31% face recruitment challenges, while 30% grapple with retention.
The report noted, “The rise of e-commerce and shifting consumer preferences are prompting FMCG companies to adapt quickly, leading to high demand for professionals with expertise in digital marketing, supply chain management, and consumer insights.”
The Indian Fast-Moving Consumer Goods industry experiences significant challenges in retaining employees, with 54% of companies expressing difficulties in retaining their talent.