Young Indian workforce prefer going abroad: Survey
Posted on January 9, 2012
Kolkata, Jan 5 (IBNS) Majority of younger employees are keen on seeking jobs abroad, even if they do not get a pay increase as compared to those in higher age groups according to the latest findings of Ma Foi Randstad Workmonitor Survey 2011 – Wave4, a quarterly review of ‘mental mobility status’ of employees.
39% of employees with low education level would move abroad just for a better suited job that doesn’t accompany a pay hike.
However, a significantly larger proportion of employees with higher education level (60%), are willing to move abroad for a better suited job even if the salary remains the same.
A significantly higher proportion of men (79%) expect to go abroad for work that promises higher pay as compared to women (65%).
Key findings from India:
Focus on Career switch vs Promotion: 45% of the workforce believes in focus on promotion and 34% believe in doing something different. The above trend is consistent amongst all workgroups based on income, location, gender, type of employment and such others.
The preference for moving into a higher position based on existing experience is higher than to venture into a role that is different from their existing role.
Perception about business performance: 2011 was considered as a good year financially by people across the four metro locations of Mumbai, Delhi, Bangalore and Kolkata.
Studying this finding by different income groups suggests that those with annual salaries above 10, 00,000 aspired for higher financial performance for their organizations. Those in other lower income groups felt that their organization did well financially in 2011.
Retirement Plans: A very high proportion of 81% of men expect to work beyond their retirement age and a nearly equally high proportion of women (74%), expect to work beyond their retirement age.
Commenting on the findings of the survey, E. Balaji, MD & CEO of Ma Foi Randstad said, “Attracting and retaining right talent would be the biggest challenge for any organisation in the coming years. With technology advancements, many traditional systems like eight hour work day and command & control approach are fast disappearing and impacting the work styles and approach to work.”
“The burgeoning opportunities have created a major change in the mindsets of the young employees. While money is an important driver for Gen Y, they are also driven by work place flexibility, right culture, challenging work roles, career growth opportunities and bosses with inspirational approach towards work.
“Companies should re-orient their work culture to address employee needs, to succeed in the emerging war for talent, which will become the key to retain their place in the marketplace.”
Amongst all the countries surveyed, India still has the highest mobility index of 144. This is in line with the findings that emerged in all the previous eight quarterly surveys conducted since Q1 2010.
While the finding per se is not new, its consistent trend over eight surveys suggests that there is no slowing down of job mobility intent in the Indian subcontinent. The mobility index is least in Luxembourg with Germany and Italy following suit indicating least employee churn.
Key insights from across the globe:
The global survey shows that employee outlook for 2012 shows a mixed picture. In most countries around the globe, employees feel slightly positive about 2012. In a bit more than half of the countries (18 out of 30), respondents feel their employer is entering a better year financially compared to 2011.
With very positive exceptions in Argentina and Chile, where 93% and 96% of the respective employees feel 2012 will be a better year for their organization. In Czech Republic, France, Greece, Hungary, Japan and the Netherlands, employees expect 2012 to be a difficult year.
Salary does not reflect performance: In most countries, at least 60% of the employees feel that their salary does not reflect their performance, which could be related to uncertain economic times. These numbers run especially high in Poland, Hungary (both 79%) and Greece (81%).
More than 80% of the employees in Argentina, Brazil, Chile, China, India and Mexico expect to receive a pay rise, bonus or improvement in employee benefits. European employees have lower expectations; around a third or less expects to see any improvements in this area.
Willingness to move for a job: In general, employees do not want to move (abroad) for a job even if it would be a job better suited for them; less than a third of the respondents worldwide would do so.
In China and India, however, employees do not have problem with relocation: 64% and 58% respectively would move if the right job comes along. In some cases a pay rise serves as an incentive, although employees in Denmark, Japan, Luxembourg and Switzerland indicate they want to stay put even if there is a pay rise connected to a job for which they have to move.
Employee confidence: In several countries the number of employees confident about finding another job within the next 6 months has declined, with the lowest scores in Greece and India. Greek employees have the highest fear of job loss; they are more aware of the risks of being made redundant than before.
Mobility Index rises to 105: The Mobility Index increased to 105 from 103 in Q3, 2011.
The Mobility Index in Canada soared (+12) in the last quarter and employees are more active in their job search. Besides Canada, the Mobility Index of Belgium, Switzerland and Argentina have increased. For Singapore, the Mobility Index has declined.
Job satisfaction: The survey shows virtually no movement. Satisfaction with the current employer is roughly at the same level as in previous quarters.
In Europe, Norwegian, Danish and Dutch employees are the most satisfied. Outside Europe, Mexico and India rank highest. Japan has the least satisfied employees.
Personal motivation: The most ambitious employees can be found in Turkey and Italy as well as in Mexico and India. Employees in the Nordics and Japan are not very much focused on getting a promotion.
5 Jan 2012