Almost all employees in India are looking for a new job, finds Michael Page report

Michael Page’s report comes at a time when layoffs, especially in the tech sector, have been making headlines almost everyday. According to layoffs.fyi tracker, at least 197,945 employees have been laid off in the IT sector around the world in 2023.

This brings the question that if 98 percent of the surveyed staffers want to switch jobs, is it practically possible?

Ankit Agarwala, Managing Director, Michael Page India, told CNBC-TV18, “layoffs are a reality today, there is a lot of uncertainty in the market around job security in some sectors. However, what our report indicates is that there is a clear mindset in the employees to look for better opportunities, regardless of what the realities are out there. So it may be realistic or practical for them to get new opportunities or not but that mindset is very much there of always looking out for better off situations.”

As the huge number is shocking, one may think that the work culture or pay may be an issue. But, with the Invisible Revolution at play in the minds of employees, there's a catch. While it may be partly true, the report shows more than half the employees surveyed are satisfied with their job (54 percent) and salary (56 percent) and about 80 percent are satisfied with their workload.

This means that one may not necessarily switch because they're unhappy in a workplace but it may simply be because of a better opportunity in another company. Agarwala said a mindset trend that has emerged is "grass can always be greener" elsewhere.

A significant fact this report implies is that loyalty has lost lustre. The culture of long-term service to a single company is becoming an obsolete concept. People are increasingly open to exploring new opportunities, and job hopping has become the norm. Nine in 10 people who started a new job within the last year are open to new opportunities, the report said.

Agarwala explained that employees’ relationship with employers is much more transactional now than before because the emotional and cultural bonds with their companies are not what they were pre pandemic.

“Being dissatisfied with your current employer is no longer the reason to seek something else but there is a significant shift in how employees look at their work and look at their employees. And they always want something better, even if they're reasonably satisfied,” he added.

The work-life balance aspect has been fundamentally rewired in the past year, the report suggests as 35 percent of people are willing to reject a promotion if they believe it will have a negative effect on their well-being. This has decreased from the 61 percent in last year’s study, showing how important salary is now considered given the current economic climate.

The study highlights pay as a critical area for employers to get right — careful benchmarking will enable employers to influence talent attraction and retention. Getting the salary wrong risks closing off talent — they are very aware of their value, and they will act on it. It becomes even more crucial given the talent shortage in many industries, the report said.

According to the Michael Page’s Talent Attraction index salary, career progression and flexibility are the top three factors that motivate talent to stay back or join a new company.

Basis the study, three strong highlights emerged that would redefine 2023 with regards to hiring across industries.

- Organisations would need to rethink their resourcing model implying more frequent hiring owing to reduced loyalty

- Organisations would have to benchmark pay

- Culture is the ultimate spark for significant change

Michael Page India director explained there is really no substitute for good, strong competitive pay today so employers must make sure they are meeting that. “The second thing is career progression and it's not just about vertical growth. It's about different experiences that you can provide to your employees, be it stints in social projects, stints in international opportunities, or exposure to other functions, etc. So employers need to be creative with their career progression.”

The third, he said, is work life balance and flexibility, which is really more of a hygiene now in the minds of most employees than a privilege. So employers need to make sure they're not left behind when it comes to providing flexibility and environments, which encourages, Agarwala said.

The report highlights the growing demand for data science, cybersecurity, and cloud computing professionals in the technology industry. Michael Page's data shows an increase in CTO hiring in the technology sector, with India's GCCs (Global Capability Centres) exceeding 1,200 and Indian startups receiving $3 billion in funding in the first quarter of 2023.

For its ‘Invisible Revolution’ report, Michael Page surveyed 70,000 employees globally of which 4,000 were in India.