Indian workforce prefer Competitive Salary and Job Security over Career Progression Opportunities

New Delhi, April 16th 2014: Microsoft emerged as the winner of the Randstad Award 2014 for the fourth year in a row and was awarded the ‘Most Attractive Employer’ in the country, followed by Sony India as the Runner-Up. The Randstad Award 2014 event was held at New Delhi, where Special Recognition awards were won by Larsen & Toubro in the Infrastructure Sector, State Bank of India (SBI) in the Banking Sector, Taj Group of Hotels in the Hospitality Sector and TATA Power in the Energy Sector. 

The Randstad Award, instituted globally by Randstad, leading HR Services provider, aims to encourage best practices for talent attraction and to identify the best ‘Employer Brand’ in the country based on perceived attractiveness of a company. This is in fact the world’s largest employer branding survey that is conducted with over 200,000 respondents across 23 countries in the world. In India, the survey was conducted amongst a large audience of 8,015 respondents to find the country’s most attractive employer brand for the year 2014. 

Mr C.P. Gurnani, MD & CEO, Tech Mahindra, was the Chief Guest at the event. He addressed the gathering about the importance of ‘Employer Branding’, its evolution in India and presented the awards to respective winners. The event was attended by CEOs, HR heads and industry leaders from across sectors. 

Presenting the survey insights, Mr. Moorthy K Uppaluri, MD & CEO, Randstad India said, “The survey is coming at an important time. The Indian economy is showing positive economic movement and shifting into a higher gear, which will have a significant bearing on the attraction and retention of talent across sectors. With employee attrition on the rise, employer branding has become crucial, now more than ever, and companies are viewing this as a ‘Competitive differentiator tool’ to build great brands that will help them attract, manage and retain the best talent.” 

Mr. Uppaluri added, “This year’s survey results show a continuing trend in line with the economic cycles in India. The findings show an inclination towards a competitive salary and high job security, reflects the current market sentiments. In addition to this, the survey captures the levers that influence the perception of company choice by individuals where ‘honesty, security and reliability’ ranked the highest in symbolic values. 

The survey being a reflection of employee sentiments in India, I am confident that with these insights companies will be able to focus on the key elements that will help them establish their employer brand, thereby attracting the right talent for the right job”. 

Key findings on the choice of employer

Influencing factors

There is a distinct rise in the importance given to competitive salary and employee benefits and this becomes the most important factor for potential employees, followed by job security. The sentiments of Indian respondents is resonated globally where, salary & employee benefits is the top priority followed by job security and interesting job content. 

Globally, honesty, security & reliability are also the most important symbolic values. 

Top 5 influencing factors 

Competitive salary & employee benefits, long-term job security are the most selected factors, followed by the financial health of the company, good work-life balance and a pleasant working atmosphere. 

By Gender 

The survey shows that men give higher importance to factors like competitive salary and employee benefits, long-term job security, financial health, career progression opportunities and strong management. 

Women prefer companies which offer pleasant working atmosphere, work-life balance, accessibility, flexible working, and good training 

By Age 

There is a greater preference for financially healthy companies with a strong management and which offer quality products & services among the mature respondents (workforce aged 35+), while the younger workforce (aged <35 years) are more attracted to career progression, training, global career prospects, and job content. 

By Education

The Indian respondents with a master’s degree are more attracted to companies which offer competitive salary, job security and work-life balance; whereas respondents with lower education look for companies offering good training, job content and with easy access to work place.

Other Key Findings:

Personality Traits:

Top 3 personality traits that potential employees look for in employers are honesty, reliability, security, intelligence and sincerity. 

Men are slightly more attracted to employers who are secure, well respected, strong, down-to-earth, thrilling and masculine. And, women more often prefer employers who are reliable, intelligent, sincere, highly regarded and with high status. 

There is a greater preference for companies which are reliable, secure, highly regarded, with high status and thrilling among among the mature respondents (workforce aged 35+), while the younger workforce (aged <35 years) are more attracted to characteristics like intelligent, well respected, down-to-earth, exciting and daring. 

Work life balance:

Indians see their work-life balance threatened mainly by unfavourable work environment, too many deadlines, poor cooperation with colleagues, lack of support to meet deadlines and mental pressure from employer to finish job. 

Bad work environment poses as a major threat to work-life balance for women & mature workforce and respondents with low education. While men, younger workforce, well educated, office executives and managers believe that too many deadlines is a major threat. 

Motivation for longer years of service:

Indian workforce desire a more relaxed work schedule, less working hours & a friendlier work atmosphere to motivate them to work longer in service. 

About Randstad Award:

The Randstad Award program is based on a robust research platform that gives unique insight into the key drivers of talent attraction within our country and across the world. The 23 participating countries (Argentina, Australia, Belgium, Canada, China, France, Germany, Hong Kong, Hungry, India, Italy, Japan, Luxemburg, New Zealand, Poland, Russia, Singapore, Spain, Sweden, Switzerland, The Netherlands, United Kingdom, USA) are from Europe, Asia/Pacific and the Americas, where Randstad has active presence. In each country 150 large companies with over 1000 employees are chosen for the survey.

Unlike similar surveys, HR officers, staff members or experts are not invited to take part in the survey, which guarantees maximum objectivity. The respondents are asked to identify the companies they recognize and then to indicate whether or not they would like to work for them. In the next step, they evaluate the relative attractiveness of each of the selected companies based on 10 key factors. 

The survey makes a clear distinction between ‘absolute attractiveness’ and ‘relative attractiveness’. A smaller or lesser-known company may actually be a more appealing potential employer, than a larger or well-known company. However, based on absolute attractiveness, the high profile organization would rank better in the ratings due to greater public awareness. To make sure that a small company’s ranking is not impacted adversely by its brand awareness, the Randstad Award distinguishes between absolute attractiveness (among all respondents) and relative attractiveness (among respondents who know the company).

The methodology used is a uniform approach which makes it easier to draw useful comparisons between countries. This is also why the research is conducted almost simultaneously across all regions. The method is very useful as it significantly contributes to the knowledge about employer branding, and about why people select certain jobs and employers. Each company surveyed will receive a comprehensive report post the event, detailing the strengths and weaknesses of their external employer brand measured across 17 determining factors. This report will provide an excellent benchmarking tool to ensure ongoing success in an increasingly competitive talent market.

About Randstad India

Randstad India offers the broadest HR services portfolio ranging from Staffing, Search & Selection, HR Solutions and In-house Services. The organization has a vast network of offices across the country to be within the reach of clients, candidates and flexi workers. The company, previously called Ma Foi is a leader in the HR services industry in India for the past 23 years and became part of Randstad through its global acquisition of Vedior in 2008. Randstad is the global #2 HR services provider active in 39 countries across the globe. Randstad India continues to focus on developing customized and innovative HR services, leveraging on its unique strengths of geographical presence and end-to-end capability across all HR service functions. For more information see www.randstad.in

About Randstad

Randstad specializes in solutions in the field of flexible work and human resources services. Our services range from regular temporary staffing and permanent placements to inhouse, professionals, search & selection, and HR Solutions. The Randstad Group is one of the leading HR services providers in the world, with top-three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, the UK, and the United States as well as major positions in Australia and Japan. 

In 2013, Randstad had approximately 28,000 corporate employees and around 4,600 branches and Inhouse locations in 39 countries around the world. Randstad generated revenue of € 16.6 billion in 2013. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information see www.randstad.com

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For Further information, please contact:

Srivathsan S
Senior Manager – Marketing and Communications
Randstad India
Tel: +91 44 66228000 | M +91 99529 60977
Email: srivathsan.s@randstad.in

Nidhi Saini
Senior Consultant – PR
Brand-Comm
Tel: +91 11 41050904 | M +91 98716 05364
Email: nidhi@brand-comm.com