Middle and senior level management are bullish about 2014 - Randstad Workmonitor Survey

Chennai, 30 January, 2014:In corporate India, middle and senior level managers are more optimistic about the economic situation in 2014, says Randstad India’s latest global Workmonitor Wave 4 2013, a quarterly review that tracks jobseekers confidence and provides a comprehensive understanding of job market sentiment and trends relating to the employment market across 32 countries. The survey indicates that 84% of the respondents are hopeful about the economic situation in 2014 and 86% are expecting a higher pay raise in comparison to previous year. 

The survey also reveals that 90% (men) and 93% (women) respondents had taken necessary steps to develop their skills and competencies in 2013.80% of the respondents hold the view that their employer played an important role in their development by providing opportunities to grow their talent.Of this, majority of the
respondents (94%) are from middle education category. 

Commenting on the findings, Mr. Moorthy K Uppaluri, CEO, Randstad India & Sri Lanka-“The optimistic sentiment that 2014 will be a year of turnaround has been in the air for some time and this survey is a reinforcement of that outlook. With the sentiments of the market looking positive, it is anticipated that employees will expect a better hike in their salary than compared to the last couple of years. These demands could have an impact on the attrition rate.So, companies must start focusing on building strong HR practices that will not only address employee salary expectations but also focus on necessary training programmes and offer great career opportunities.This will help organisations to stay ahead of the race and capitalize on industry growth.”

Key Findings:

Economic Situation in the year 2014: Of the respondents surveyed, 84% believed that the economic situation will improve in 2014 and this is much above the world average of 49%. 

Expectation on Pay & Benefit: In India, a majority of the surveyed employees (86%) expect a pay rise this year compared to 2012 and this is higher compared to the world average which is 58%.

- A majority of Indian respondents (80%) expect to receive a one-time financial reward/ bonus at the end of this year which is much higher in comparison to the world average (48%).

-By Income, only 70% of the employees earning less than Rs. 90,000 expect a pay rise and employees in middle and higher level income range are more optimistic about pay hike.

Skills and Competency development: 93%of the respondents believed that they had taken the effort to develop their skills and competencies and 80% agreed that their employer provided opportunities for their development.

-In 2013, 88% of the employees felt that they had extended their knowledge through education and training and this is above the world average of 62%.
By Education: 94% of the surveyed employees who belong to the middle education category agreed that their employer provided opportunities for them
to develop while 79% of the respondents who belong to the higher education category agreed on the same. This result implies that the employee development
efforts are aimed more amongst those with middle level education than those with higher level education.

Immigration of foreign employees: Of the respondents surveyed, 82% believe that working together with foreign employees adds value to their job. 
By Age, more senior respondents who are above 50 years of age, only 56% feel that working with a foreign employee adds value to their job. 
By Gender, the survey also reveals that more women employees (74%) feel the same way in comparison to their male counterparts (52%). 

Mobility Index:

Amongst all the countries surveyed, India has the highest index of 146. This has finally come down after long time as it was showing upward trend in all the
findings that emerged in all the previous quarterly surveys conducted since Q1 2010, and it has come down by 8 points from previous quarter (154). While the
finding per se is not new, its consistent trend over previous surveys confirms that the war for talent continues to be a major challenge for organizations in India. Malaysia, Mexico and Hong Kong follow India with indices of 137 and 129 respectively. The mobility index is least in Luxembourg, Germany and Belgium
indicating least employee churn. The index for US and UK is 107 and 104 respectively, implying moderate employee churn. Globally, the Mobility Index is
107 which is similar to previous quarter.