DBT Bureau
Pune, 7 August 2024
The Randstad Employer Brand Research (REBR) 2024 has unveiled a fascinating shift in India’s employment landscape, with Microsoft emerging as the country’s most attractive employer brand. The annual survey, which stands as the world’s most comprehensive independent employer brand study, highlights key factors shaping the current job market and employer preferences.
▪ Work-life balance remains the top priority for workers
▪ Equal opportunity emerges as the next most important factor, surpassing even salary and benefits. It holds even greater importance for women
▪ About half of the Indian workers identify themselves as part of a minority group, whether it be due to their gender, sexual orientation, ethnicity/nationality, religion, disability, or another defining characteristic. Gen Z does so more often than any other generation.
▪ 34% leave an employer due to too low compensation compared to the rising cost of living. However, only 29% received inflation compensation that completely covered the rising costs of living, while 40% of talent received inflation compensation that partly covered the rising costs of living.
Over three-quarters of the Indian workforce believe that their employer meets their expectations across all drivers, with consistent results across all demographics. However, the higher educated rated their employer significantly higher on multiple aspects, with over 80% satisfaction on all drivers except for giving back to society (77%).
Top 10 most attractive employer brands in India for 2024:
- Microsoft
- Tata Consultancy Services
- Amazon
- Tata Power Company
- Tata Motors
- Samsung India
- Infosys
- Larsen & Toubro
- Reliance Industries
- Mercedes-Benz
Presenting the REBR 2024 survey insights, Viswanath PS, MD & CEO, Randstad India said, “The Randstad Employer Brand Research (REBR) report is a comprehensive guide for businesses to gauge the talent pool’s perception of an ideal employer. The insights from this year’s findings reflect the changing expectations of the workforce. As talent increasingly prioritizes work-life balance and equity, organizations need to rethink their talent acquisition and retention strategies. Talent today is not just looking for a job but a clear sense of purpose at work. As the talent community becomes increasingly aware of the brands they choose to work for, it is imperative to understand their preferences and perceptions.
The findings of this year’s report suggest that job-switching intent has stabilized since last year. However, employers still need to offer a holistic benefits package with a healthy combination of work-life balance, adequate career progression opportunities, and a flexible and favorable work environment, to retain top talent. Additionally, it is heartwarming to witness that the majority of the workforce received some form of inflation compensation from their employers. The findings also indicate talent’s strong inclination towards leveraging AI in their work, which presents a strong case for employers to consider investing in upskilling their workforce in new-age technologies.
Overall, the competition for niche talent is expected to continue into the future of work as the pool remains scarce. By aligning the employee value proposition with workforce preferences, employers will be poised to stay competitive in a tight labor market and I hope that the REBR report 2024 serves as a guiding light in that direction.”
Importance of non-material benefits at work:
While salary and benefits are particularly significant for the Baby Boomer generation and individuals with higher education levels, non-material benefits such as equity and work-life balance also hold notable importance within these groups.
Job switching behavior in focus:
After having been on the rise for the last two years, job-switching behavior is stabilizing in India, with the rates of both recent job changers and those inclined to switch remaining unchanged from last year. Millennials demonstrate the highest inclination, where 33% have changed employers in the last 6 months and 47% plan to change employers in the next 6 months. Improving work-life balance is the top reason for talent to leave and this could be the deciding factor for talent to switch employers in this job market.
Impact of Artificial Intelligence:
Approximately half of the survey respondents use AI daily or regularly, with this trend being most pronounced among Gen Z (60%). 88% of talent expect AI to affect their jobs in the next 5 years. Only 8% of talent view AI’s potential impact negatively. However, Gen Z stands out with a slightly higher level of concern, with 12% of them perceiving a negative impact.
Equity in the Workplace:
Nearly half of Indian workers identify as part of a minority group, with 73% reporting perceived obstacles in career progression due to their identity. Female talent already perceives their employers’ position on equity more positively than their male counterparts. This highlights the need for employers to address equity issues proactively.
Trends in remote working:
While levels are far from those of 2021 at the height of the COVID-19 pandemic, remote work is still done by the majority. 61% of the surveyed talent work remotely in some capacity, with 40% working partly remotely, and 21% fully remotely. Full-time remote work is more common for women (23%) than men (18%), whereas hybrid working is more common for younger generations than Gen X.
India’s most attractive sectors in 2024:
The attractiveness of all sectors is increasing at similar rates. The automotive sector has claimed the top spot in 2024 as well (77%) followed by IT, Communication, Telecom & ITeS (76%), FMCG, Durables, Retail, and E-Commerce at 75% followed by BFSI, and Consulting at 74%.
