A study by Randstad has found that work-life balance, equity, attractive salary, and the right compensation and benefits package, are the 3 most important employee value proposition (EVP) drivers for the Indian workforce when choosing an employer.
The study - titled Employer Brand Research (REBR) 2024 - was conducted across which covers over 1.73 lakh respondents worldwide, covering 32 markets and more than 75% of the global economy.
Respondents marked Microsoft very high in terms of financial health, good reputation, and career progression opportunities, while TCS climbed the rankings this year to emerge as the runner-up, followed by Amazon, which occupied the third spot.
Tata Motors, Infosys, and Samsung India are among others to make it to the list of top 10 recruiters in India.
But in the era of swift job switching, how challenging is it to meet the demands of the employees to retain talent?
Answering this, Deepti Varma, VP HR/People Experience and Technology (PXT), Amazon Stores India, Japan, and Emerging Markets said, “We ensure our employees have flexibility at work to ensure they perform to their best potential as defined for each business teams. We offer them options of part-time work arrangements for those who want to dial down for attending to any personal reasons and work timing flexibility to let our employees own the work schedule that best complements their home requirements.” According to her, Amazon believes in the autonomy of the employees to choose their career path and how a person want to build it. Thus, the company offers access to career development opportunities like upskilling programmes throughout the tenure of an employee. What is the current skilling trend? Varma’s comment comes weeks after the Economic Survey 2024’s revelation about the skills gap being a significant challenge in the Indian employment landscape. Talking about the necessary skills as per the current job market, respondents to the Randstad study marked leveraging AI as a highly important skill. Close to 50% of respondents stated that they use AI 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, while only 8% believe that AI will impact negatively. However, Gen Z stands out with a slightly higher level of concern, with 12% of them perceiving a negative impact.
On this note, Shaji Mathew, Group Head, HRD, Infosys said, “At Infosys, our aim is to use AI to amplify human potential, aligning with our company's purpose. We are committed to equipping our employees with the skills needed to thrive in an AI-driven world. We are continuously investing in reskilling our employees and redesigning our jobs and platforms to allow for seamless career transitions to newer technologies. This will enable our employees to stay relevant and proficient in an increasingly AI-powered global economy.” He further added that in the era of AI the existing talent must be transformed for people to become AI-aware, AI-builders, and AI-masters to collaborate and co-create.
Interestingly, the Randstad study found that Indian employees have shown a strong inclination towards the auto sector marking Tata Motors as the top choice in the segment. On this, the company’s CHRO Sitaram Kandi said that this can be attributed to several factors such as employee welfare policies, growth opportunities, fostering innovation and collaboration etc. But even with many such policies in place retention becomes a challenge for many companies when they fail to meet the industrial standards of the pay package. Commenting on this, Kandi added, “At Tata Motors, we regularly review and adjust our compensation packages to ensure they remain competitive and fair. We also offer a range of benefits and incentives that go beyond basic salary, such as performance bonuses, health and wellness programs, and opportunities for professional development.” He further added that by maintaining open communication with the employees and understanding their needs, Tata Motors provides a comprehensive compensation package that addresses both financial and non-financial aspects, helping the company retain its talented workforce.