54 Percent Employees Dissatisfied With Salary: Survey
Hyderabad: With rising inflation empties purses and life becomes costly, employees of several companies feel that the salary they are getting is far below their needs and compared to global standards, it is just peanuts, according to a survey by Wisdomjobs.com, one of India’s leading end-to-end online recruitment and career solutions portals.
The survey was conducted across Hyderabad, Mumbai, Delhi, Chennai, Bengaluru and Pune and covered 10 sectors: IT, telecom, ITES, retail, education, media and entertainment, infrastructure, BFSI, healthcare and logistics.
“Millennials, popularly known as the Gen Y, make up the largest chunk of employees in most organisations. We are also seeing a growing proportion of Gen Z employees, to be precise those in their early 20s, are being taken on-board every year,” said Ajay Kolla, Founder and CEO, Wisdomjobs.com.
As many as 62 per cent Gen Z employees said they are not content with their current salary structure along with 46 per cent of the Gen Y employees. The overall percentage of discontented employees of those surveyed was 54.
Nearly 70 per cent of those dissatisfied with their salary felt that it was not in line with market standards while 30 per cent felt that it was not commensurate with the responsibilities being handled by them.
As many as 45 per cent said they were getting paid lesser than their peers who started working at the same time as they did.
Among non-monetary components of their salary structures, those surveyed were most dissatisfied with child-related benefits and retirement benefits.
The report revealed that 28 per cent and 44 per cent of Gen Z and Gen Y employees, respectively, said they would prefer more non-monetary benefits such as medical/health insurance coverage, flexible work arrangements and post-retirement benefits.