Michael Page India’s annual Talent Trends 2023 report reveals critical trends and developments in the employment market. According to report great resignation never ended in India. It says that · 98% of all employees are open to new opportunities, the talent market is in universal flux: companies can only confidently rely on fewer than 1 in 10 people in their current workforce to be retained this year,- 75% are “active job seekers”, meaning they are looking right now or plan to find a new job within the next 6 months and- 23% on the fence but open about finding a new job.
In India, the percentage of employees who moved on to other employment opportunities increased to 23 percent in 2022, up from 20 percent in 2021 and 10 percent in 2019. The majority of those who responded worked in upper-level managerial positions.
The report talks about end-to-end perspective of approximately 70,000 globally skilled, white-collar professionals including India revealing their mindsets that includes motivations, attitudes, perceptions, beliefs and employment drivers such as talent development, company culture, work-life balance, D&I amongst other things.
Also read: 73% Job Seekers prefer big corporates than startups: Report
The report states that the industry faces challenges but hiring trends remain strong, and the future looks bright. The increasing reliance on remote work, digital transformation initiatives, and the adoption of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) drive growth.
Launching the Talent Trends 2023 Report, Ankit Agarwala, Managing Director, Michael Page India highlighted, “The Invisible Revolution revealed some new startling revelations. We believe a successful recruitment can only happen when a few core fundamentals are adequately considered. We have developed a CultureCore talent strategy model that puts company culture at the core of everything one does. A strong employee experience is based on company culture. Employees stay when a strong culture and an authentic experience are created which then creates a strong reputation for any organization.”
Commenting on the report, Nicolas Dumoulin, Senior Managing Director of Michael Page India and Thailand said, “The Invisible Revolution report provides valuable insights into the talent market, helping employers and job seekers navigate this ever-changing landscape. The technology industry continues to grow, and we see significant opportunities for professionals with the relevant skills and experience to advance their careers. Employers must offer attractive compensation packages, adapt to changing employee preferences and provide opportunities for talent development to attract and retain top talent.”
Highlights
1-This report unequivocally proves, loyalty has lost some of its luster as a result of the fact that nine out of ten employees who have started a new work within the last year are open to new chances. According to the report, changing jobs often has become the norm, which will make it more difficult for businesses to hold on to their best employees.
2-Pay matters more than ever before to employees. One key element of the ‘Invisible Revolution’ is that people are intentionally increasing the monetisation of their time; they won’t accept lower pay if they can earn more elsewhere, they aren’t willing to trade off pay for progression, and they dismiss any other benefit until pay meets the necessary benchmark.
3- Work-life balance, career development and progression, values, and leadership are clearly highlighted as key elements of the report. The best way for companies to demonstrate they can meet the needs of the people who work for them is through a clearly articulated employee value proposition (EVP). 35% of people are willing to reject a promotion if they believe it will have a negative effect on their well-being. This has decreased from the 61% in last year’s study, showing how important salary is now considered in our current economic climate.
Stay connected with us on social media platform for instant update click here to join our LinkedIn, Twitter & Facebook
