There was a 21 percent drop in pay satisfaction in 2018 compared to a year ago.
Employees in India are satisfied with their jobs, but not with the pay, a survey by jobs portal Monster showed. The survey shows that 75 percent of respondents are satisfied with their current job roles, but only 21.6 percent are satisfied with their pay.
Companies have been going cautious on pay hikes considering a slowdown-like situation in the country. Hence, it does not come as a surprise that there is a dissatisfaction with the compensation levels.
There was a 21 percent drop in pay satisfaction in 2018 compared to a year-ago period.
Out of the various factors that are responsible for this level of satisfaction, employees were most satisfied with the relationship with colleagues and superiors, at a level of 92 percent and 87 percent respectively in 2018.
Krish Seshadri, CEO, Monster.com - APAC & Middle East, said, "It is a positive sign that only three among all the recorded industries have a satisfaction level less than 70 percent and none below 50 percent. This will help the respective sectors instill optimism in the economy, in-turn helping in improvement of the general sentiment."
Among the various sectors, the legal and market consultancy sectors have shown the highest levels of job satisfaction at 84 percent while construction and technical consultancy sector is a close second with 83 percent level of satisfaction.
Information & Communication Technology Services has registered the highest growth in the level of satisfaction among all recorded sectors, gaining 3 percent over the recorded satisfaction level of 75 percent in 2017.
Education and research have registered the steepest fall in the satisfaction level to 53 percent in 2018 from 73 percent. Similarly, the manufacturing and BFSI sectors saw a drop of 6 percent and 4 percent in the level of satisfaction.
It is also to be noted that the job market in the country has been lukewarm over the past few quarters. This is due to signs of slowdown that has led companies to postpone fresh hiring plans and go very selective on replacement hires as well.While the survey does not throw light on why employees are satisfied with their current jobs, HR experts point out that employees have little choice but to stick to their current organisation since there is a dearth of jobs in the market.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.