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At a time when the availability of talent has been a cause of concern among India Inc., nearly 30 percent candidates at the senior management level expect salary raise of above 30 percent while moving jobs. A study titled 'CIEL Works' by CIEL HR Services said that 40 percent of the senior level talent expect a 20-30 percent raise.
In the mid-level roles, about 50 percent of the candidates expect a salary increase of 20-30 percent. Candidates are most concerned about salaries. Work location and designation are the other two significant factors while negotiating a new job offer. This points to the fact that we have millennials in this group having an optimistic outlook of the job market.
The factors that play a role among senior management during a job switch include salary, benefits, variable pay, designation and job role level. Candidates in mid-level roles, on the other hand, are concerned about salaries, designation and variable pay.
At the entry level, candidates are most concerned about salaries. Work location and designation are the other two significant factors while negotiating a new job offer.
Aditya Narayan Mishra, CEO, CIEL HR Services said, “With the growing demand for skilled talent, availability is a major hurdle and many companies have been forced to raise the budgets for employee compensation and benefits faster than the inflation.”
The survey said talent availability, salaries and benefits have emerged as major challenges for employers this year. About 62 percent of companies said they will be using Artificial Intelligence (AI) to automate repetitive tasks at recruiting while 59 percent of companies are making the workplace relevant for millennials.
Further, the survey said the use of social networks to build employer brand and attract candidates to job posts. It said organisations could work with their recruitment teams (outsourced or in-house) to drive their digital strategy to build employer brand and deploy the best practices to draw top talent towards them.
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