70 percent Employees Not Satisfied With Their Salaries in India

70 percent employees not satisfied with their salaries

Wisdomjobs is leading online recruitment and career solutions portals, today released the outcome of its survey on the Employee Satisfaction with their Salary Structure. The survey was conducted on Hyderabad, Mumbai, Delhi, Chennai, Bengaluru and Pune; and covered 10 sectors; IT, Telecom, ITES, Retail, Education, Media & Entertainment, Infrastructure, BFSI, Healthcare and Logistics. The report examines and throws light on the satisfaction levels of employees with their salary structures.
Survey report says, except  IT no one is satisfied with their salaries

51% Hyderabad Employees Dissatisfied With Salary

Overall findings of the survey:

• 53% of those surveyed felt that the fixed or base component of their salary is the most important factor while around 42% said that variable or differential pay was important to them.
• Salary structure continues to be seen as the defining factor when it comes to a professional taking up a new job or deciding to stay with an employer, with nearly 80% of the respondents giving it a high weightage.
• 62% Gen Z employees said they are not content with their current salaries structures along with 46% of the Gen Y employees. The overall % of discontent employees of those surveyed are 54%.
• Nearly 70% of those dissatisfied with their salaries felt that it was not in line with market standards while 30% felt that it was not commensurate with the responsibilities being handled by them.
• 45% said that they were getting paid lesser than their peers who started working at the same time as they did.
• 58% of Gen Z employees and 39% of Gen Y employees said they want higher ‘take-home’ salaries.
• Among non-monetary components of their salary structures, those surveyed were most dissatisfied with child-related benefits and retirement benefits.
• The respondents showed the following levels of satisfaction with non-monetary components:
  • Telecommuting – 55%
  • Flexible timings – 48%
  • Maternity & Paternity benefits – 30%
  • Retirement benefits – 28%

• 28% and 44% 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.