Over half of all employees feel dissatisfied with their salary
September 15, 2016: A study by TimesJobs reveals that 55% Gen Y and 53% Gen Z employees were disappointed with their first drawn salaries. Dissatisfaction with salary is not new however the reasons may have changed with changing aspirations of different generations.
“This disappointment with salaries is due to many factors – the lack of a proper benchmark tool is one of the reasons which is not readily acknowledged. However, the thing is, if you can assess your worth basis what the standard payout is in a particular sector for a particular role you will be saved of that disappointment when you actually get the job offer,” says Vikas Deep Verma, Head of Product & Marketing, TimesJobs.
The TimesJobs study based on the first job journey of Gen Z and Gen Y workforce also reveals that Gen Z are quicker start in getting their first jobs in comparison to Gen Y. On asking how soon they were able to find their first jobs 49% Gen Z were able to get a job in less than 2 months while most Gen Y’ers (45%) took 3-6 months.
Nearly 46% Gen Y workers applied to 5-10 jobs before finally getting hired and 52% Gen Z workers applied to 10-15 jobs before ultimately accepting a job offer. This shows that the ability to access opportunities through the largest pool of job listings has increased manifold in the new generation.
Another interesting insight is that Gen Z professionals are more aware of their market worth as 58% of them were able to negotiate their salaries before accepting the final job offer. This is a steep increase when compared to 40% of Gen Y’ers who were able to do the same.
However, despite being able to get a job offer sooner compared to Gen Y and also being more aggressive on the salary negotiation front, 53% Gen Z workers still claim dissatisfaction from their salaries.
Nishikant Gupta, an IT professional with a renowned MNC said, “It has happened many times that I get a job offer and they ask me my salary expectation and I am clueless. Even when I got what I asked for – it ultimately resulted in dissatisfaction since I had nothing concrete to benchmark my salary expectations on.”
The general dissatisfaction expressed by working professionals in this study clearly indicate that Nishikant is not alone, there are many candidates like him who are unaware of their true worth.
“Being India’s most loved CEO – Career Enhancement Officer, TimesJobs recognizes this challenge area and has a salary benchmark tool which gives the industry range of compensation being offered in a specific function and specialization and also analyze it by experience. In addition, with access to the largest collection of jobs in India on TimesJobs, professionals can find the job that fits their expectations perfectly,” adds Verma.
While salary may not be the only thing a job-seeker values while making a career choice it is certainly a critical driver. As TimesJobs’ study further reveals, 45% Gen Y and 58% Gen Z stuck to their first jobs for 2-3 years and when they left 51% Gen Y and 53% Gen Z opted out for better package.
Interestingly, 50% Gen Y and 43% Gen Z also said they continued in their first jobs, for longer because they were getting good increments.
“This study highlights that it boils down to your cash-in-hand component. It is essential to be aware of what must you ask for, at your level, in your function and in your industry to have a good career. It is wise to evaluate your worth in real-time by using the TimesJobs salary benchmark tool so that you know what you must ask in your next job and be happy about it, also.” advises Verma.
This study was conducted by TimesJobs with inputs from over 1000 working professionals across India.
TimesJobs.com, the flagship business of Times Business Solutions (TBS), is a platform to help competent professionals make smarter career decisions. With over 25 million registered jobseekers across the board and more than 60 million page views every month, it is fast becoming the most preferred career portal among the candidates.
TimesJobs is leading in the recruitment and employment space with its pioneering and dynamic divisions because it successfully meets the needs of competent working professionals looking to maximize their career growth. Its major platforms include:
In addition, TimesJobs has the largest collection of jobs in the market, which ensures that whenever and wherever there is a great opportunity, jobseekers will discover it on the platform.
In the recruitment market as well, being the biggest platform for competent professionals who think of their careers first, TimesJobs has become the destination of choice for recruiters who seek to identify and engage with the right talent.