The India findings of the Towers Watson 2012 Global Workforce Study covering a majority of below-30 year olds reveal that job security ranks Number 1 when it comes to drivers of attraction.
This, in fact, is a lot more compared to other developing countries in the region. While employees in China and Japan ranked job security way down at No 5, in Hong Kong and Singapore it stood at No 2. In Indonesia, job security was not even considered among the top 5 parameters.
The GWS surveyed 1,000 respondents in India, a majority of who were below 30, in mid-management level or above and working in corporate functions in mid-sized organisations with 1,000 to 4,999 employees.
Other than job security, the top 5 parameters attracting India employees include career advancement opportunities, base pay/salary, learning and development opportunities and reputation of the organisation as a place to work.
"The larger trend that has emerged is that employees are now noting just how good a security blanket employers are setting up," said Ajith Nair, practice leader - organizational surveys & insight, Towers Watson. "Even the reputation of the organisation is now being perceived as a surrogate of trust, rather than the badge value it represented earlier," he added.
When it comes to retention though, Indian employees rank base pay/salary highest followed by career advancement opportunities, retirement benefits, convenience of work location and learning and development opportunities.
What this points to is that employees need longer term reassurances to stay. Retirement benefits are in focus from a retention perspective and employers need to design and leverage retirement benefits to suit employee specific needs.
Also convenience of work location is a key retention driver. Stressed workplaces and infrastructure issues indicate that employers need to think about optimal geographical locations and workplace flexibility policies.
The survey also points out that while India has one of the most highly engaged work forces (51 per cent) in Asia, 49 per cent of the employees surveyed reported not being fully engaged.
Sustainable engagement thus provides opportunity to get more out of the workforce and developing employee value proposition (EMV) has become critical to manage, attract and retain employees.
What's more, high sustainable engagement companies have been found to have operating margins three times higher than those with the lowest levels of engagement; have 6.5 fewer days lost per year for employees and a 41 per cent lower retention risk
The GWS reveals that stress, balance and workload is the most significant aspect influencing sustainable engagement of employees in India. Close to 50 per cent feel bothered by excessive pressure on the job while 57 per cent have been working more than normal hours.
Around 40 per cent believe that leaders might not be taking active interest in addressing stress while a similar percentage believe they might not have very healthy work environments.
33 per cent are tired of all the changes happening in their organisations.
Towers Watson recommends that leadership be encouraged to promote employee health and well-being by supporting and introducing programmes; educate leaders and managers on the importance of balance; consider flexible work schedules and establish tools and resources to support well-being and manage stress.
http://articles.economictimes.indiatimes.com/2012-12-06/news/35647537_1_job-security-india-employees-indian-employees
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