RGF, a leading recruitment company, in its survey revealed that for the Indian market, their competitive compensation is the biggest motivator. Their study also revealed that most of the people would like to work in the technology sector.
RGF is one of the top five recruitment agencies in the world and is also a part of the Recruit Group which is headquartered in Japan. The company has over 45 offices in 26 cities across 11 countries and markets. Out of the 45 offices, India plays host to its 11 offices.
This recent study consisted of the employers and the employees in 11 countries of Asia which included Hong Kong, Singapore, India, Malaysia, Japan, Thailand, Vietnam, Philippines, Taiwan, and Indonesia. The industries covered are Healthcare and Life Sciences, Industry, Technology, Internet and Telecommunications, Consumer and Retail, and Financial Services.
It was observed that overall, 66% of the talent in Asia claimed that fair and competitive compensation is their highest priority when it comes to switching jobs. And if they choose not to make a move, they expect a 22% hike in the salary. The study has also found out that as much as 24% of the talent in Asia wants to relocate in Singapore for work, more than any other market in the world, which includes China, Europe and North America.
As for the Indian market, the survey has found that the most important factor for the evaluation of employment opportunity for the Indian workers is the fair market and competitive compensation. If given an opportunity to relocate, most of the Indian talent would prefer to relocate in Singapore (29%), Europe (26%), and North America (14%).
The biggest challenge facing them is the shortage of talent. About 51.7% claimed this to be the main problem they faced ahead of the low hiring budgets and candidates not being able to adapt to the company culture. The Indian economy is one of the fastest-growing economies and the demand for talent is greater than the supply.
The hiring managers in India are looking out for candidates who have deep industry knowledge, candidates who dispose of a strong sense of discipline, and who are agile and flexible in their mind-set. The companies are now focusing on providing employee training, employer branding, and a review of their salary and benefits. Also improvement in the individual performance is the priority of the Indian employers.
RGF International Recruitment CEO Hiroki Nakashige said, “Employers are acutely aware of their need to boost their employer brand – to showcase why they are a desirable company to work for in the hopes they can ‘win’ this war on talent. Compensation is still the number one concern for talent, but retention isn’t going to be possible unless a company can provide a holistic approach to upward mobility, beyond using salary as an attraction tool. More than anything, talent wants to know they are valued, and that they have a place long-term in your business.”