95% employees feel their salaries are below market standards: JobBuzz Survey

95% employees feel their salaries are below market standards: JobBuzz Survey

NEW DELHI: Salary continues to be the biggest factor when it comes to a  professional taking up a new job or leaving an employer, and a majority of employees seem dissatisfied with  their current salaries reveals a  recent survey conducted by JobBuzz.

In a survey by JobBuzz, an employer  rating platform powered by TimesJobs, nearly 95% of the respondents felt their  salaries were not up to market standards. Only 5% said their salaries matched  the market standard.

This understanding comes from employees doing research on social platforms and  employer rating sites to find out the salary scales in their industry and  functional areas. Job portals such as TimesJobs.com aggregate this data from  their databases.

At a time when India Inc. is focusing energies on  devising non-monetary benefits to engage and retain staff, it is interesting to  know that salary still holds a lot of significance for employees. JobBuzz also highlighted the and benefits expectations of all three generations of the workforce - Baby  Boomers (57%), Gen X (37%) and Gen Y (41%) want more in-hand salary in their  monthly pay packages but their preference for other benefits differ.

While 24% Baby Boomers prefer post retirement benefits, only 10% prefer  medical/health insurance benefits.

Amongst Gen X, 29% prefer other benefits or perks (mostly flexible work options).  A significant number of them (20%) also preferred post retirement benefits.

Contrary to popular perception, 22% of Gen Y opted for post-retirement  benefits over other benefits or other perks.

"High performance  professionals use a host of online services to evaluate their market worth,  research best employers, assess their career growth and upgrade their skills in  line with the latest industry and job market trends of their chosen vocations. Employers should

conduct internal salary benchmark studies to fine-tune their salary  structures  and compensation scales according to market  standards,"  said Vivek Madhukar, COO, TimesJobs.com.
Source : http://economictimes.indiatimes.com/