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Over 50% Indian employees likely to quit job in next 12 months for better pay, opportunities: EY Survey

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Over 50% Indian employees likely to quit job in next 12 months for better pay, opportunities: EY Survey

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The EY 2022 Work Reimagined Survey in India captured the responses of more than 100 business leaders and more than 500 employees. EY India, Partner & India Leader, Workforce Advisory Services, Anurag Malik said, the survey found that over the last year the labour market changes meant the balance of power has shifted to favour employees.

Over 50% Indian employees likely to quit job in next 12 months for better pay, opportunities: EY Survey
As more and more countries come out from the COVID-19 pandemic, employees have gained significant influence over their employers and their 'wish list' from potential employers is changing, the EY 2022 Work Reimagined Survey said. The survey canvassed the views of more than 1,500 business leaders and more than 17,000 employees across 22 countries and 26 industry sectors.
In India, the responses are captured by more than 100 business leaders and more than 500 employees. "Employees across India now hold more control in the job market, with more than half of respondents saying they are likely to quit in the next 12 months driven mostly by a desire for higher total pay, better career opportunities and flexibility amid rising inflation, a shrinking labour market and an increase in jobs offering flexible working," the EY 2022 Work Reimagined Survey said.
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EY India, Partner & India Leader, Workforce Advisory Services, Anurag Malik said, the survey found that over the last year the labour market changes meant the balance of power has shifted to favour employees. "As employers shifted gears providing more flexible work options, there is more that they will need to invest in that includes higher pay and overall brand building of the organisation," Malik said.
Flexible working arrangements which were by far the biggest factors leading to employee moves according to last year's survey are now less of a driver given that many are already working for companies that offer flexibility in some form, he added.
Looking at the various age groups across the countries surveyed, Gen Z employees and millennials in the country are the most likely to quit their jobs this year (64 percent), while across the sectors, it is those with technology hardware, telecommunications, and industrial products jobs that are most eager to leave, the survey said.
According to the survey, around 84 percent of employees globally felt the organisation's culture has improved since the start of the pandemic. The survey also found that 36 percent of employer respondents say they want employees to come back to the office five days a week.
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