With salary being the biggest factor when it comes to a professional taking up a new job or leaving an employer, a survey has revealed that nearly 95 per cent of employees feel their salaries are not at par with the market standards.
A majority of employees seem dissatisfied with their current salaries, a recent survey conducted by JobBuzz, an employer rating platform powered by TimesJobs, revealed.
JobBuzz.in aims mainly at candidate engagement with company reviews and ratings.
Nearly 95 per cent of respondents felt their salaries were not up to market standards and only 5 per cent said it was in line with the market standards.
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, it said.
"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. This will help them meet employee expectations and reduce attrition," TimesJobs.com Chief Operating Officer Vivek Madhukar opined.
The survey further found that when it comes to compensation and benefits expectations, all the three generations of the workforce -- Baby Boomers (57 per cent), Gen X (37 per cent) and Gen Y (41 per cent) -- want more in-hand salary in their monthly pay packages but their preferences for other benefits differ.
Baby Boomers are those born between 1944 and 1964, Gen X are those born between 1965 and 1980 and Gen Y comprises people born between the mid-80s and mid-90s. While 24 per cent Baby Boomers prefer post-retirement benefits, only 10 per cent prefer medical or health insurance benefits, it added.
Amongst Gen X, 29 per cent prefer other benefits or perks (mostly flexible work options).
A significant number of them (20 per cent) also preferred post-retirement benefits.
Contrary to popular perception, 22 per cent of Gen Y opted for post-retirement benefits over other benefits or perks, the survey said.
Image is for representation purpose only.
Photograph: Reuters
