Here’s how many people in India are willing to accept lower salaries to maintain work-life balance

May 12, 2022

By: Vaamanaa Sethi

The Great Resignation in India

A new Michael Page survey suggests that nearly 2 out of 5 respondents have only been at their current jobs for not more than two years. 9 out of 10 respondents said they will be looking for new career prospects over the next six months.

Credit: Canva

Why are people resigning?

The COVID-19 pandemic has forced employees to rethink their priorities which has led to a wave of resignations in India. Employees are re-evaluating their work and want to switch to new careers.

Credit: Canva

Employees are also unhappy with their paychecks

Another major reason behind great resignation is that 2 out of 5 employees are not satisfied with their salaries.

Credit: Canva

Half of them are planning to change careers

The pandemic also helped people in rethinking their passion or career choices, with half of them planning to change careers or industry or roles, while 18 percent are searching for a different type of role.

Credit: Canva

People are ready to work for lesser salaries

The survey further revealed a shocking fact that 6 out of 10 respondents are willing to accept a lower salary or forgo pay rise or promotion for a better work-life balance, overall well-being and happiness.

Credit: Canva

However, the percentage for people ready to work for lesser salaries in India... comparatively lesser than other countries like Hong Kong, Australia, Thailand, among others.

Credit: Canva

Impact of the Great Resignation on companies

A talent shortage has emerged as a huge risk to organisations, which can hamper a company’s future growth. The report says that companies need to improve non-material conditions to continue attracting high performing talent.

Credit: Canva

Challenges companies will face

According to the report, matching the salary expectations will be a major challenge for organisations this year. Finding people with the right skill sets and matching company’s cultures will also be a concern for hiring managers.

Credit: Canva

About the Michael Page survey report

The ‘Talent Trends 2022 report’, titled ‘The Great X’ features insights, opportunities and market sentiment in India on prominent recruitment and talent-related topics. The report has data insights drawn from a survey of 3,069 respondents in India.

Credit: Canva

This Mumbai startup is making tearable laundry sheets, bamboo-based facial tissues and more to replace plastic