Hyderabad: Most employees across sectors in India's major cities are dissatisfied with their salary structure, reveals a survey by Wisdomjobs.com, one of India's leading end-to-end online recruitment and career solutions portals.
The survey on employees' satisfaction with their salary structure was conducted across Hyderabad, Mumbai, Delhi, Chennai, Bengaluru and Pune and covered 10 sectors: IT, telecom, ITES, retail, education, media & entertainment, infrastructure, BFSI, healthcare and logistics. "Millennials, popularly known as the Gen Y, make up the largest chunk of employees in most organisations. We are also seeing a growing proportion of Gen Z employees, to be precise those in their early 20s, are being taken on-board every year," said Ajay Kolla, Founder & CEO, Wisdomjobs.com.
Among cities, the south Indian cities showed the highest and the lowest level of salary satisfaction with Bengaluru at highest level of 63 percent and Chennai at the lowest with just 46 percent
As many as 62 percent Gen Z employees said they are not content with their current salary structure along with 46 percent of the Gen Y employees. The overall percentage of discontented employees of those surveyed was 54. Nearly 70 percent of those dissatisfied with their salary felt that it was not in line with market standards while 30 percent felt that it was not commensurate with the responsibilities being handled by them. As many as 45 percent said they were getting paid lesser than their peers who started working at the same time as they did. Among non-monetary components of their salary structures, those surveyed were most dissatisfied with child-related benefits and retirement benefits. The report revealed that 28 percent and 44 percent of Gen Z and Gen Y employees, respectively, said they would prefer more non-monetary benefits such as medical/health insurance coverage, flexible work arrangements and post-retirement benefits.
Almost 30 percent of Gen Y and 18 percent of Gen Z employees preferred work-from-home benefits over increased salaries. While nearly 60 percent of women surveyed felt non-monetary benefits to be equally important as higher salaries, only 30 percent men felt so. Among cities, the south Indian cities showed the highest and the lowest level of salary satisfaction with Bengaluru at highest level of 63 percent and Chennai at the lowest with just 46 percent. Pune stands at 57 percent, Mumbai at 54 percent, Hyderabad 51 percent and New Delhi at 49 percent.