Hyderabad: Increasing competition and high stress levels seems to be having an effect on the satisfaction levels of many employees. According to a recent survey that about 70 per cent of employees are dissatisfied with their salary structure as it is not in line with market standards.
Hyderabad-based end to end online recruitment and career solutions portal Wisdomjobs.com has released the findings of its survey on Employee Satisfaction on their Salary Structure.
According to it, about 53 per cent employees feel that fixed component of their salary is the most important factor and nearly 80 per cent see salary as a defining factor for taking up a new job or deciding to stay.
The generation after millennials, the Gen Z employees (about 62 per cent) are not content with their current salary structures along with 46 per cent of Gen Y employees. In addition, 45 per cent of the employees also felt that they were getting paid lesser than their peers who started working at the same time as they did.
More than half of the Gen Z employees sought higher take-home salaries while the figure for Gen Y stood at 39 per cent.
While the take-home salary is usually the key determinant of the decision to join a company, other monetary and non-monetary benefits offered in the employee’s pay package gradually play an important role. In terms of other non-salary benefits as well, the survey revealed that employees were most dissatisfied with child-related benefits and retirement benefits.
While work from home option ranked the highest in terms of satisfaction at 55 per cent, but maternity and paternity benefits and retirement benefits ranked lowest with 30 per cent and 28 per cent satisfaction level.
Commenting on the survey, Ajay Kolla, Founder and CEO, Wisdomjobs.com said, “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. Considering the overall generic prerequisites, companies are adapting to the mindsets of this young workforce by redesigning compensation structures to bring them in line with their expectations.”