- EY 2022 Work Reimagined Survey shows employees now have greater influence over employment terms; more than half of employees say pay increases are needed to address staff turnover
- 36% of employer respondents say they want employees to come back to the office five days a week; 27% of employees want to work remotely for less than five days a week
- 84% of employees believe that their organization’s culture has improved since the start of the COVID-19 pandemic, however employers’ confidence in their own company culture was at 57%
- 96% of them have planned changes to ensure the safety and wellbeing of their employees
New Delhi, 4 May 2022: 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 labor market and an increase in jobs offering flexible working – according to the EY 2022 Work Reimagined Survey.
The survey – one of the largest of its kind – 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. It shows that, as many countries emerge from the COVID-19 pandemic, employees have gained significant influence over their employers and that their “wish list” from potential employers is changing.
Anurag Malik, Partner & India Leader, Workforce Advisory Services, EY India, said,
,
“The EY 2022 Work Reimagined Survey found that over the last one year the labour market changes meant the balance of power has shifted to favour employees. Employees are focused on pay and career growth as primary drivers for job changes. 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 organization. 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.”
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%), while across the sectors, it is those with technology hardware, telecommunications, and industrial products jobs that are most eager to leave.
Key highlights of the survey
- Boost culture and productivity from new ways of working
The survey reveals that a large population of “optimist” employers – 96% agree that they have the agility to respond to new ways of working. 96% of them have planned changes to ensure the safety and wellbeing of their employees. 25% of employers are reviewing their criteria for hiring or promotion to ensure a diverse pipeline. 83% of respondents think that employers have taken steps to have a diverse and inclusive workforce, while the percentage globally stands at 65%.
- Employee expectations are driven by mix of pay, role and flexibility
The main motivation for employees seeking new jobs, according to the survey, is now a desire for higher pay. With record inflation, in many countries around the world, 24% of those searching for new roles say that a salary increase is their main objective, and 29% are looking for career advancement. 25% are looking to change their employers for quality of leadership and overall brand value.
- Shifting views on culture and productivity
The desire amongst employees to seek out new roles persists even though they hold relatively upbeat views about company culture. The number of employees who believe their organization’s culture has improved has risen to 84% since the start of the COVID-19 pandemic. At the same time, employers’ confidence in their own company culture was at 57%.
- Growing skills and talent gaps
64% of employer respondents agree it is important to have a strategy in place to match talent and skills to future business needs. 25% believe there needs to be more flexibility provided in the paid time off will help address turnover.
Despite the continuing shift towards flexible working models, 36% of employer respondents say they want employees to come back to the office five days a week. 27% of employees want to work remotely for less than five days a week. 53% of employees want employers to provide them with the ability to work from anywhere.
About the survey
The EY 2022 Work Reimagined Survey is the latest and largest in a series of surveys comparing employer and employee perceptions since 2020. It compares the views of thousands of respondents, and the insights are meant to help businesses to create a sustainable workforce that helps them drive business growth, meet customer needs, and generate long-term value.
The Survey was conducted January through March 2022 and received responses from 17,498 employees and 1,575 employers from 22 countries across 26 industries.
The survey was conducted using a third-party panel and targeted employers with a range of 500 to 15,000 employees.
Survey data is segmented by 88 different personal and work-related demographics and preferences. Participant responses ranged from 21 years to 65 years plus, with responses from senior leaders and individuals at all different functions.
- End -
