A new survey says that 83 per cent millennial employees would consider switching jobs for a pay rise. A survey done by job site indeed.com has found out that 93 per cent of the respondents possibly or definitely plan to ask for a pay raise in the coming appraisal cycle for 2018, with women more likely to ask for a raise than men.
"In today’s era of transparency and peer consultation, employees are far more informed about industry standards and company cultures. Millennial job seekers, in particular, are today exploring highly aspirational career paths, and are not afraid of seeking greener pastures and newer experiences to further their professional goals and widen their horizons”, says Sashi Kumar, Managing Director at Indeed India.
67 per cent of all women respondents confirmed that they would be asking for a pay raise in comparison to 64 per cent of men. While this is indicative of the fact that most employees are not satisfied with their current level of remuneration, it highlights the fact that more women than men are dissatisfied with their current pay.
Interestingly, while 20 per cent of women respondents believe that their male counterparts are being paid more than them, only 9 per cent of men feel their female peers are being paid less than them.
A number of respondents also stated that they would be willing to accept alternative benefits at work in place of a pay raise. Over 60 per cent stated flexible work hours as an alternative to a pay hike, while 47 per cent suggested an increase in annual leave.
Close to 40 per cent also cited paid parental leave as a benefit they would prefer, while 63 per cent respondents asked for healthcare benefits instead of a pay raise.