98% Of All Employees Are Open To New Job Opportunities: Michael Page Report

Michael Page India, has released its annual Talent Trends 2023 report titled "The Invisible Revolution" highlighting critical trends and developments in the employment market. It offers an end-to-end perspective of approximately 70,000 globally (including India) skilled, white-collar professionals revealing their mindsets that includes motivations, attitudes, perceptions, beliefs and employment drivers such as talent development, company culture, work-life balance, D&I amongst other things.

The technology industry continues to grow and remains a critical business driver due to the increasing demand for digital transformation and innovation in all industries. The report notes that the industry faces challenges but hiring trends remain strong, and the future looks bright. The increasing reliance on remote work, digital transformation initiatives, and the adoption of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) drive growth.

The report also highlights the growing demand for data science, cybersecurity, and cloud computing professionals in the technology industry. Those with the relevant skills and experience have an excellent opportunity to advance their careers in this high-growth industry. Michael Page's data shows an increase in CTO hiring in the technology sector, with India's GCCs (Global Capability Centres) exceeding 1,200 and Indian startups receiving 3Bn$ in funding in the first quarter of 2023.

Launching the Talent Trends 2023 Report, Ankit Agarwala, Managing Director, Michael Page India highlighted, “The Invisible Revolution revealed some new startling revelations. We believe a successful recruitment can only happen when a few core fundamentals are adequately considered. We have developed a CultureCore talent strategy model that puts company culture at the core of everything one does. A strong employee experience is based on company culture. Employees stay when a strong culture and an authentic experience are created which then creates a strong reputation for any organization.”

Commenting on the report, Nicolas Dumoulin, Senior Managing Director of Michael Page India and Thailand said, "The Invisible Revolution report provides valuable insights into the talent market, helping employers and job seekers navigate this ever-changing landscape. The technology industry continues to grow, and we see significant opportunities for professionals with the relevant skills and experience to advance their careers. Employers must offer attractive compensation packages, adapt to changing employee preferences and provide opportunities for talent development to attract and retain top talent."

Basis the study, three strong highlights emerged that would redefine 2023 with regards to hiring across industries. These are:

Organisations would need to rethink their resourcing model implying more frequent hiring owing to reduced loyalty: This report unequivocally proves that the much- trumpeted Great Resignation never ended – rather than being a blip, higher attrition is now a longer- term reality for many employers. Loyalty has lost its lustre for many workers, with even ‘happy’ staff now open to being tempted away with the promise of better pay, flexibility and conditions. Against this backdrop, many employers will need to rethink their hiring models. For some companies, recruitment will need to be continuous, rather than on-demand, to keep up. It will likely comprise a blend of permanent, contract and flexible options. And working with a trusted recruitment partner and being able to flex the model according to evolving needs will be the key to meeting the challenges of a world where loyalty is low, but change is continuous.

· Organisations would have to benchmark pay: While Pay has always been important, the Report shows that pay matters more than ever before to employees. One key element of the ‘Invisible Revolution’ is that people are intentionally increasing the monetisation of their time; they won’t accept lower pay if they can earn more elsewhere, they aren’t willing to trade off pay for progression, and they dismiss any other benefit until pay meets the necessary benchmark. It is for this reason, it is essential to stay on top of what the competition is paying, whether you are looking to hire new staff or retain top talent.

· Culture is the ultimate spark for significant change: With the role of work having fundamentally shifted for talent around the world: Work-life balance, career development and progression, values, and leadership are clearly highlighted as key elements of The Invisible Revolution. The best way for companies to demonstrate they can meet the needs of the people who work for them is through a clearly articulated employee value proposition (EVP). This should go way beyond pay and flexibility and get to the nub of the issue: at a time when loyalty is at a premium, how and why should people connect with their employer on a human level? Reflecting worker priorities in an EVP could be a great differentiator when it comes to hiring new staff or retaining existing talent.

Report reveals:

· 98% of all employees are open to new opportunities

The talent market is in universal flux: companies can only confidently rely on fewer than 1 in 10 people in their current workforce to be retained this year.

- 75% are “active job seekers”, meaning they are looking right now or plan to find a new job within the next 6 months.

- 23% on the fence but open about finding a new job

· Work-life balance has been fundamentally rewired 35% of people are willing to reject a promotion if they believe it will have a negative effect on their well-being. This has decreased from the 61% in last year’s study, showing how important salary is now considered in our current economic climate.

· Most important criteria for talent in deciding on their next role:

Study shows the relative strength and influence of the listed factors on motivating talent to join a new company. The data also indicates how the importance of these factors has shifted from our Talent Trends 2022 study with the invisible revolution. The premise of this index is that a company has a greater chance of attracting talent if they enhance at least one of these influential factors. Similarly, ignoring these factors can result in companies losing talent to their competitors.

· No pay, no play

The study highlights pay as a critical area for employers to get right — careful benchmarking will enable employers to influence talent attraction and retention. Getting the salary wrong risks closing off talent — they are very aware of their value, and they will act on it. It becomes even more crucial given the talent shortage in many industries today.