Students have a set career goal. They want to study and get a decent job. But the reality is harsh. Your 9-5 job might help you live a basic lifestyle, but if your dreams are big and you want a luxurious lifestyle depending completely on just one source of income might not be enough at this point. 

Pritesh Kakani, an alumna of the Indian Institutes of Technology (IIT) Kharagpur, said that a family of four needs at least Rs. 20 lakh per year to live in Indian metropolitan cities. The surprising part is that this huge budget still excludes luxury costs. 

Chunk Of Indians Have More Than 2 Sources Of Income: 

The ‘People at Work 2024: A Global Workforce View’ report by ADP Research Institute, a data-driven global payroll firm for workforce and economic news, revealed that among the 18 surveyed countries, India has the highest percentage of workers with two or more sources of income. 

The research was carried out in 4 regions of the world, namely the Asia-Pacific, Europe, North America and Latin America; and included developed countries such as the United States, Switzerland, and Canada among others. India has 40% of its workers diversifying their portfolios, the highest among the 18 surveyed nations. 

The flagship report also revealed a substantial increase in salary satisfaction among Indian workers. It said that nearly 73% of the respondents were content with their payscale, once again, the highest among the 18 countries surveyed. 

It’s encouraging to see workers more satisfied with their compensation, which translates to more productive and engaged workforces. Amid the strong economic growth and the war for talent, employers need to offer fair compensation to ensure the financial security and overall well-being of their workforce,” said Managing Director of  ADP India & Southeast Asia, Rahul Goyal.

Also Read: IITian Says Even ₹1.5 Lac+ Salary Not Good Enough For Expenses In Indian Metros

The Great Transition: 

The research, which was done between October 22 and November 24, 2023, on 34,612 workers, gives key insights on what workers want today that can help employers design policies to attract and keep talent.

The topmost priorities of labourers in any workplace and any part of the world are pay scale, workplace flexibility, and greater job security. 

After a bout of surging inflation, salaries and wages are at the forefront of global workforce issues. The elevated cost of living has reset worker expectations on pay.

However, the gender pay gap still exists. The report revealed a positive change which is that women in the Asia-Pacific region saw the biggest improvement with the share of wage-stagnant workers shrinking from 40% to 27%.

But that wasn’t enough to close the gap with men. Moreover, more people in this region anticipate wage stagnation in 2024, a sentiment that coincides with forecasts of slowing economic growth in China. 

These factors including the back-to-office one, increased growth of Artificial Intelligence, and the change in the mentality of workers have brought about this great transition in the workplaces of the entire world.

A part of it is good, with a boost in career development and room for improvement but another part of it has led to conflicts between the employers and the employees or the older generation of workers and the new ones. After all, markets are always subjected to change.

Image Credits: Google Images

Feature image designed by Saudamini Seth

Sources: ADP Research, Moneycontrol, The Economic Times 

Find the blogger: Unusha Ahmad

This post is tagged under: workplace, workforce, employees, employers, HR, India, USA, Switzerland, 9-5, career, goals, lifestyle, markets, conflicts, generation, AI, job security, China, Asia, Pacific, Europe, Latin America, North America, economic growth, salaries, wages, pay scale. Pay gap, gender, women, inflation, Canada, labour, IIT Kharagpur, report, research 

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