98% employees seeking new jobs despite hiring slowdown

As many as 98% of employees are open to new job opportunities despite a slowdown in hiring, according to the latest report by global recruitment firm Michael Page. Titled as 'The Invisible Revolution' the report highlights that the great resignation never ended. The report surveyed approximately 70,000 globally (including India) skilled, white-collar professionals globally, of which 4,000 employees were based out of India. Amongst the surveyed employees, 21% were top-level (c-suite employees), 55% were senior-level employees, 14% were mid-level employees  and 10% employees has no managerial responsibilities.

"While the rate of resignation increased higher than it typically would before, during, and after the period attributed as the great resignation, in 2022, we saw this number increase by 18% (when, according to most, it should have stabilised)," says the report.

The report also highlights the growing demand for data science, cybersecurity, and cloud computing professionals in the technology 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 $3 billion in funding in the first quarter of 2023.

"The Invisible Revolution revealed some new startling revelations. We believe successful recruitment can only happen when a few core fundamentals are adequately considered. 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," says Ankit Agarwala, Managing Director, Michael Page India.

According to the report, the market talent is in universal reflux. This means that companies can only confidently rely on fewer than 1 in 10 people in their current workforce to be retained this year.

Amongst those surveyed, 75% are "active job seekers," meaning they are looking right now or plan to find a new job within the next 6 months. As many as 23% of surveyed employees are on the fence but open to finding a new job.

The report highlights a better salary is the primary reason for people to change jobs, followed by work-life balance. Of the surveyed employees, 37% 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. Of the surveyed employees, 9 in 10 people who started a new job within the last year are open to new job opportunities.

Amongst the surveyed employees, 54% are satisfied with their job, 19% are on the fence and 27% are dissatisfied with their current roles. As many as 56% of employees are satisfied with their salary, while 38% are dissatisfied with the salary.

"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," says Nicolas Dumoulin, Senior Managing Director, Michael Page India and Thailand.