India’s overall workforce confidence has dwindled slightly, as per findings of the report. Volatile perception towards jobs, finances, and career progress in such times of global uncertainty, are main factors due to which confidence has dwindled.
Despite a dip in overall confidence, India’s workforce remains optimistic about navigating challenges such as reaching the next level in their field (74 per cent), their work experience and education (71 per cent), and chances of their income increasing (68 per cent).
Millennials feel most discouraged and anxious about discussing pay with networks. As per the report, 45 per cent of all professionals said that pay discussions among peers are discouraged at their workplace. 48 per cent millennials and 47 per cent Gen X professionals agree with the aforementioned statement, followed closely by Gen Z professionals at 42 per cent.
In India, 36 per cent of all professionals feel anxious sharing their pay information with anyone. Millennials are the most anxious with 42 per cent of them feeling uncomfortable sharing their pay information while Gen Z and Gen X are comparatively better off at 33 per cent and 32 per cent respectively. This is despite over a third (36 per cent) of India’s respondents believing that pay transparency would lead to better pay equality.
As per the finding, 61 per cent of all professionals in India are more comfortable sharing their pay details with a family member, while 25 per cent are also ready to share with their close friends. Compared to the national average, younger generations in India are more likely to share their pay information with family and friends.
Around 72 per cent of Gen Z and 64 per cent of millennials in India say they are comfortable sharing their pay information with family members, while 43 per cent of Gen Z and 30 per cent of millennials are also willing to confide in their close friends. The report also finds that 23 per cent of Gen Z professionals are most likely to share their pay information with co-workers they trust, distantly followed by Millennials at 16 per cent and Gen X at 10 per cent.
The report also finds that more than 2 in 5 professionals in India (41 per cent) feel well compensated for their work and a similar share (45 per cent) plan to ask for a raise in the next 6 months. This is being helmed by India’s younger professional generations, Gen Z (51 per cent) and Millennials (51 per cent), who are most likely to ask their boss for a raise as compared to Gen X (40 per cent) and Boomers (26 per cent).