Gen Y and Gen Z employees are disappointed with their first drawn salaries: Study

Recent survey conducted by Wisdom Jobs to know about the employee satisfaction levels with their salary structure reveals some interesting facts as mentioned below. 55% Gen Y and 53% Gen Z employees were disappointed with their first drawn salaries. Dissatisfaction with salary is not new however the reasons may have changed with changing aspirations of different generations. Nearly 95% of the respondents felt their salaries were not up to market standards. Only 5% said their salaries matched the market standard. The compensation and benefits expectations of all three generations of the workforce – Baby Boomers (57%), Gen X (37%) and Gen Y (41%) want more in-hand salary in their monthly pay packages but their preference for other benefits differ. While 24% Baby Boomers prefer post retirement benefits, only 10% prefer medical/health insurance benefits. Amongst Gen X, 29% prefer other benefits or perks (mostly flexible work options). A significant number of them (20%) also preferred post retirement benefits. Contrary to popular perception, 22% of Gen Y opted for post-retirement benefits over other benefits or other perks. Meanwhile, 35% of surveyed employees feel that they were drawing a lower salary than developers with similar experience in other companies. Nearly 50 per cent men and 60 per cent of women employees base their job change decision on the level of work-life balance offered by their organization. The need for flexible hours is greater among middle level employees. Over 40 per cent employees belonging to 5-10 years experience category ranked it higher than salary and other work factors.

Sector wise salary satisfaction percentage:

Across all sectors, around 60% of respondents were s atisfied with their wage. The leading sector in terms of wages is it, with `341.8 representing the median value. The lowest median wages of `186.5 belong to the education and research sector, which is 45% less than median wages in the IT sector. On an average, men earn `259.8 while Female employees earn just `190.5 which means 27% less than men. Manufacturing sector workers tend to be slightly more satisfied than workers in other fields. 60% of them expressed satisfaction with their life as a whole.IT, ITES, telecom information and communication technology sector has the highest median wage in the Indian economy, at `341.8.Over 52.8% of IT workers tend to report similar levels of satisfaction as workers in other sectors. Over 52.5% construction and Technical Consultancy employee’s satisfaction levels are broadly in line with the averages in the Indian economy. Satisfaction of Indian finance workers is similar to average for the whole economy. Over 50.9% employees satisfied with their salary structure. Healthcare, caring services, social work. Despite low wages, satisfaction of healthcare workers is about average. Satisfaction rate is 50.0% in this sector. Education and research sector employees saw 49.6% salary satisfaction. In spite of low wages and absence of bonuses, workers in the Education and Research sector tend to be more satisfied than the average- especially in terms of relationships at the workplace, working hours and commuting times. Legal & market consultancy legal and market consultancy, business activities employees saw 49.0% satisfaction rate. Satisfaction rates of workers in this sector are broadly in line with other sectors of the economy. Transport, logistics transport, logistics, communication. Workers in transportation are slightly less satisfied than workers in other sectors. Salary satisfaction rate in this sector is 50.3% respectively.

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