Survey of 6000+ Tech Professionals Uncovers the Compensation and Benefits Priorities of Top Talent
Well-being Benefits are Non-Negotiable for 82% of Tech Professionals
India, 13th July, 2024: A pan-India survey of over 6,000 technology professionals uncovers the evolving strategies for attracting and retaining top talent. The 2024 Compensation and Benefits Survey by ANSR and Talent500 reveals that over 80% of India’s leading tech talent seek improvements in their compensation and benefits packages.
Beyond competitive salaries, personalized benefits, a focus on well-being, and clear career development opportunities have become the key drivers of employee satisfaction and retention. Flexibility and well-being remain paramount, with hybrid work options and mental health support distinguishing the best employers.
Apart from predictable compensation structures that offer stability, the survey highlighted the essential role of additional factors in fostering inspiration and retention among top talent in India’s tech industry.
Here are the key findings of the report:
Need for Hyper-personalised Structures
The report highlights a significant shift in priorities among tech talent, with 61% of respondents emphasizing the importance of customizable health benefits programs. A staggering 77% of tech professionals value hybrid work arrangements, urging companies to optimize benefits packages for hybrid work.
Addressing Compensation Inequities
Over 60% of employees feel unfairly compensated, citing substantial pay disparities that underscore an urgent need for action. The report reveals that 65% of respondents perceive a significant gender-based pay gap, with 56% noting disparities of at least 25% across different roles. Additionally, 70% emphasize the critical role of Restricted Stock Units (RSUs) in fostering long-term commitment through equity-based incentives.
Upskilling is Key for Top Professionals
Tech professionals highlight the critical importance of Learning and Development (L&D) programs. Over 90% of respondents view career pathing and L&D initiatives as indispensable factors when assessing potential employers. Moreover, 81% of employees express a preference for mentorship programs and stretch roles, indicating a strong interest in career advancement and leadership opportunities.
The GCC Advantage
While over 60% of GCC employees express satisfaction with their current salary and benefits, about 67% indicate a desire for long-term commitment through RSUs or company share ownership. Around 62% of employees find that L&D initiatives effectively align with their career goals, showcasing GCCs’ commitment to talent development and career advancement. While this is a positive indicator, acknowledging the 40% of employees who may not feel as aligned suggests there is still room for improvement. This emphasis is vital for GCCs as they strive to cultivate a future-ready workforce.
“In today’s dynamic talent market, flexibility has become a cornerstone of employee satisfaction and organizational success,” noted Vikram Ahuja, Co-Founder ANSR and CEO Talent500. “It’s about crafting a holistic employee experience – one that cultivates purpose, growth, and well-being – not just ticking boxes. Our report sheds light on this crucial shift, emphasizing the need for tailored benefits programs to attract and retain the top talent who demand more than a cookie-cutter approach.”
