Indian employees not ready to retire, a survey:

Eighty per cent of the Indian employees are ready to work for a further two years beyond their age of retirement, reveals the latest findings of Ma Foi Randstad Workmonitor 2011 - Wave 2.
 

Image: INPI-LITE/IndiaPicture

This survey is a quarterly review of "mental mobility index" of employees, i.e., their readiness to change jobs conducted by a global HR services provider, Ma Foi Randstad.

The study has found out that while the employees are ready to work beyond their retirement age, they also welcome a wage increase of mere 5 per cent to extend their work life.  People in the higher age groups of 45 – 54 (89 per cent) and 54 – 64 (100 per cent) are happier to work beyond their retirement age compared to people in lower age groups. People with higher level of education (82 per cent) intend to work beyond the retirement age, as compared to those with moderate education (75 per cent). All employees with lower education levels (100 per cent) intend to work beyond their retirement.

Amongst all the countries surveyed, India has the highest mental mobility index of 146. This is in line with the findings that emerged in all the previous six quarterly surveys conducted since Q1 2010. While the finding per se is not new, its consistent trend over six surveys confirms that the war for talent continues to be a major challenge for organizations in India.

The findings are similar in Mexico and China as well. This is despite the compensation increase that a majority of the organisations have effected (or planning to increase) in 2011, in the backdrop of a better economic environment for a majority of the sectors.

The study also reveals that the overall level of confidence of employees, in finding another job within the next six months has stabilised across the globe. Chinese, Indian and Australian employees are most confident in finding another job and Spain has experienced a boost in confidence. In Switzerland the fear of losing a job has increased significantly in the last three months, while in Germany this doesn't seem to be an issue.

Key Insights:

74 per cent feel that their organisation devotes a lot of time and attention to employees' work related development.

Women (82 per cent) are more positive about their employer's development focus than men (68 per cent).

The development focus is relatively higher amongst the government organisations (81 per cent).

The focus of private sector organisations is lower (74 per cent) as compared to public sector.

74 per cent feel that their career demands more education and training and a nearly equal 70 per cent believe that their organisation meets their requirements on education and training.

By Income groups, education and training are not considered essential amongst those who earn Rs. 10 Lakhs (34 per cent). People earning  Rs. 10 Lakhs consider education and training essential for a better career.

70 per cent believe that their organisation meets their requirements on education and training. Here again, the scores are higher amongst women (75 per cent) compared to men (66 per cent).

Organisations based in Bangalore (89 per cent) are more focused on training than those in Delhi (69 per cent), Mumbai (73 per cent) and Chennai (67 per cent).

A moderate 63 per cent feel that more people will leave to work abroad.

People in Bangalore (58 per cent) and Chennai (58 per cent) feel less excited about working abroad compared to Mumbai (63 per cent) and Delhi (67 per cent).Well Done!!