A recent survey by ANSR and Talent500 illuminates the compensation and benefits priorities of over 6,000 tech professionals across India, revealing significant insights into the evolving strategies for attracting and retaining top talent. A striking revelation from the survey is the perception of unfair compensation among tech professionals. Over 60% of employees feel they are not fairly compensated, with substantial pay disparities underscoring an urgent need for action. The survey indicates that 65% of respondents perceive a significant gender 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.
The Shift Towards Personalization and Well-being
Today’s competitive job market is not just about the salary. The survey underscores the increasing importance of personalized benefits, a focus on well-being, no gender pay gap, and transparent career development opportunities to drive employee satisfaction and retention. Flexibility and well-being have emerged as paramount factors, with hybrid work options and mental health support distinguishing the most attractive employers.
The survey identifies the critical role of additional factors beyond predictable compensation structures in inspiring and retaining top talent in India’s tech industry. Customizable health benefits programs are a significant priority for 61% of respondents, while a staggering 77% value hybrid work arrangements, urging companies to optimize benefits packages accordingly.
The Imperative of Upskilling
Learning and Development (L&D) programs have become crucial for top professionals. Over 90% of respondents view career pathing and L&D initiatives as indispensable factors when assessing potential employers. Furthermore, 81% of employees prefer mentorship programs and stretch roles, highlighting a strong interest in career advancement and leadership opportunities.
The GCC Advantage
The survey also sheds light on the unique advantages of Global Capability Centers (GCCs). Over 60% of GCC employees express satisfaction with their current salary and benefits, while 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. However, the survey also suggests room for improvement, as 40% of employees may not feel as aligned with their career goals.
A Call to Action for Employers
“In today’s dynamic talent market, flexibility has become a cornerstone of employee satisfaction and organizational success,” noted Vikram Ahuja, Co-Founder of ANSR and CEO of 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.”
The 2024 Compensation and Benefits Survey highlights that more than 80% of India’s leading tech talent call for improvements in their compensation and benefits packages. As the tech industry continues to evolve, it is clear that companies must adapt their strategies to meet the changing expectations of their employees. Personalized benefits, fair compensation, career development opportunities, and a strong focus on well-being are no longer optional but essential in attracting and retaining top talent. The findings from the ANSR-Talent500 survey serve as a wake-up call for employers to re-evaluate issues like the gender pay gap and their compensation and benefits packages and create a more inclusive and supportive work environment for all their employees.
The 2024 Compensation and Benefits Survey by ANSR and Talent500 is a vital resource for understanding the priorities of tech professionals in India. It offers valuable insights for companies looking to enhance their talent management strategies. As the battle for top tech talent intensifies, companies that prioritize flexibility, well-being, and personalized benefits will be best positioned to attract and retain the industry’s best and brightest.
