In a comprehensive compensation & benefits (C&B) survey of over 6,000 technology professionals across India, ANSR and Talent500 shed light on compensation and benefits priorities.
They have uncovered critical insights into the evolving strategies for attracting and retaining top talent.
Compensation & Benefits Survey 2024: Compensation Disparities
- Gender-Based Pay Gap: A significant 65% of respondents perceive a gender-based pay gap within the tech industry. Shockingly, 56% note disparities of at least 25% across different roles. This underscores the urgent need for action to address inequities.
- Restricted Stock Units (RSUs): Approximately 70% of tech professionals emphasize the critical role of RSUs in fostering long-term commitment. Equity-based incentives can bridge compensation gaps and promote retention.
Hyper-Personalized Benefits
- Customizable Health Benefits: According to the compensation & benefits survey, a remarkable 61% of tech talent prioritize customizable health benefits programs. Employers must tailor offerings to individual needs.
- Hybrid Work Arrangements: An overwhelming 77% of professionals value hybrid work options. Companies should optimize benefits packages to accommodate this flexible work model.
Upskilling and Career Development
- Learning and Development (L&D): Over 90% of respondents consider L&D programs indispensable. Career pathing and skill enhancement initiatives play a crucial role in attracting and retaining top talent.
- Mentorship and Stretch Roles: An impressive 81% express a preference for mentorship programs and stretch roles. Tech professionals seek continuous growth and leadership opportunities.
The GCC Advantage: Compensation & Benefits Survey
- Satisfaction with Salary and Benefits: More than 60% of employees in Global Capability Centers (GCCs) express satisfaction with their current compensation and benefits.
- Desire for Long-Term Commitment: Around 67% of GCC employees indicate a desire for long-term commitment through RSUs or company share ownership.
- Room for Improvement: Acknowledging the 40% who may not feel aligned, GCCs must continue efforts to cultivate a future-ready workforce.
Vikram Ahuja, Co-Founder of ANSR and CEO of Talent500, emphasizes the need for tailored benefits programs. “In today’s dynamic talent market, flexibility has become a cornerstone of employee satisfaction and organizational success,” noted Vikram.
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Vikram further stated, “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,” he added.
This report highlights the persistent gender pay gap, the importance of personalized benefits, and the critical role of upskilling in India’s tech industry. As organizations strive for excellence, addressing these findings will be crucial for creating an inclusive and equitable workplace.
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