India continues to witness high levels of job switching, with one-third of workers having switched jobs in the July to December, 2023 period. This trend has not changed much in the past three years. No points for guessing which generation of workers is most inclined to switch jobs—yes, the millennials! Thirty-three percent of them are inclined to switching jobs. This does make us curious about the sector that attracts job switchers/seekers the most.
The Randstad employer brand research report that covered almost 3507 respondents in the age group of 18 to retirement age, gives us some useful insights. It seems, the auto and auto-components industry is the most attractive sector when it comes to jobs. Given the fact that 45 per cent of the respondents of the survey were millennials, 25 per cent were members of Gen Z and 27 per cent of Gen X, this data is very interesting and meaningful.
While 77 per cent of the respondents would make a beeline for jobs in the auto and auto-components sector, 76 per cent are attracted to the information technology, communication and information technology enabled services (ITES) space. FMCG, durables, retail and e-commerce come in third with 75 per cent attractiveness, followed by BFSI and consulting with 74 per cent. A significant 73 per cent attractiveness for manufacturing and non-machinery jobs, and 68 per cent for services also exists.
If you notice, the attractiveness levels do not differ too much from one sector to the other, especially in the top five sectors.
This also clearly indicates that employers are having a tough time competing for quality talent, not just within their own sector, but also with other sectors.
However, the report also reveals that even though job switching was rampant in the last two years, the behaviour is now somewhat stable in the country. The rate of recent job changes has not changed since 2023, nor has there been a change in the rate of people intending to switch jobs. A good 47 per cent of the millennials plan to change jobs in the future, while 33 per cent are inclined to switching jobs presently.
What are the five most important drivers for employees when it comes to choosing an employer?
Work-life balance ranks number one among the drivers, followed by equal opportunities, surpassing even salary and benefits. It is the Baby boomers and the highly educated lot that prioritises this driver most. Strong management comes in fourth, while reputation of the brand comes in fifth. Does this mean, employers in the auto parts and auto-components sector are able to satisfy employees on all these fronts?