The job market’s hares are playing the proverbial tortoise these days. Experts say employees are now guided by concerns of stability rather than monetary incentives.
“Economic slowdown has made employees more loyal to their organisations. They believe their firms have succeeded in making the workforce more engaged in spite of uncertainty,” human resource consultancy Planman HR’s managing partner Deepak Kaistha said.
“With the market improving, they will certainly get lucrative offers. But, before shifting out, they will consider sustainability at the organisation.”
“The downturn has led to a shift in career preferences of individuals as they are preferring stability of jobs over higher monetary incentives. People are looking at government jobs as they are a safe bet even amid downturn-like situations,” State Bank of India chief marketing executive Rajendra Prasad said.
However, the trend is expected to reverse once hiring activity picks up. “I believe the shifting or job hopping will begin with the improvement in the job market,” said JK Organisation’s business group president (corporate HR) Prakash V Bhide.
Pointing out that talented people would continue to look for greener pastures, he stressed that hiring would definitely pick up, especially in sectors such as telecom.
A recent survey by global workforce solutions provider Kelly Services also revealed that about 36 per cent of the Indian employees surveyed believe that the economic downturn had made them more loyal to their existing firms.
On the other hand, global executive search firm DHR International’s executive VP Vikram Chhachhi said staff loyalty depends on specific companies and their staff policies.
“It depends on the personal choice of a worker.”