Microsoft has emerged as India's most 'attractive employer brand', followed by TCS and Amazon in the second and third place respectively, according to Randstad Employer Brand Research (REBR) 2024.
Microsoft scored very high on financial health, good reputation, and career progression opportunities – the top 3 Employee Value Proposition (EVP) drivers for organizations, as per the survey.
Others in the top 10 most attractive employer brands include Tata Power Company in the fourth position, Tata Motors (5th), Samsung India (6th), Infosys (7th), Larsen & Toubro (8th), Reliance Industries (9th) and Mercedes-Benz (10th).
The REBR 2024 is an independent survey that covered nearly 1,73,000 respondents and 6,084 companies worldwide with nearly 3,507 respondents in India.
"The insights from this year's findings reflect the changing expectations of the workforce. As talent increasingly prioritizes work-life balance and equity, organizations need to rethink their talent acquisition and retention strategies," Randstad India MD & CEO Viswanath PS said.
The findings of this year's report suggest that job-switching intent has stabilized since last year. However, employers still need to offer a holistic benefits package with a healthy combination of work-life balance, adequate career progression opportunities, and a flexible and favourable work environment, to retain top talent.
Additionally, it is heartwarming to witness that the majority of the workforce received some form of inflation compensation from their employers. The findings also indicate talent's strong inclination towards leveraging AI in their work, which presents a strong case for employers to consider investing in upskilling their workforce in new-age technologies.
As per the report, work-life balance, equity, and attractive salary and benefits, are the three most important EVP drivers for the Indian workforce when choosing an employer, the survey said.
Equal opportunities, newly measured this year, has emerged as the next crucial factor, surpassing salary and benefits, it added.
On the impact of Artificial Intelligence on the job landscape, the survey said, around half of the survey respondents use AI daily or regularly, with this trend being most pronounced among Gen Z (60 per cent). Around 88 per cent of talent expect AI to affect their jobs in the next 5 years. Only 8 per cent of talent view AI’s potential impact negatively.
The attractiveness of all sectors is increasing at similar rates. The automotive sector has claimed the top spot in 2024 as well (77 per cent) followed by IT, Communication, Telecom & ITeS (76 per cent), FMCG, Durables, Retail, and E-Commerce at 75 per cent followed by BFSI, and Consulting at 74 per cent.
The report also reveals that 38 per cent of talent leave an employer due to a lack of career growth opportunities, 34 per cent due to too low compensation compared to the rising cost of living, and 30 per cent because of insufficient flexible work options.
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