A comprehensive survey of over 6,000 technology professionals across India has highlighted evolving strategies for attracting and retaining top talent. The 2024 Compensation and Benefits Survey by ANSR and Talent500 reveals that over 80% of India’s leading tech talent are seeking improvements in their compensation and benefits packages.

 

Key Drivers of Employee Satisfaction and Retention

Beyond competitive salaries, personalized benefits, a focus on well-being, and clear career development opportunities have become crucial for employee satisfaction and retention. Flexibility and well-being are paramount, with hybrid work options and mental health support distinguishing the best employers.

Predictable compensation structures offer stability, but the survey emphasizes the role of additional factors in fostering inspiration and retention among top talent in India’s tech industry.

 

Key Findings of the Report

Hyper-Personalized Structures

The report highlights a shift in priorities among tech talent, with 61% of respondents emphasizing the importance of customizable health benefits programs. A notable 77% of tech professionals value hybrid work arrangements, urging companies to optimize benefits packages for hybrid work.

Addressing Compensation Inequities

Over 60% of employees feel unfairly compensated, citing substantial pay disparities. The report reveals that 65% of respondents perceive a significant gender-based 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.

Importance of Upskilling

Tech professionals underscore the importance of Learning and Development (L&D) programs. Over 90% of respondents view career pathing and L&D initiatives as indispensable when assessing potential employers. Moreover, 81% of employees express a preference for mentorship programs and stretch roles, indicating a strong interest in career advancement and leadership opportunities.

The GCC Advantage

While over 60% of GCC employees express satisfaction with their current salary and benefits, 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. This positive indicator highlights room for improvement, as 40% of employees may not feel as aligned.

 

Expert Insights

“In today’s dynamic talent market, flexibility has become a cornerstone of employee satisfaction and organizational success,” noted Vikram Ahuja, Co-Founder ANSR and CEO 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 top talent who demand more than a cookie-cutter approach.”

 

Conclusion

The 2024 Compensation and Benefits Survey by ANSR and Talent500 underscores the urgent need for companies to address gender pay gaps and compensation inequities in the tech industry. Personalized benefits, flexible work arrangements, and robust L&D programs are essential to attract and retain top talent in today’s competitive landscape.