Business Matters: Whose market is it? Employee or employer?
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- Опубликовано: 12 сен 2024
- A look at the high attrition levels in the banking sector, and salary trends in IT
Young banking sector staff are quitting in droves, salaries and increments offered by industry seem paltry. At the same time, youth in general are finding it difficult to find jobs.
Are these dots that we can connect at all or are they all data points that happen at random with no link to each other?
The International Labour Organization’s (ILO) Global Employment Trends for Youth 2024 released earlier this month showed that youth around the world, not just in India, are finding it tough to get a job.
The report found that in low-income countries, only one in five young adults aged 25 to 29 manage to find a secure paid job - a job with a paying employer and a contract greater than one year in duration. The share of young adults in permanent paid work in high-income countries was at 76% in 2023.
India as a lower middle income country would fall in the 34% range. And that percentage is a troubling sign, given the number of graduates we have coming out of colleges each year and how young our population is compared with the rest of the world.
Another interesting data point in today’s episode comes from a Bloomberg report that showed that young people in India’s banking sector are quitting in droves. The attrition rate (or number of people per 100 leaving a company’s or a sector’s workforce annually) for banks in India tops 50% regularly at the fresher level.
We spoke to Kamal Karanth of Xpheno, a specialist staffing company, and he says high attrition is likely related to the issue of mental preparedness for the job profile, esp if it’s a sales job.
Script and presentation: K. Bharat Kumar
Production: Shibu Narayan
I feel that the competition for a fresher today is much higher than it used to be 10 years ago...a lot of the kids are competing with a larger pool which makes it easier for the employer to offer low pay leaving no space for bargaining for the fresher..A lot of kid have to work a lot harder to get a foot in the job market..but once you have relavent experience the employers are ready to pay you much better as you have a bargaining chip...that is why frsshers quit very often to get their desired pay in their second job
Good point.
The second job's salary is more likely driven from 1st job salary with 30% hike.
Exactly, even 5 years ago, the employees had some amount of leverage and bargaining power. Also training was provided to them and they were tasked with maximum 1-2 departments. But now even freshers are expected to bring years of experience and handle 4-5 departments with insufficient training, work overtime and weekend to complete target, sometimes they are instructed to do odd jobs in the office like cleaning and taking care of office stationery at a measly pay of 20-30k per month. Increment is hardly 5 percent and promotions are no where in sight. Even the people who switch companies are not paid a huge hike now. Overall as the days go by the work will get more and more complex and tedious but the salaries will remain stagnant or even reduce
The focus has always been on market conditions and strategy. If a CEO can overcome all challenges and add value to the company in both the short and long term, he deserves the best. However, do all CEOs deliver their best? Fresher salary is a raw skill, especially for those who did not attend college or write on-premise tests. As a result, their scenario managing falls short of expectations. As a result, they need further training to adjust for setbacks that takes away organization's margin. However, there are a few extremely skilled freshers who also deserve the best.
1. Ratio of number of outgoing degrees to number of jobs being generated is what we have to look into and analyse.
2. How many of the outgoing students at entry level are upto the requird skills to perform a specific job.
3. Previously there uses to be degree specific jobs but now all degrees are brouvht under same umbrella, any fresher can apply for almost all kinds of jobs.
Gone are the days... With the improvement of technology frauds are also improved and people loosing money in multifold... No one is happy about the way it's happening.. Day starts with tension and ends with tension.. Just dragging life like a sick dog.. Company Higher Management enjoys their tenure and securing their future but nothing for Middle class employees.. Taxes are at its peak paying 45-50% of their income. .. It's like they working like bounded labor with nive and neat dress
It is an investors market. Everything revolve around Q on Q profit growth
We need a system which works for everyone. Not for a few rich and powerful.
Private banks are flourishing and opening new branches even in remote places.. They charging customers for everything... So employees are moving in and out for payhike nothing else.. It's good for Banks and employees not for customers... Online Banking made lifes easy but hidden charges are more..
The economic system and the labour market are heavily titled in the favor of big businesses and employers. The abundance and widespread availability of eligible workforce weakens the bargaining power of employees and the absence of any legal safeguards makes them vulnerable to abuse ,exploitation,poor working conditions along with longer working hours without the provision of overtime and paid leaves. 80 pc of employment in India is informal which is a root cause along with market inequities.
I admire todays generation they know what they want.. They are living in independent India. Earlier generation are still carrying slavery mentality
Thanks you for making this kinds of content
It's very simple economics here. Banks are expecting more work for a low Salary.
Fresher's training wrt language and systems need to improve, they should have work life balance with some facilities
Good
In 1833 the Government passed a Factory Act to improve conditions for children working in factories.
Don't quote Narayan Murthy he is running East India company in the name of Infosys
There's a 90 days notice period which definitely needs to be reduced
If there is no job = there is no customer
Today's kids are crazy
Fir 9-5 job, they are coming to office at around 12, then login, go for coffee n chit chat, come back check emails and goback for lunch from 1:30-2:30..
Come back chit chat and go to gym at around 4 till 6...come back, pavk the bag and leave for the day
I think your assesment is totally opposite to reality. Nowadays even in 20k per month Job, you are supposed to work overtime to complete targets. You are supposed to do the work of multiple departments, take ownership and responsibilty and even be ready to do odd jobs like cleaning and loading unloading of goods, if the labourers does not turn up. There is absolutely no time for chit chat and coffee
@@rps5952 this is what we are experiencing in our team. Too much of pressure we are going through in meeting the targets.Senior management is counting the heads in the team and expecting productivity on the deliverables. We are trying hard to get these kids work so that we can complete...but they are arrogant and adamant and behaving like what I said above
Eventually one or other way Market will stabilise.
You see. If no money so have .nt customer and then no happy
Your Video is a proof that you are using a windows device 😂
9 to 5 job toh freshers ko bhi nahi hai sir😂😂😂
Vote for BJP and this is what you will get