According to a report by ADP, nearly three out of four Indian workers, or 73 percent, are content with their salary. This marks a significant increase from the 49 percent reported in 2023. In fact, this is the highest percentage globally among the 18 countries surveyed.
The survey, titled “People at Work 2024: A Global Workforce View,” also reveals that salary continues to be the most important factor for Indian workers when considering a job, with 55 percent of respondents stating its importance. Additionally, the job satisfaction rate among Indian respondents remains the highest among the 18 countries surveyed, at 81 percent.
Gender Differences in Salary Satisfaction
Satisfaction rates vary slightly by gender, with female respondents expressing higher contentment at 84 percent, compared to male respondents at 78 percent.
Salary Satisfaction by Sector
The survey highlights that the education sector in India leads the pack with the highest satisfaction rate at 88 percent.
Importance of Fair Compensation
Rahul Goyal, the Managing Director of ADP India & Southeast Asia, emphasizes the importance of fair compensation for employers. He states that offering fair compensation is crucial for ensuring the financial security and overall well-being of the workforce. Goyal also suggests that employers who cannot meet pay expectations can consider offering additional benefits such as paid time off, one-time bonuses, or shopping vouchers to offset rising inflation. Providing training and promotion paths is also recommended as a way to retain talent.
Multiple Sources of Income
The survey reveals that 41 percent of Indian workers surveyed have two or more sources of income, which is the highest percentage among the 18 countries surveyed. This behavior is primarily motivated by the desire for an affluent lifestyle, with 37 percent of respondents saving for significant purchases and 35 percent hoping to improve their lifestyle through this additional income.
Importance of Robust Payroll Systems
It is worth noting that more than half of Indian workers surveyed, 55 percent, reported regularly receiving incorrect payments. This highlights the importance of having a robust payroll system in place to ensure timely and precise compensation.
Survey Methodology
The ADP Research Institute conducted the survey, which included 34,612 workers in 18 countries. The survey was conducted between October 22 and November 24, 2023. In India, at least 500 workers were surveyed specifically in the gig economy. The survey covered various regions, including Europe, Asia Pacific, Latin America, and North America.
