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Over 70% employees regret working in the private sector: Study
Professionals working in the private sector appear to be highly disappointed at their employers\' apathy after the 7th Pay Commission recommended a massive 23.55% hike in the salaries of government staffers. The frustration levels are so high that over 70% respondents categorically stated that they wanted to opt out of their corporate jobs.
Hyderabad: Professionals working in the private sector appear to be highly disappointed at their employers' apathy after the 7th Pay Commission recommended a massive 23.55% hike in the salaries of government staffers. The frustration levels are so high that over 70% respondents categorically stated that they wanted to opt out of their corporate jobs.
"This considerable hike is going to put a lot more discretionary income in the hands of central government employees and will definitely lead to increased spending. But the discontent caused in the private sector by this performance-indiscriminate hike to central government employees is palpable. And India Inc. employers are having to face the brunt of this dissatisfaction with lowered motivation and performance levels," says Vivek Madhukar, COO, timesJobs.com.
This TimesJobs survey covered over 700 professionals working in the private sector from across the country, who earn their increments based on their individual performance and contributions to the business. A large majority (68%) felt that this hike was "unfair". Another 47% respondents believe the raise has no linkage to employee performance while 30% feel the massive hike will eventually widen the public and private sector income disparity. Another 23% respondents felt that since the private sector is a bigger employment generator, granting such a hike to central employees is unfair to them, reveals the TimesJobs.com survey
The survey had representation from employees across sectors and experience levels. Though their locations and work areas were different, they echoed the same sentiment of regretting working in the private sector in view of the hike offered to staffers in the central government.
A sector-wise break-up shows nearly 90% employees in manufacturing, automobile and retail sectors regretted working in the private sector. And further 55% employees in BFSI sectors also wanted to shift to government jobs. Interestingly, nearly 90% employees surveyed in IT & telecom sectors said they were content with their corporate jobs, and did not feel motivated to work in the public sector.
While the disappointment with private sector pay scales was high across experience levels, entry-level employees were the most disappointed. About 80% junior/entry-level employees said they regretted having taken up jobs in the private sector, reveals the survey. Nearly 75% middle and senior-level employees also shared similar sentiments. Private sector employees in tier I and tier II locations seemed more disillusioned compared to their counterparts in metros. Nearly 80% employees from tier I and II locations said they are unhappy at being part of the private sector after the Pay Commission hike, while 64% employees in metros felt the same way, according to the TimesJobs.com survey.
Yet, most private sector employees agreed that their jobs offered them more room for career growth. Close to 80% employees think private sector jobs score better over government jobs given the opportunities for growth and job change. In the end, the solution for the discontent was clear to all respondents. All (100%) the professionals surveyed said private sector companies should increase minimum wages like the central government.
