Wanna hire? Show me the money!

NEW DELHI: It takes a whole lot more dough to lure an Indian employee from his job. As against a global average of 16% hike in compensation, employers in India shell out a premium of 26% on average to poach an employee from his existing workplace, according to a survey conducted by Corporate Executive Board, a Washington-based networking firm of global executives.

The survey, however, added that the compensation cost can be brought down by an employer if the candidate views the employment value proposition (EVP) of the organisation as attractive.

According to the data, if a candidate in India views the new employer as attractive, he can be hired by offering a 21% hike in compensation to his present job as against the average 26% increase. On the other hand, if the candidate views the EVP of the new organisation as unattractive, then it takes 34% increase in compensation to hire the same worker.

The corresponding global figures are relatively lower. This is a reflection of what the human resource consultants term as a ‘hot’ job market in India. On a global average, an unattractive EVP requires an organisation to offer a 21% increment to hire an employee and just 11% if the candidate considers the EVP to be attractive. What’s more, it is not enough to window dress at the time of hiring with an attractive EVP. The survey reveals that poor delivery on the EVP offered by the organisation reduces employee commitment.

The attributes which form the core of EVP globally includes collegial work environment, compensation, development and future career opportunities, quality of manager, organisational stability and respect.

However, in addition, there are some attributes which are also important in the Indian job market. These include ethics, growth rate of the organisation, innovation, job impact, market position, work-life balance, reputation of senior leadership and job-interest alignment.

Said country head of Corporate Executive Board, Shaurav Sen, “When we talk of innovation as being important in India, it’s not just limited to innovative work being done by the organisation but also equal opportunity for the employees to participate in the innovation.”

Talking about the unique characteristic of the Indian job market as compared to the global picture, Corporate Executive Board chief research officer Derek van Bever said, “Indian employees place a lot more trust in the written word in print either as job ads or news reports about a company in determining their choice of the employer. It is not so pronounced in other markets.”