New Delhi: Companies are cutting salaries and adding work to extract maximum value from employees, a survey has found.
A report by staffing firm TeamLease Services Pvt. Ltd said around 48% of 52 human resources (HR) heads and 55% of 350 employees it surveyed showed that workers are having to take on more work, while 46% managers and 47% employees said they have seen salaries being reduced as companies are cutting costs and getting more out of each worker.
As many as 56% employees said they are looking out for a job irrespective of current salary levels and 43% said they have had to change their role or department to keep their jobs safe.
Job insecurity: A survey by staffing firm TeamLease showed that 43% of the respondents had to change their roles to retain their jobs. Hemant Mishra / Mint
A significant 24% of the respondents said they had to change sectors, said the survey, which is based on responses of 402 working adults in eight cities, including Bangalore, Chennai, New Delhi, Hyderabad, Kolkata and Mumbai, who were surveyed in February.
“Companies are clearly looking at higher value from employees and work addition to the the current job profile is being increasingly appreciated,” said Surabhi Mathur-Gandhi, general manager, permanent staffing, TeamLease Services.
“Flexibility and resilience are being required of both employees and employers,” she said.
Around 80% employees said that improving skill sets, multi-tasking and taking on additional work are ways to survive in the current scenario.
Forty-six percent of employees indicated that it is safer to move to a stable job with lower salary. Interestingly, 39% of the HR managers said they would recommend employees to move to a secure job.
However, moving to government jobs was the least favoured, with only 30% indicating it as a way to a secure job.
Overall, 40% respondents felt that the current economic slowdown has a negative impact on their career, with maximum negative impact felt by respondents in Mumbai (48%) and New Delhi (52%). In contrast, only 20% respondents in Pune and Kolkata said that the slowdown is negatively affecting their careers.