Women employees seem to be more satisfied with their pay than their male counterparts as they tend to attach more value to “benefits” than other components in the rewards programme, says a survey. The EY Rewards Survey 2016 also said one out of every four employees is dissatisfied with the rewards provided by their employer.
Men tend to pay more attention to the cash offering of their employment contract while women tend to focus on the complete reward offering, it said. Leading consultancy EY noted that 66 per cent women cited satisfaction with their pay compared with 50 per cent men.
“… this probably indicates that while men focus on the cash component of the rewards programme, women tend to view it as a complete package, wherein benefits are assigned more values than any other reward components,” it added.
The findings are based on a survey of 128 employers and 452 employees across 12 industries. The data were collected in the first quarter of this year from Bangalore, Chennai, Delhi/NCR, Hyderabad and Mumbai. “24 per cent employees are clearly dissatisfied with the rewards programme at their organisations while 20 per cent employees are unsure, whereas 65 per cent employers are satisfied with their total rewards programme.
“It is interesting to note that the level of satisfaction among millennial employees is low, but it sharply increases in the 30–35-year age group and again decreases in the 35–45-year age group,” the report said. Around 66 per cent of the employers surveyed believe that their organisation’s compensation is competitive compared with the outside market.
Almost 50 per cent employees said they are unsure or disagreed either that their company’s compensation policies are competitive or that they help to attract and retain high-performing employees. As per the findings, around 44 per cent employees across management cadres are either unsure or think their employer does not provide accurate, helpful information about employment benefits.
When it comes to the top five elements for an effective work environment, “competitive pay in terms of monthly take home” tops the list.
Other elements listed by employees are quality of managers and leadership, employer brand, flexible work arrangements and variable pay.
For the employers, the priorities include “career growth opportunities and job advancement (e.g. clearly defined career path and international mobility opportunities)”, and linkage of pay to performance.
“With the changing workforce demography and the diverse needs that employees have, it becomes extremely important to offer flexibility in total rewards,” Satheesh K V, Director (Rewards) at e-retailer Flipkart, was quoted as saying in the report.