A marked change in pay tendencies can be noted among the previous and present generations. While there has been a general change in the overall economic scenario over a period of time, a paradigm shift in the mindset and the consequential change in lifestyle have played a crucial role in bringing about the change. The “change” being discussed here implies nothing but the difference in the amount of money being earned by previous and present generations and the way in which they were earned. While the past generation was found grappling with earning easy salaries, it has been a fairly smooth ride for the present generations in that regard. Obviously prices of everything starting from regular to luxury needs have consistently spiraled leading to corresponding hike in employee salaries in order to increase general spending power but the overall acceptability of unconventional fields of work has also increased thereby leading more youngsters to explore uncharted territories and eking a living out of them. Here is more on the same:
Growth of the Information Technology sector:
For around a decade the Information Technology sector has mushroomed in India. It is amazing to see that a sector which almost had zero existence perhaps 10-15 years ago in this country today provides employment to about 3 million people here. It can be said that this sector has been crucial in bringing about sea changes in the overall work environment be it adherence to fast paced routine of life, impressive pay packets or salary hikes in a bid to retain employees etc. The resultant success of BPO and telecom sectors has only managed to make things better for the present generation. The growth of MNCs, foreign tie ups, strict deadlines necessitated the employment of skilled workforce which in turn could be obtained only by shelling out good bucks. Today the average salary of a fresher in the IT sector stands at a whopping INR 235,532 which was unimaginable before.
Growth of jobs with low qualification:
Yes, this is something which implies a change of both the mindset of people and the general work environment. While earlier it was absolutely unimaginable that an individual could land up with a decent job without at least a graduation degree, today even a teenager barely after giving his tenth examinations can grab a job in the call center. What more? The individual’s starting salary can well be around INR 7.5 thousand a month! A candidate therefore can use the three months before his board exam results are out to rake in some good money. This has in fact sparked a positive trend among the youth of today who refuse to sit back home in their idle times. Other summer jobs, simple store jobs, uncomplicated data entry jobs are also available today for young enthusiastic individuals who are not only interested in raking in big bucks but also in adding some work experience in their resume and get a taste of the corporate life.
Please remember that having a rough estimation of the time required for breaking even is important. Though employee’s salaries can experience a slight growth after a break-even it is not wise to increase you own salary as soon as a break-even is achieved because that would increase company overhead.
The concept of freelance jobs:
Freelance or part time jobs are something which were practically non-existent earlier. Barring actors along with a few other professionals engaged with the media industry, we could not imagine that India would at any time be open to ideas like part time jobs, work from home, or for that matter working for multiple employers at the same time. Jobs which were practically non-existent earlier like blogging, e-tutions or webinar, ad posting, online marketing, part time content writing, forex trading, transcription etc can all be done online from home. These are the kinds of jobs which attract huge amount of money and youngsters of today are in no mood to let go the opportunity!
High Attrition Rate:
The high attrition rate in the corporate world is the direct pointer to the change of mindset of employees. Unlike their predecessors youngsters today are hardly sticking to their jobs at a particular concern for more than 4 years in a row. It is surprising to know that it is not always the salary related issues that are triggering the attrition rate. In general today’s youngsters are found to be extremely reluctant to stick to one particular area of work. They are always trying to explore newer horizons in their field, and the moment they find anything worth in other concerns they are not thinking twice in switching jobs. The hirers on the other hand in a bid to eliminate these risks, are offering greater salaries to candidates coming in to fill in vacancies.
The changing lifestyle and mindset of people:
As already indicated earlier the changing mindset of Indians has brought about an overall change in their attitude towards work and a resultant change in lifestyle. For instance if a youngster, barely out of his teens is able to rake in salaries of INR 8,000 – INR 10,000 a month ( in the least) then he will not really have worry much about his monthly spending on luxury items like high end gadgets, phones, video games etc. Today’s youngsters are addicted to them and they somehow believe in getting these things with their own money. The older generation on the other hand had to mainly rely on their retirement benefits like Provident Fund, Gratuity etc. While most of them planned big spending only from these benefits, our generation today can easily bank on their monthly earnings to do the same. Somehow it has led elders to think that today youngsters have little value for money and even lesser interest in saving for the future. While earlier people used to work till the age of 65 years and live off the rest of their lives on well defined pension schemes, today well defined pension schemes are decreasing in number and youngsters are somehow found investing more on insurances, mutual funds etc in a bid to keep their retirement plans in place.
Social Media platforms like Facebook, Twitter, and other sites like Youtube have aided the marketability of talent in a major way. Today gaining exposure is hardly a matter of time. If you have the knack for cooking, singing, music making, dancing or for that matter anything in the world, just upload a video of yours exhibiting your skills in one of these platforms. If you really have it in you it will really take minutes to send across your desired message to the rest of the world. Earlier it was not so. Online visibility was almost absent and people had to wait for a long time in order to get their talents recognized.