Is your salary below market standards? 95% of employees feel their salary is not up to the mark

Majority of the employees are not happy with their current salary status as about 95% of them feel their salaries are not up to market standards, according to a survey.

The survey conducted by JobBuzz, an employer rating platform powered by TimesJobs, revealed that only 5% of the respondents felt their salaries matched the market standard.

Shivani Oberoi (name changed), a software developer, said: "Employees in other companies at same profile and level are drawing higher salaries than I which made me believe my value should be higher in the job market."

Instead of leaving the job, Oberoi has decided to negotiate her salary with the employer.

At a time when India Inc. is devising non-monetary benefits to engage and retain staff, it is interesting to know that salary still holds significance for employees.

JobBuzz also highlighted the compensation and benefits expectations of three generations of the workforce – Baby Boomers (57%), Gen X (37%) and Gen Y (41%) want more in-hand salary but their preference for other benefits differ.

While 24% Baby Boomers prefer to have post retirement benefits, only 10% prefer health insurance benefits. Amongst Gen X, 29% prefer other benefits or perks (mostly flexible work options). A significant number of them (20%) also preferred post retirement benefits, said the survey.

Contrary to popular perception, 22% of Gen Y opted for post-retirement benefits over other benefits or other perks.

"Employers should conduct internal salary benchmark studies to fine-tune their salary structures and compensation scales according to market standards. This will help them meet employee expectations and reduce attrition," advises Vivek Madhukar, TimesJobs.com COO.

Moreover, the perception of not being compensated fairly is still a big cause for employees leaving companies. Any such perceptions, especially among high-performers, must be addressed and corrected by employers quickly.

JobBuzz is TimesJobs.com's employee-to-employee platform that helps jobseekers decide which company, industry and role is right for them.

TimesJobs.com, India's leading career and recruitment portal, is one of the best-selling online ventures of the Times of India Group.

(Image: Indiatimes)