Hybrid Working Increasing, Salary Most Important Job Selection Factor For Indians, Says Report
Hybrid Working Increasing, Salary Most Important Job Selection Factor For Indians, Says Report
69% of the respondents preferred to work at least three days from the office.

Better workplace safety measures and environmental amenities were cited by more than 80% of Indian respondents as the most desirable aspects motivating people to visit the office more regularly. This is in accordance with corporates’ desire to occupy ESG-friendly premises.

More than 60% Indian respondents said salary is the most important job selection factor.

Real estate consulting firm CBRE in its report, ‘Voices from India: How will people live, work and shop in the future?’, added while hybrid working (hybrid working excludes both ‘fully office’ and ‘fully remote’ categories) has been more widely adopted across India, 69% of the respondents preferred to work at least three days from the office.

The report is based on a survey wherein more than 20,000 people were polled globally.

Preference for in-store shopping among Indian consumers of all generations corresponds with their desire to try on an item before buying.

This is consistent with the APAC and global sentiments. Examining the products remains the top reason driving people to brick-and-mortar stores across most categories; with the exception of essential items where immediate availability of products takes priority.

Consumers believe that they are also able to find better product assortment in brick-and-mortar stores, especially when customisation / personalisation takes precedence. The experiential element also becomes a differentiating factor during in-store shopping.

Work

A slight variation in trends amongst genders is visible as female employees tend to place a greater emphasis on flexibility when evaluating potential job opportunities, as they may have higher family commitments and strive for a better work-life balance by preferring to work remotely.

Preference for working in an office under the hybrid working model is likely to increase from the current 67% to 78% in the future in India – in line with global and APAC trends.

More than 60% of both sets of future employees (office and hybrid) across generations indicated that compensation remained the overriding factor in job selection. As we increasingly move to a “phygital” world with limited physical interactions, trust in the company’s management has emerged as another important factor for both sets of future employees (office and hybrid).

Further, 50% of both sets of workers place importance on workplace services and amenities. Hybrid workers also place a higher importance on when and where they can work while considering a new job.

According to the survey, the top three reasons for employees to visit offices included more effectiveness in working, preference for in-person interactions, and more connectedness while working in office.

About 39% of respondents prefer hybrid/remote working patterns in India as their physical presence was not required for their roles. This was also due to their personal responsibilities and their reluctance to commute.

About 39% of the respondents cited health concerns as a reason not to visit office, mainly delaying RTO – resulting in employers introducing health and wellbeing programs.

Anshuman Magazine, chairman and CEO, India, South-East Asia, Middle East & Africa, CBRE, said, “The survey indicates that majority of respondents prefer workplace quality and focus space for them to be regular at the office, while specially after the pandemic, health and wellness has become the most important factor for them to consider for frequent office visits. In addition, technology, space design, location, and services and amenities have become desirable factors for the employees at work.”

Live

The survey revealed that Indians display more flexibility towards moving or relocating than their global counterparts.

The survey found that respondents display a stronger intention to move to a new home in the next two years (44% vs 31% in the previous two years). This is significantly higher when compared to both global and APAC respondents.

It is also interesting to note that as most cities in India swell to the beam, the definition of a true city centre continues to evolve. Most leading cities, especially Delhi- NCR, Mumbai, Bangalore, Pune are witnessing the emergence of suburbs that in many ways redefine the erstwhile ‘city centre’.

Gen-Z led the preference towards moving to a new home in the next two years, compared to only 29% of baby boomers. This indicates that the younger generation will primarily drive upcoming housing demand. Except for Gen X, all other generations displayed a higher preference for locations near the city centres.

The survey also highlighted that of those planning to move, more than 70% wanted to buy a house, instead of renting. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.

With the pandemic having raised the importance of health and safety, the demand for professional property management services, particularly in apartment buildings, has been on the rise. There is also an increasing need for dedicated office space at home as hybrid working becomes more widespread.

Shop

Most consumers in India prefer to buy items both via e-commerce and in offline retail stores. The survey revealed that once the cities started to reopen after the pandemic, many shoppers went back to physical retail and since then have adopted ‘hybrid commerce’ – offline + online.

According to the survey, 60-65% of city centre residents preferred to shop online for gifts, cosmetics, clothing and footwear along with essential items (grocery & toiletries). However, more than 55% of small-town residents preferred online shopping for gifts, clothing and footwear and electronics; only 31% preferred shopping online for essential items (grocery and toiletries).

Millennials have shown a flair for online shopping across clothing & footwear, electronics, cosmetics, gifts and essential items. In fact, more than 70% of late millennials preferred to buy their clothing & footwear, and cosmetics online.

In line with APAC and global trends, more than 65% of consumers across all generations have shown a strong preference for shopping in brick-and-mortar stores for big-ticket purchases such as luxury products and jewellery, irrespective of their location (city centre / suburbs / small town, etc.).

Consumers want to see such products in-store and may require sales staff assistance for making a purchase. Brick-and-mortar stores continue to remain a prime retail channel for DIY and essential items (grocery & toiletries) at the APAC and global level.

Despite all the aforementioned factors, online shopping remains a popular way to shop among Indian shoppers, especially millennials, the survey highlighted.

‘A wider choice of products’ was also stated as the top reason to shop online by survey respondents. The presence of larger inventory has led to more competition among online brands, causing them to introduce promotional offers and discounts to differentiate themselves and encourage sales.

Wider breadth of offers provided by e-commerce channels was stated as the primary reason for online shopping in categories such as electronics, luxury / jewellery and essential items.

More than 70% Indian shoppers agreed that they have shopped more online since the COVID-19 pandemic and will continue to do so going forward. On the other hand, consumption via offline channels will be driven directly by product and in-store experience.

Sustainable consumerism on the rise

According to the survey, more than 70% of survey respondents have stated that they have chosen to buy environment-friendly products despite the additional cost associated with it and the sentiment is stronger among the older generation- early millennials, Gen X and baby boomers.

This demographic includes mostly high-income earners residing in city centres and are homeowners with a certain sense of security and are in a position to make sustainable choices while buying any product.

About 65-70% of respondents, especially late millennials have stated that they have purchased more locally sourced products and smaller / independent brands.

Shoppers have also indicated their attempt to reduce consumption not only in a bid to be sustainable but also frugal. High price points of certain products and a desire to have varied options has led many of the young respondents to rent instead of buy.

Read all the Latest Business News here

What's your reaction?

Comments

https://tupko.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!