The Time Of Millennials

The society is transforming. The era is witnessing a change in trends as the millennials are engaging into business with an alternative perception and perspective. Leading leaders of the industry shared the platform at BW Businessworld HR Conclave, shedding light on the changing trends in the economy and how the proposition of compensation is altering in contemporary times.

“With the growth in the economy, the fascination of titles is increasing too,” said Jagjit Singh, Chief People Officer, PwC India. “People are getting haircuts these days, simultaneously they are getting salary cuts,” he said.

According to him, the millennials are not work-centric like the older generation, they are not so worried about employment but about their performance. The change in employment necessity trend has altered the system of professionalism as well as the compensation attached to it.

The performance based compensation has been gaining momentum across the industry. Consequently, the double digit increase in salary hike is limited to the outstanding performers.

“For sustainable model of development, companies are ready to pay more but only to outstanding players,” shared Naveen Rattan, Senior Rewards Consultant at Aon Hewitt.

“Predictive capabilities are lost among us all,” said Rajeev Bhadauria, Director Group HR, Jindal Steel and power. Since 2008, there has been ‘disruptive technology’ and ‘digital natives’ that are overpowering the industry.

“The salary size is growing; the creative and talented people are getting salary raise and consequently, no one trend can be continued or anticipated,” he added.

The concept of variable pay is growing across the industry as the experiment of work based performance is gaining high results among the professionals. “Inspiration can’t be injected into anyone, it is something that comes from within,” Bhadauria shared. It is this inspiration that differentiates the professionals and distinguishes their salary hikes.

Highlighting the evolution of salary, Sanjiv Sachar, former country head of Egon Zehdner said that 60 per cent of the kitty is distributed among the 28 per cent of high professionals in their organization. Consequently, India is the best pay master across the world.

The ‘business mix’ is transforming as the millennials join the workforce among industries. As technology, automation, robots step into the world of business, the trends pertaining to the entire ecosystem is transforming and like always, the ecosystem would adapt, if not sooner than later.