Tech Talent in India Seeks More Than Just a Paycheck in 2024: Survey

A pan-India survey of over 6,000 technology professionals has shed light on the evolving strategies for attracting and retaining top talent. The 2024 Compensation and Benefits Survey by ANSR and Talent500 reveals that over 80% of India’s leading tech talent are seeking improvements in their compensation and benefits packages.

Beyond competitive salaries, personalized benefits, a focus on well-being, and clear career development opportunities have emerged as key drivers of employee satisfaction and retention. Flexibility and well-being remain paramount, with hybrid work options and mental health support distinguishing the best employers.

Apart from predictable compensation structures that offer stability, the survey highlighted the essential role of additional factors in fostering inspiration and retention among top talent in India's tech industry.

Key Trends:

• Flexibility and Well-being Reign Supreme: Hybrid work options and mental health support are becoming crucial factors for attracting and retaining top talent.

• Compensation Needs an Overhaul: Over 60% of employees feel underpaid, with a significant gender pay gap of at least 25% reported across various roles.

• Tech Professionals Prioritize Growth: More than 90% of respondents value clear career paths and opportunities for learning and development. Mentorship programs and challenging roles are also highly sought-after.

• The Rise of RSUs: Restricted Stock Units (RSUs) are seen as a key driver for long-term commitment, with 70% of professionals emphasizing their importance.

• GCCs Lead in Development, But Room for Improvement: While Gulf Cooperation Council (GCC) companies offer better satisfaction with salaries and benefits, 40% of employees there still feel L&D initiatives don't align with their career goals.

Experts Weigh In

The survey underscores the need for a more holistic approach to talent management. "It's not just about the money anymore," says Vikram Ahuja, Co-Founder of ANSR and CEO of Talent500. "Companies need to create a work environment that fosters purpose, growth, and well-being for their employees."

This shift in priorities presents an opportunity for companies to revamp their talent acquisition and retention strategies. By offering personalized benefits, promoting work-life balance, and investing in employee development, companies can attract and retain the best tech talent in India's booming tech industry.

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