These are hard times, all right. Those without a job are getting even more desperate, while those with one would rather stick with the current employer than venture out right now.
“Nearly 25% of those who have been offered new jobs have declined in the last few months,” says Yogesh Saigal, head, business development at search firm Talisman Advisors.
The reasons aren’t far to seek.
First, say recruiters and headhunters, is the uncertainty in the job market, which has turned firms and candidates alike wary and cautious.
As such, in times of adversity, the new joiners are the first to be booted out, points out Sunil Goel, director of executive search firm GlobalHunt India. “Candidates are double-checking job stability and security in new organisations.”
According to Goel, most are preferring to stay with their current organisations where they have already created a mark.
It also has to do with the kind of work one has to do in the new organisation.
For example, Manas Subramanian, a BPO professional with a Bangalore firm for the last two years, declined a rather plum offer in November from a global BPO. The reason? Work pressure in the new firm was expected to be double than that in his current job.
“In tough times, the pressure to perform and be productive is imposed on new candidates from day one. Several individuals are not willing to get into such situations,” said Saigal.
Secondly, compared with the good times, when a minimum 30-40% hike over existing salary is the norm, pay hikes offered today have dropped to just 10-12%.
“When I studied the pay packet the new firm was offering, I realised the take-home per month would be hardly `4,000 more than what I currently get. Plus the work hours would be longer,” said Subramanian. “So I decided to wait.”