When Karuna Jha, 22, walked into ICICI Bank last month, she came across a high school classmate working as cashier in the bank. The unexpected encounter was just another reminder of embarrassment she had been going through since she passed graduation. The reason entailing her embarrassment was she could not find a decently paid job despite making it to a prestigious engineering institute.
When at college, Jha hoped that her labor and heavily paid institute would land her up at her dream firm with stratospherically high pay scale. But her 1st interview left her stranded as she was offered to work at top IT Company at meager income. Her salary expectation was at par compared to her qualification, expectation, work and a special mention for worth. This lass’s situation highlights an important issue.
Freshers like Karuna and similarly inexperienced job seekers have been hit hard when it comes to pay scales and remunerations. Not only her, graduates since 2009 have earned an average starting salary of $12000, down from $15000 for the classes of 2006 and 2007. That’s because employers have been pickier than ever in lieu of a surplus candidates. Furthermore, many recent graduates are taking jobs below their skill level.
If the present conditions prevail, there is likelihood of a further depression of wages of these recent college graduates during the next 10 to 15 years due to weakened economy. Many know it, too. Nearly half of those employed recently are found to be satisfied with their present earnings, promotional aspects and opportunities for growth. Moreover, many are not being paid despite having decent qualifications and grade. Salaries are stagnant, under payment, no or less benefit has given vent to discouragement and demonization among the youth. The good jobs are very difficult to come by.
Learning from their experiences, employees are going back to do an in depth and comprehensive enquiry of the salary range beforehand. In an interesting trend, most of the large scale enterprises define salary bands of distinct range for varied roles and designations. Such info could be easily accessed at their websites and brochures. For big as well as small scale enterprises, the pay scale might be higher than market cash but decreased options and back up facilities.
The basic salary is usually low but incentives encompass bonuses, stock options, healthcare and many more. For freshers or early start ups, such offers appear as mirage for all they want is a hefty cash and count. However, it is to be remembered that here is hardly any company wishing to invest money in external hiring and finally land up exploring that they can’t close on a prospective candidate just because of mismatched salary grounds.
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