It is just not the 'TAKE HOME', Silly!!

Over the years, slowly but surely, the 'take home' salary seems to be an overwhelming factor while making a job change. Should the 'take home' salary indeed be an overwhelming factor while making a decision?

Let's begin with the Provident Fund. Provident Fund Scheme, is a pension scheme and an insurance Scheme for the workforce engaged in the organized sector in India. Providence as the name suggests, is, timely preparation of future eventualities, and its synonyms include, prudence, foresight, forethought, wisdom, precaution and common sense. The provident fund mandates a 12% of the basic salary, as employer contribution, which also necessitates the employee to contribute 12% (Employees can also benefit by voluntarily contributing up to the tune of 8%). EPFO, also pays a handsome rate of interest on these savings which currently hovers around 8.55%. The employee and employer contributions are tax exempt; tax is also exempt at the time of maturity. In a country where living is becoming increasingly difficult, the provident fund becomes a very important savings, especially for the rainy day.

It has always been amusing to see during offer discussions, that, the prospective employee, disown the provident fund component and more often than not whine about it, as if he or she would never get to enjoy the component. May be it is the staggering burden of having to pay Equated Monthly installments ( EMI ) for materialism that has been enjoyed before it has been earned!!!

In its bid to woo talent, several organizations, have restricted their contribution to the minimum stipulation of Rs. 1,800/-. This clearly makes the take home attractive. It is certainly pressure from the prospective employee, but should organizations really give into the pressures. Blame it on competitiveness. But are we not contributing to making the already making the fragile social fabric even more fragile?

From the sample size I am interacting, I get a feeling that the salary expectations, especially in the 3 years to 10 years bracket, in the IT Industry, seems to be skyrocketing, for reasons that will not be examined in this article. The thirty percent hike in salary norm seems to have been broken. The expectations seem to hover anywhere between 50 to 75% over the current salary. And they seem to be getting it.The modus operandi is very simple. Get an offer. Shop around, after you get your first offer during the remaining time of your notice period. And closer to your last working day, the prospective job seeker can hope to get the best possible deal. It certainly is a virtual 'auction' in play.

One can hardly complain about market forces at work, but what disconcerts you is the job seeker's absolute lack of reality connect. I wish the job seeker recognizes that technology has not only flattened the world but also mowed down thousands of jobs thereby rendering employees in the middle of their careers, jobless. While the retirement age is 58 or 60 on paper, there is a sizable population in their mid forties who find it extremely difficult to get jobs. With automation a distinct reality, the employee life time value is likely to shrink further. In times to come, job seekers may increasingly find it difficult to get jobs after their mid thirties (I sincerely hope my prediction is proved wrong).

What will make a job seeker stay relevant throughout his employment?

Would it be salaries or jobs that develop competencies?

Will that be fueled by organizations who want to monetize their initiatives, make short term gains and exit or by organizations who are in for the long term?

Will that be fueled by organization that are only bothered about results or by organizations that have robust organization structures ably driven by knowledgeable managers who nurture talent?

What will help a job seeker realize his potential?

A balance between work and life which can induce the necessary rhythm

In what kind of organizations, would a job seeker be able to enjoy this state of bliss?

Mature organizations with great leadership, imbued with intrinsic core values and a demonstrable track record of robust Human Resource practices.

Here is a list of ten things that the job seeker may want to check in the website, before attending an interview, this list is by no means exhaustive.

1. The Vision and Mission of the organization
2. The Lines of Business and the Organization Structure
3. The Leadership and Management team
4. The year of inception
5. Check out investors and how the company is funded. Check out if the company is a listed company.
6. For senior level positions, specifically, you may want to check the Annual report, and other Financial documents, if available on the website.
7. Company track record, Check out Customer base and Customer testimonials about their offerings.
8. Check out News and Events
9. Check out the quality of the videos, white papers and case studies.
10. Check out the Blogs, the quality, regularity and how many thought leaders in the organization regularly blog.

I take the liberty of listing three articles which could help a prospective job seeker, make the right job change

1. Understand if you really require a change.
2. Understanding the elements of a job offer
3. Understand, the Website and LinkedIn company page to get insights about the organization where you wish to seek employment

Here is wishing the job seeker, the right moves and a great career ahead.