According to a recent study conducted by global management consultant Accenture, students graduating this year see the maximum potential in the Indian job market, followed by the US market in second place.
The study involved a survey of 2,464 students graduating from eight different countries this year; 286 of them were from Indian universities.
While 46 percent of Indian students are worried that the economy's current instability may adversely affect their job prospects, this figure is far less than the 63 percent of global graduates who have voiced similar concerns.
Accenture's research was based on the responses of 286 graduating students in India and a total of 2,464 in eight countries.
As per their findings, 87 percent of Indian university seniors have started looking for a job, out of whom only 51 percent have met with success. The top specialisations of choice are engineering, computers and maths, while technology consulting, communications and electronics are among the preferred industries.
Surprisingly, the study further found that several Indian students are willing to compromise on salary when it comes to recruitment by reputed companies, a trade-off of sorts wherein they will stand to gain valuable experience and global exposure.
Presented below in the order of importance are the expectations of candidates with regards to prospective employers:
~ Compensation/ salary (82 percent)
~ Interesting and challenging work (77 percent)
~ The opportunity to gain global experience (63 percent)
~ Prestigious company name (59 percent)
~ Formal training (55 percent)
~ Flexible work hours (54 percent)
~ The company's reputation as an employer (52 percent)
~ Social atmosphere (50 percent)
~ Benefits such as health insurance (42 percent)
~ The supervisor who will mentor and coach (35 percent)
~ Opportunity to travel (34 percent)
Says Deepak Malkani, Partner, Talent & Organisation Performance, Accenture India, 'What's clear is that Generation Y is entering the workforce with strong values and demands that employers haven't had to address with previous generations. To be relevant to these job seekers and be highly reputable and well regarded, employers must find ways to satisfy their need to be challenged by their work, to travel and gain global experience, to work in a flexible environment and continue to build their skills through formal training.'
The majority of Indian students are confident that they will have secured full-time positions within three months of graduation and 53 percent of them are graduating without having availed of student loans. As for those who have taken loans, the average amount is somewhere around Rs 400,000.
Presented here are the study's findings related to Indian students in particular:
~ 75 percent of them expect a salary of Rs 400,000 per annum or less from their first job.
~ They excel in communications, followed by computer and IT skills.
~ Only 41 percent of them expect to stick to their first job for at least 3 years; in fact, even most global students expected to have five or less employers in the course of their careers.
~ 50 percent of Indian students expect to work more than 40 hours per week; 44 percent expressed concern about their personal lives coming to a standstill and 41 percent were worried that their potential would be underutilised by employers.
Accenture's research further revealed that a majority of students will compromise on job situations thanks to a weakening economy. They are willing to:
~ Accept a lower salary (36 percent)
~ Broaden their search by industry or skill area (31 percent)
~ Accept the first job offer they receive (25 percent)
~ Look for a job in a different country (25 percent)
~ Look for a job in a different city (24 percent)
~ Compromise on job requirements (24 percent)
