InsideIIM conducts Recruitment Surveys every year, which consist of various reports that paint a clear picture of what an MBA is all about. From b-school fees to Company Profiles, the Survey covers everything that is essential to give our Users a well-rounded perspective of an MBA.
In this report on Alumni Job Satisfaction, we asked over 900 of our users to give us their opinion on the various parameters of their work life, such as the compensation they get, the work-life balance, environment at work etc. We then assessed the figures as compared to Alumni Job Satisfaction Report - 2016.
Are they happy with the kind of work they are doing? Do they feel they are being paid enough for their services?
Do they desire a better working environment? We answer these questions and more as a part of our Recruitment Survey.
You can find the figures below, followed by individual analysis of the parameters:
I)
Compensation
The data suggest that Alumni are actually less satisfied than what they were last year. However, there is a rise in satisfaction as compared to 2015.
Regardless of any comparison, 80% satisfaction (including neutral opinions) from those who have spent a fortune on their MBA education is quite a reassuring figure.
The report proves that contrary to popular belief, people are actually happy with the remuneration that they receive.
Work-Life Balance:
The Work-Life balance figures have risen in favour of the number of Alumni who are not just satisfied, but very satisfied with the number of hours they get outside of work.
When looked at individually, only 12% of them are actually not happy with their jobs as opposed to 65% who are quite happy. This is a motivating figure for those who fear that jobs after an MBA are all work and no play.
Another perspective on this is that perhaps the concept of Work-Life Balance is not a very well understood concept and the statistics indicate that maybe people feel it is ok to work 80 hours a week - something which a lot of MBA graduates do in certain roles.
II)
Growth Prospects:
78% of the respondents (including those with a neutral opinion) are more-or-less happy with the growth prospects that their respective organisations have to offer.
However, when compared to 2016's figures, there is a drop from 64% Satisfaction level to 47%, which is a drop 17 percentage points. While not a red-flag, this is a little alarming for companies as this figure can very easily influence attrition rates.
Quality of Work:
While there is a decline in the percentage of Alumni who are unhappy as compared to 2016 and 2015, it is compensated for by a decline in the number of people who are satisfied. There is a rise in the number of people who are Neutral about this. This is a good figure and is consistent with what one can expect after graduating from a top b-school.
III)
Work Environment:
A decline is seen in satisfaction percentage, which is compensated for with a decline in dissatisfaction. However, more people are of a neutral opinion as compared to 2016.
Match Between Expectations And Reality Of Job Profile:
The figures here suggest that most of the respondents got what they expected in terms of their role. Including the neutral perspective, there is a marginal increase in Satisfaction as compared to last year. This suggests that companies are generally communicating well with the b-school alumni by painting a clear picture of the job profile, but there is room for improvement.
The analysis finds that, barring a few parameters, the statistics of this year are similar to that of 2015. The overall analysis suggests that the Alumni are generally happy with the roles that they have in their respective organisations. However, one observation that comes as a red-flag is a significant shift of opinion from Satisfied to Neutral. This suggests that while a majority of Alumni are not dissatisfied, they could be inclined to feel so in the future. But could this figure further translate into a less than positive opinion of companies?
You can see our reports on How Much Does It Cost To Do An MBA In 2018? and What Is The All-Inclusive Reasonable Cost Of Doing An MBA?
If you have any questions or want to talk about your experiences as a b-school alumnus, let us know in the comments section.
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Comments
Anusheel Shrivastava
Correction required - "Employee’s contributions to Provident Fund – Is always 12% of the basic salary"- Actually it is minimum 12%, an employee can always contribute more if he wants, but employer will not match the increased contribution. Although most people don't use the options of increasing, but many people use it, specially those who are going for some foreign jobs, so as to earn a secured 8.5% interest on a big amount. Though a tangential issue, but I pointed it out so that Junta reading this have right idea!
29 Dec 2012, 03.05 AM
+Read Replies (1)
Prince Doshi
Yes its correct. The contribution is always 12% since from tax perspective, only 12% contribution is exempt from tax. Any contribution higher than that is taxable under the head 'Salary' and therefore it is not advisable to increase the contribution from more than 12%. Thanks for pointing out.
29 Dec 2012, 11.04 AM |
Pankaj
What about voluntary PF? Is it chargeable too? VPF is considered as contribution for tax exemption. Another query: Since base level for PF contribution is increased now, will it increase our CTC and reduce our take home salary
29 Dec 2012, 08.53 PM
+Read Replies (1)
Prince Doshi
No your CTC will remain same but as explained above, your net take home salary will reduce. Your employer is not going to pay you more out of his own pocket and therefore, your total CTC will continue to remain same with reduced take home salary. Employee's contribution to PF is included in your taxable income. But, the same will be allowed as deduction under section 80C (maximum of Rs 1 lac). On account of this deduction, employee's contribution to PF is considered as exempt from tax and therefore you are right in considering VPF as contribution for tax exemption. But there is a thin line of difference between exemption and deduction. Separately, employer's contribution to PF in excess of 12% of salary will always be taxable. Hope this may clarify your doubt.
29 Dec 2012, 10.19 PM |
Shashank
In the table you mentioned Take Home salary as 651000, but the CTC was supposed to be 650000. Don't you think the take home would be much lesser considering tds and other deductions?
30 Dec 2012, 12.18 AM
+Read Replies (1)
Prince Doshi
Ur take home salary is 651000 (ie greater than CTC of 650,000) on account of the bonus component of Rs 100,000 which I have considered in the above example that is over and above ur CTC. Ur take home is lesser. Ur take home is 651,000 on your income of Rs 750,000 (CTC of 650,000 + Bonus of 100,000). Hope this clarifies ur query.
30 Dec 2012, 06.34 PM |