Fintech Sector Tops the List of Happy Employees in India
The fintech sector has emerged as the happiest sector in India, with 40% of employees reporting being happy at work. This is in contrast to the real estate and construction sector, where only 20% of employees are happy.
FintechEmployee HappinessWorklife BalanceFeedbackSupportLearning And GrowthMeaningful WorkEmployee RetentionMillennialsSense Of BelongingCollaborationTransparencyEmpathyReal EstateSep 17, 2024
The second position goes to biotechnology, followed by information and technology (IT), aviation, automobile, hospitality/travel/tourism, consumer electronics, and banking and insurance. Interestingly, consumer electronics, banking and insurance, and financial services are at the same level, with 30% of their employees happy.
So, why is there this contrast in employee happiness between the most happy sector and the least happy sector? What is the fintech sector doing differently that so many of its employees are happy at work?
For one, 41% of employees in the fintech space feel they enjoy work-life balance, while only 27% of their counterparts in the real-estate and construction sector share the same sentiment. Secondly, 37% of employees in the fintech sector receive adequate feedback and support on a regular basis, but only 29% of those in the real-estate space enjoy the same support.
A significant 35% of fintech employees feel encouraged to learn and grow, while only 23% in the real-estate sector feel so encouraged. While 38% of fintech employees admit to feeling energetic at work, only 29% of their counterparts in the real-estate and construction space are able to experience the same energy.
When it comes to meaningful work, only 23% of workers in the real-estate and construction sector find their work meaningful, while a lot more (37%) of those working in the fintech space find their work meaningful.
Clearly, employees of the fintech sector enjoy a healthier work-life balance, receive regular feedback and support, and are encouraged to learn and pick up new skills. The employees in this sector find their work more meaningful than their counterparts in the real-estate sector. Why should it be surprising then that the fintech workforce is happier than the real-estate workforce?
The rising trend of quitting can be attributed to growing dissatisfaction and lack of engagement. The report notes that when employees are able to take time out for their personal interests, there is a 60% reduction in their intention to leave. The urge to quit can be reduced by 62% if employees are regularly appreciated for their work.
The study also reveals that employees who have the ability to maintain their cool and stay calm even in uncertain situations are 63% less likely to leave. Employees who are given freedom in their roles and not micromanaged are 60% less likely to quit.
Millennials are the most likely to leave, with 59% intending to leave their jobs. This intention is lowest among Baby Boomers (34%). While 42% of the Gen Zers intend to leave, about 48% of the Gen X intend to leave.
To improve employee retention, employers need to nurture a sense of belonging in their employees. A whopping 71% of employees feel that a sense of belonging leads to better social connections and acceptance. It also encourages more collaboration and teamwork. Better collaboration results in more effectiveness and a sense of community, which will improve morale and job satisfaction.
A good 74% of employees feel it is essential to enjoy working with colleagues. After all, the more the camaraderie, the more the positivity and the better the work environment and employee experience. About 63% of employees hesitate to collaborate with colleagues with whom they are in conflict. Another 62% find it difficult to express their views openly at work.
Transparency and clarity in communication is important for the happiness of 72% of employees. Lack of clarity is what leads to anxiety, insecurity, and uncertainty. If these are eliminated, the workforce will be more satisfied and more focused on work.
Empathy in communication is important to 73% employees. Clearly, employees value support and mutual respect.
The survey by Happiest Places to Work in association with the Happiness Research Academy, covered 2,000 employees from across sectors during April to May 2024, with 59% male and 41% female employees.
Frequently Asked Questions
Which sector has the happiest employees in India?
The fintech sector has the happiest employees in India, with 40% of employees reporting being happy at work.
What is the main reason for the contrast in employee happiness between the fintech sector and the real estate and construction sector?
The main reason for the contrast in employee happiness between the fintech sector and the real estate and construction sector is the difference in work-life balance, feedback, and support received by employees in these sectors.
How can employee retention be improved?
Employee retention can be improved by nurturing a sense of belonging in employees, encouraging collaboration and teamwork, providing transparency and clarity in communication, and showing empathy in communication.
Which generation is most likely to leave their jobs?
Millennials are the most likely to leave their jobs, with 59% intending to leave.
What is the importance of transparency and clarity in communication for employee happiness?
Transparency and clarity in communication is important for the happiness of 72% of employees, as lack of clarity leads to anxiety, insecurity, and uncertainty.
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