Tech giant Microsoft regained the top spot in the list of best employers to work for in India in 2024, followed by Tata Consultancy Services (TCS) and Amazon, according to a Randstad Employer Brand Research report released on Wednesday.
Microsoft had topped the list in 2022, but slipped to fifth in 2023.
The 2024 list is based on responses from 3,507 people.
The number of companies surveyed in India for the study was not specified.
Globally, 1.73 lakh respondents across 6,084 companies took part in the study.
The respondents evaluated the employers on ten parameters, including work-life balance, career progression, reputation, financial health and job security.
Microsoft scored the highest in financial health, good reputation, and career progression opportunities, the top 3 Employee Value Proposition (EVP) drivers that helped it win the first spot.
TCS also improved its performance from fourth in 2023 to second this year. Amazon has slipped one rank this year.
Tata Power Company, which was the top brand last year, slipped to fourth rank this year.
Another Tata brand, Tata Motors stood fifth.
All the top five most attractive companies to work for received high ratings for their financial health and good reputation.
For Tata Motors, another important factor that played a role in increasing its appeal was the attractiveness of the auto & auto-components industry.
This year, it was ranked the top sector in terms of attractiveness to work for.
It was followed by IT, communication, telecom & ITeS, and FMCG, durables, retail and e-commerce.
The report also said that work-life balance remains the top priority for workers and is gaining importance over time.
While salary and benefits are particularly significant for the Baby Boomer generation and individuals with higher education levels, even within these groups, non-material benefits like equity and work-life balance hold notable importance, it said.
Moreover, the willingness to switch a job remains high, with 43 per cent of the participants saying that they would do so in the coming six months.
The main reason to leave an employer is to improve my work-life balance , according to 51 per cent of respondents.
It was followed by 38 per cent for a limited career path and 34 per cent for a low salary.
The report also said that Artificial Intelligence (AI) is gaining traction in the Indian workplace as one in two workers already claim to use it daily.
Moreover, 88 per cent of the respondents said AI would impact their jobs in the next 5 years.
The competition for niche talent is expected to continue into the future of work as the pool remains scarce, said Viswanath PS, managing director and chief executive officer at Randstad India.
By aligning the employee value proposition with workforce preferences, employers will be poised to stay competitive in a tight labour market, he added.
