Around 40% of blue-collar workers seek fresh job opportunities

More than 40% of blue collar employees who participated in a recent survey said they are actively seeking new job opportunities.

The survey, by recruitment consultant WorkIndia, found that the quest for a better salary is a significant motivator, with 22% of respondents saying that getting a better remuneration package is their primary reason for job hunting.

Additionally, 20% of respondents cited career growth opportunities as a driving factor, while another 20% said personal motivations such as relocation, completing education or changes in family circumstances were reasons that they are seeking fresh roles.

WorkIndia’s report, an analysis of the answers given by 1,100 participants in the survey, also revealed that many experienced candidates feel they need to be more fulfilled in their current roles, prompting them to explore better opportunities.

Concerns over lay-offs or the financial instability of their current employer can often trigger candidates to seek new jobs, said the report.

Meanwhile, the potential for higher salaries and superior benefits remained a primary motivator for many as candidates increasingly prioritise organisations that align with their personal values, particularly regarding work-life balance and company culture.

Around 48% of candidates said they continue to use the job search application even after securing a job, of which 74% of respondents said they are searching for better opportunities.

These statistics highlighted a significant desire among blue-collar workers for roles that offer improved financial compensation and promise enhanced job satisfaction and career growth, it stated.

Another 16% of the respondents reported that they are actively searching for job opportunities on behalf of others, said the report.

“This report sheds light on the evolving motivations of blue-collar workers in India. As we continue to support their job search journeys, we are committed to providing resources and opportunities that align with their aspirations for better compensation, career growth, and a fulfilling work environment,” WorkIndia co-founder and CEO Nilesh Dungarwal added.

Lenders warned not to levy foreclosure changes

Banks and non-banking financial companies (NBFCs) cannot levy foreclosure charges or pre-payment penalties on floating rate term loans made to micro and small enterprises (MSEs), the Reserve Bank of India (RBI) has said.

The central bank also said a draft circular is to be issued for public consultation.

Earlier, these regulated entities were not permitted to charge pre-payment penalties on floating rate term loans given to individual borrowers, except in case of business purposes.

“The Reserve Bank has taken several measures over the years to safeguard consumers’ interest. As part of these measures, Banks and NBFCs are not permitted to levy foreclosure charges/pre-payment penalties on any floating rate term loan sanctioned to individual borrowers for purposes, other than business,” said RBI Governor Shaktikanta Das.

“It is now proposed to broaden the scope of these guidelines to include loans to micro and small enterprises (MSEs). A draft circular in this regard shall be issued for public consultation,” Das added.

Analysts said that the move will negatively impact the income of these lenders while increasing pre-payment of loans and balance transfers.

Anil Gupta, senior vice-president at credit rating agency ICRA, said: “MSEs typically take unsecured business loans, which are normally on a fixed rate, as well as loan against property, which is on floating rate. While positive for customers, the RBI's move will have a negative impact on the profitability of lenders, and could also potentially increase the loan prepayments and balance transfer.”

And Karan Gupta, director, India Ratings and Research, commented: “Balance transfers could increase in the absence of these charges, creating volatility in business fundamentals for entities with a high share of such loans.”