LinkedIn, a professional network, has announced the findings of the latest LinkedIn Workforce Confidence Index, a fortnightly pulse on the confidence of the Indian workforce.
Based on the survey responses of 1,752 professionals, findings from January 1-29 reveal that professionals in India are confident about career progress despite growing uncertainties about the job market and financial future in the current environment. 80% professionals are confident about skilling opportunities, while 79% are confident about the strength of their CVs.
However, the latest edition of the Workforce Confidence Index shows a dip in India’s overall confidence, as the composite score dropped from +58 in December 2020 to +54 in January 2021. The survey attributes this dip in optimism to the workforce’s growing concerns about the status of the pandemic, surmounting expenses, and job availability in the present economic climate. This professional uncertainty comes right after the year-end holiday season, when India’s hiring rate dropped to 17% year-over-year in December 2020, according to the latest edition of LinkedIn’s Labour Market update.
While the job market looks bleak, entrepreneurship looked up for Indian professionals last year. The Labour Market Update spotlights the rise of entrepreneurship in India, as findings show a 10% growth in members with the title ‘founders’ or ‘co-founder’ on their profiles from January to December 2020 on LinkedIn. This uptick in new entrepreneurs was particularly strong in the fields of Mental Healthcare, E-Learning, and Online Media.
“Skills are expected to become the new professional ‘currency’ this year as workers from different generations rely on learning new skills to future-proof their careers, at a time when industries continue to strengthen their remote operations. Employees from traditional sectors such as Corporate Services, Healthcare, and Software & IT industries are found to be most confident about the future of their employers, as companies continue to adopt newer technologies, and revamp their talent strategies. Reimagining employee skills and roles to welcome the post-pandemic ways of working will be crucial to building resilience for companies across sectors,” says Ashutosh Gupta, India Country Manager, LinkedIn.
The Workforce Confidence Index shows that while India remains resilient, professionals from different generations have contrasting reasons to stay confident in these testing times. While 92% of Gen X and 98% of Baby Boomers say the strength of their work experience and academic qualifications makes them more confident, 86% of Millennials state they are more inspired by opportunities to grow their skills and climb the ladder. Further, 80% of Gen Z professionals say that the likelihood of progressing their careers makes them more confident today.
According to the Workforce Confidence Index, professionals working in Corporate Services and Finance industries in India saw the highest surges in employer optimism. At a time when companies continue to strengthen their remote capabilities and revamp their talent strategies, findings show that the Employer Confidence Index (ECI) score of the Corporate Services industry rose from +37 in October 2020 to +54 in January 2021, which indicates a boost in demand for these services, and the sector’s future growth possibilities. The Finance industry’s ECI also jumped from +20 in October 2020 to +41 in January 2021, a possible indication of how India’s rapidly growing fintech landscape sharpens its focus on alternative financial services in the age of digital transformation.
Overall, professionals from Corporate Services (+54), Healthcare (+49), and Software & IT (+47) industries are the most confident about the future of their employers.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.