Economy

India professionals bet on work experience amid uncertainties in the job market: LinkedIn report

Hemani Sheth Mumbai | Updated on February 25, 2021

Entrepreneurship looks up in a bleak job market

Professionals in India are optimistic about their career progress despite growing uncertainties about the job market and financial future in the current environment, according to the latest LinkedIn Workforce Confidence Index

As per the report, 80 per cent of professionals overall, are confident about skilling opportunities, while 79 per cent are banking on the strength of their CVs.

Among professionals, Gen X (92 per cent ) and Baby Boomers ( 98 per cent) said that the strength of their work experience and academic qualifications makes them more confident, while Millennials (86 per cent) are focusing on upskilling. Millennials said that they are more inspired by opportunities to grow their skills and climb the ladder. Apart from this, 80 per cent of Gen Z professionals said that the likelihood of progressing their careers makes them more confident in the current environment.

Despite the optimism, there is a slight dip in the overall confidence of the workforce as per the index. The latest edition of the Workforce Confidence Index 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,” the report said.

The professional uncertainty comes soon after the year-end holiday season, when India’s hiring rate dropped to 17 per cent year-over-year in December 2020 as per the latest edition of LinkedIn’s Labour Market update.

Overall, professionals from Corporate Services, Healthcare, and Software & IT industries are the most confident about the future of their employers.

Also read: 3 in 4 Indian professionals actively in search for new job in 2021: LinkedIn Study

“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,” said Ashutosh Gupta, India Country Manager, LinkedIn.

“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,” added Gupta.

As per the Labour Market Update, while the job market looked bleak, entrepreneurship Indian pro had a positive outlook last year.

“The Labour Market Update spotlights the rise of entrepreneurship in India, as findings show a 10 per cent growth in members with the title ‘founders’ or ‘co-founder’ on their profiles from January to December 2020 on LinkedIn,” as per the report.

New entrepreneurs emerged particularly in areas such as Mental Healthcare, E-Learning, and Online Media.

The LinkedIn WorkForce index report is based on the survey responses of 1,752 professionals, findings from January 1-29.

Published on February 24, 2021

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