NEW DELHI: LinkedIn today announced the findings of the seventh edition of the Workforce Confidence Index, a fortnightly pulse on the confidence of the Indian workforce. Based on the survey responses of 1,303 professionals in India, findings from June 15-28 reveal India’s rising optimism towards job security as businesses slowly reopened last month.
The seventh edition of the Workforce Confidence Index shows a modest increase in India’s overall workforce confidence, which reflects in this fortnight’s composite score of +50 (up from +48 in June 1-14). This growing confidence comes at a time when the economy continues to reboot, thus sparking hiring prospects across varied industries such as ecommerce, IT services, insurance and gaming. In fact, the economic repercussions of the pandemic have also urged businesses to innovate their offerings to lead through change, thereby stimulating job creation across sectors. Backing this up, Metro Cash & Carry India MD & CEO -Arvind Mediratta says, “There is going to be a lot of demand for new products and services which, maybe, we’re not even able to envisage right now.”
Active job seekers confident about career progression as economy reboots
The lifting of the lockdown in several states and the continued adversities caused by COVID2019 have instituted a new set of workforce demands, thus creating new economic opportunities across the country’s industrial landscape. This uptick in hiring has fuelled the confidence of active job seekers towards career progression as findings show that about 2 in 3 professionals will increase their time spent searching for (66 per cent) and applying to (64 per cent) jobs in the next 2 weeks. Findings also highlight the active job seekers’ clear intent to upskill today for a safer tomorrow as 68 per cent say they will increase their time spent on online learning to harbor long-term job security and career progression.
Decision makers more confident about job security than junior workers
To understand how this optimism towards job security differs across seniority levels, the LinkedIn Workforce Confidence Index also captured responses from professionals with varied work experience levels. Findings state that decision makers appear to be more confident about their job security when compared to their junior workers. Only one in four senior professionals said they would increase their time spent on searching for jobs in comparison to almost half (45 per cent) of the junior workforce. Further reinforcing the confidence of senior executives towards job security, findings showed that only 16 per cent of Director+ professionals (decision makers) would increase the number of jobs they apply to, when compared to 48 per cent of the junior workforce.
Commenting on this growing optimism, HR expert Prabir Jha explains why India’s rising hope towards job security comes with slight trepidation - “It must be understood that retaining a job in the present times is in itself a strong confidence booster. Many people are also willing to take up to 50% cut in their salaries for an assured job. This means that whoever retains a job today, clearly knows that his/her role matters to the organization even in the new reality.”
He also added, “More experienced workers may have savings to support them in the long run,” to explain why senior professionals are not as inclined towards increasing their time spent on searching for jobs.
Job-seekers can signal that they are #OpenToWork, with LinkedIn’s new feature
To help job seekers land a job in an uncertain environment, LinkedIn is providing free tools and resources for effective job search and placement. One such profile feature that was recently launched is #OpenToWork, which helps job seekers maximize their visibility on the LinkedIn platform. The feature, which frames the profile picture on LinkedIn, helps members signal to recruiters that they are immediately available to take up in-market opportunities. The feature also helps them specify the types of jobs they are interested in, and what their preferred start date and location is. So far, more than 30 million job seekers have used the #OpenToWork tool to find their next job on the platform.
