Massive layoffs across sectors have urged professionals to look for new jobs so that they have a financial cushion to fall on in dire times. The economic uncertainity has pushed Gen Z workforce, who are at their starting phase of careers, to look for better opportunities outside their current company. Mostly when it comes to firing, workers at the lowerst level come under the radar and bear the brunt.
Recent research by LinkedIn India suggests that four out of five, or 80 percent, Indian professionals are actively mulling over switching their current job in 2023.
The business and employment-based social network platform said Gen Z — people falling in the age bracket of 18 to 24, loosely termed for people born between 1995 to 2010 — is driving this job shift sentiment strongly, with about 88 percent readily seeking to quit their present company.
For those aged 45-54, this figure comes to 64 percent.
What Measures are Professionals Taking For Better Employment Opportunity?
Professionals are rigorously investing in upskilling and proactively seeking opportunities to advance in their careers.
As much as 78 percent of the individuals surveyed said, “if they were to leave their job, they would feel confident finding other roles to apply for.”
Per LinkedIn Workforce Confidence Index, professionals were taking proactive measures to shield their careers from macroeconomic precariousness.
Over half the surveyed individuals, or 54 percent of professionals in India, are growing their network by connecting with the right people and attending more business events.
About 47 percent are proactively seeking feedback from peers and managers, while 44 percent are upgrading themselves with in-demand and transferable skills.
Why are People Thinking of Switching Jobs?
The Linkedin survey suggests professionals not only actively want new jobs for further career growth, but for better pay as well. Inflation and a need for financial security compelled workers to look for new jobs. Besides, 1 in 3 individuals hopes to find work-life balance by switching jobs.
“Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. Since the pandemic, it’s clear that professionals have built up a bank of resilience, and we’re seeing this in their response to tackling the year ahead,” said LinkedIn career expert Nirajita Banerjee.
The survey analyzes the responses amassed between November 30 and December 2 last year, over 2,000 professionals above the age of 18.
The report has come at a time when the discussion around the microscopic impact of the uncertain global macroeconomic environment on economies is at its peak. Due to unpredictable consequences of economic instability around the globe, businesses have begun to either freeze or slow down on hiring as a cost-cutting measure.
However, many analysts expect the Indian economy to be immune from the shocks of global headwinds.
Korn Ferry Survey Predicts Salary Hike For Indians In 2023:
A recent survey by Korn Ferry said that India Inc could expect an average salary increment of 9.8 percent in 2023, a tad higher than a 9.4 percent hike in 2022.
The latest India Compensation Survey said that, for top talent, the hike could be considerably more, as high as 15 percent to 30 percent.
The services sector should see a salary hike of 9.8 percent, followed by automotive (9 percent), chemical (9.6 percent), consumer goods (9.8 percent), and retail (9 percent).
Jobs on the Rise report, published by LinkedIn, shared 5 fastest-growing job titles over the past five years in India, and the trends shaping the future world of work.
Here are the top 15 fastest-growing job titles in India for 2023.
- Category Associate
- Healthcare Recruiter
- Customer Success Associate
- User Experience Writer
- Talent Acquisition Partner
- Data Annotator
- Closing Manager
- Head of Growth
- Business Development Representative
- Actuarial Associate
- Sales Development Representative
- Acquisition Associate
- Demand Generation Associate
- Drone Pilot
- Sustainability Manager
- Customer Success Engineer
- Technical Program Manager
- Credential Specialist
- Human Resource Specialist
- Insights Analyst
- Campaign Associate
- Chief Of Staff
- Graphic Design Manager
- Medical Scibe
- Tax Associate