The average time for fresh graduates to find a new job has also increased by 43 per cent (from 2 to 2.8 months) in 2020 compared to pre-COVID-19 times in 2019.
Working women are more worried about the availability of jobs, time for job-seeking compared to working men. The individual confidence index (ICI) scores of female professionals fell from +57 in March to +49 in early June. Around four times decline compared to working men (+58 in March to +56 in June). This is based on the latest edition of the LinkedIn Workforce Confidence Index.
The professionals in software, IT and networking domains are growing increasingly confident about the future of their organisations.
Findings show that India’s working women are two times more likely to be worried about the availability of jobs, their professional network, and time devoted to job seeking, than working men today. This uneven impact has also bruised the financial stability of working women as 1 in 4 (23 per cent) female professionals are concerned about growing expenses or debt, in contrast with just 1 in 10 (13 per cent) working men.
India’s overall workforce confidence has declined after peaking in early March, with a composite score of +54 today (down 4 points from +58 in March). This dip in confidence is reflected strongly across professionals from creative industries such as entertainment, design, and media & communications, who expressed being uncertain about the future of their employers.
The pandemic’s recent peak in India has amplified the importance of work experience and professional connections, as young Indians were found twice (2.5x) as worried as their older cohorts, about the impact of COVID-19 on their careers. Nearly 30 per cent of Gen Z professionals and 26 per cent of millennials are troubled due to lack of jobs, in comparison to 18 per cent of baby boomers. The uncertainty widens when it comes to finances as 1 in 4 Gen Z (23 per cent) and millennials (24 per cent) report being more worried about their debt or expenses, when compared to just half as many boomers (13 per cent) in India today.
As per LinkedIn Labour Market Update, LinkedIn platform data suggests that the average time for fresh graduates to find a new job has also increased by 43 per cent (from 2 to 2.8 months) in 2020 compared to pre-COVID-19 times in 2019. But while the conversion time has increased, so have remote opportunities, the proportion of entry-level jobs labelled as ‘remote’ posted between Jan-March 2020 have increased by 9x between 2020 and 2021.
As India continues to navigate the ongoing health and economic crisis, ’self-care appears to have become a greater priority for job seekers in the current environment. While 1 in 2 job-seekers value employee benefits (55 per cent) and salary (53 per cent) more post-COVID-19, an equal number of job-seekers are found prioritising work-life balance (48 per cent) and location flexibility (50 per cent) when looking for a job today.
This growing demand for flexibility comes at a time when remote opportunities continue to grow. According to the recent Labour Market Update, remote job postings that increased by 35x across 2020, grew further by almost 3x year-on-year as of May 2021.
Aspirants also seek a sense of belonging and long-term growth within their new organisations as 2 in 5 job seekers prioritise workplace culture (43 per cent), internal movement & promotions (44 per cent), and a visible commitment to diversity & inclusion (42 per cent) from their potential employers.
Commenting on the findings, Ashutosh Gupta, India Country Manager, LinkedIn said, “We see the year-over-year hiring rate recover from a low of 10 per cent in April to 35 per cent at the end of May. Remote jobs can be the ray of hope, to provide the much-needed flexibility and growth in opportunities to help them bounce back into the workforce.”
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