Major professional network LinkedIn, in its latest Workforce Confidence Index, has found that 80 per cent of professionals are confident about skilling opportunities, while 79 per cent are confident about the strength of their CVs. 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 in the job market amid the coronavirus pandemic.
The Workforce Confidence Index shows that four in five Gen Z (those born between 1990s and 2010s) and millennials (anyone born between 1981 and 1996) are confident about their potential to upskill. While 92 per cent of Gen X (those born between 1965 and 1979/80) and 98 per cent of Baby Boomers say the strength of their work experience and academic qualifications makes them more confident, 86 per cent of millennials say they are more inspired by opportunities to grow their skills and climb the ladder. Further, 80 per cent of Gen Z professionals say that the likelihood of progressing their careers makes them more confident today.
While professionals are confident of career progress, there's a decrease in India's overall confidence, as the composite score dropped from +58 in December 2020 to +54 in January 2021, said the survey. The survey attributes the dip in optimism to growing concerns about the status of the pandemic, surmounting expenses, and job availability.
As per LinkedIn's Labour Market update, India's hiring rate also dropped to 17 per cent year-over-year in December 2020, showing signs of distress in employees' confidence. While the job market looks bleak, the Labour Market Update spotlights the rise of entrepreneurship in India. The 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.
Ashutosh Gupta, India Country Manager, LinkedIn, said 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.
"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 Gupta.