LinkedIn has launched the ‘Workforce Confidence Index’, a bi-weekly pulse on the confidence of the Indian workforce, in order to see how people are feeling about the opportunity available to them.
The LinkedIn Workforce Confidence Index is based on an online survey of more than 1,000 members on LinkedIn. It uses a scale from -100 to +100 to reflect professionals’ current sentiments about the jobs market, their financial status, career progression, and their expectations going forward.
According to the Workforce Confidence Index in India, a sense of cautious optimism about the future with a composite score of +53 for the week of April 1-7 has been shown. This means, those surveyed feel confident about long-term outlook but are troubled with overarching concerns in the short-term regarding the availability of jobs, company’s financial situation, and the impact of these factors on their incomes and personal savings.
The survey reveals that nearly half of Indian professionals are confident about achieving financial betterment in the next six months, while three out of five professionals believe they will achieve career progression in the next year. Indians are also optimistic about long-term economic stability, as findings show that 72% of Indian professionals are confident about their companies bouncing back in the next two years.
The survey reveals that while 42% of Indian professionals will increase their time spent in job search in the next two weeks, 64% will increase their focus on learning. This showcases the sense of determination among Indian professionals to navigate through these challenging times.
The report also highlighted the pandemic’s impact on the personal finances of Indian professionals, where a quarter of the Indian workforce (25%) has reported a decrease in their incomes, while 39% reported a dip in personal savings, 42% in private spending, and 31% in several investments.
According to Ashutosh Gupta, India Country Manager, LinkedIn, it is reassuring to see a majority of India’s workforce remain confident about the long-term outlook, and determined in the short-term to upskill, pivot, and adapt.
He said, “We believe that exercising healthy doses of the 3Cs – confidence, caution, and compassion – can help us navigate these challenging times. As we live through a pandemic, the perception of our workforce has become even more crucial to understand, and the bi-weekly index will help us keep a pulse check on the confidence of India’s professional community.”
The Workforce Confidence Index highlights differences in sentiment across various segments of the workforce, from job-seekers to company owners and senior executives:
Job-seekers, full-time employees, and self-employed professionals confident about progressing their careers
Amid these challenging times, the Workforce Confidence Index shows that active job-seekers remain cautiously optimistic about available opportunities, with 39% believing there will be less available opportunities. Findings reveal that 64% of active job-seekers will increase their time spent on job search in the next two weeks, while more than half will increase their time spent building their resumes. Over 70% of active job seekers in India also believe that recruiter response will not decrease in the next two weeks, thus reaffirming the optimism of job-seekers in India.
While self-employed individuals express lower confidence in job stability and financial betterment, data shows they showcase a similar sentiment towards career progression. 51% are confident about their companies doing better in the next six months, and 81% are also confident that their companies will do better in the next two years.
As professionals continue to work from home amid lockdown, Indian professionals are focused on learning new skills to stay productive and unlock new opportunities. The survey says that 63% of active job seekers, 65% of full-time employees, and 61% of self-employed professionals will increase their time spent in online learning over the next two weeks.
Senior executives at companies proceed with caution.
In contrast to the most optimistic outlook of active job seekers and self-employed professionals, senior management executives showcase caution about the future outlook. Findings also show that 33% of senior executives feel their companies will face tougher times in the next six months, and 69% are confident of their companies’ progress in the next two years. A third of Director-level executives feel there are worse times for their companies ahead, whereas only a fifth of individual contributor-level employees feels this way.
In times of COVID-19, employees seek more care and compassion.
Despite the widespread outbreak of COVID-19, many professionals report that their companies have still not offered them access to services that support physical health and emotional wellbeing. Findings show that only 24% of Indian professionals are receiving support from their companies for physical fitness and 22% for emotional wellbeing currently. Despite the immediate need for social distancing, findings show that only 55% of respondents say that their companies are offering them remote working options, and only 25% have flexible or part-time working hours.
As Indian professionals cope with limited access to wellness programs and flexible working hours in the present, many remain optimistic for better access to these benefits in the near future. A vast majority of Indian professionals who receive company support for physical and emotional health are optimistic that their companies will continue providing these benefits after COVID-19. These measures can collectively help companies in cultivating a robust and transparent culture in these uncertain times.