LinkedIn, an online professional network on Tuesday announced the findings of the fifth edition of the LinkedIn Workforce Confidence Index, which is a fortnightly pulse on the confidence of India’s workforce.
The report also states that professionals from healthcare, manufacturing and corporate service industries are more likely to anticipate a decrease in personal spending and personal investments in the next six months.
Findings of this fortnight also bisect India’s composite workforce confidence score into Individual Confidence Index (ICI) and Confidence in Employer Index (CIE).
The Individual Confidence Index indicates how professionals feel about their ability to leverage economic opportunities available to them, and the Confidence In Employer Index points to how professionals feel about the future of their employers. This new addition comes at a time when India is beginning to ‘unlock’ and reboot its business landscape.
Enterprise professionals most confident about the future of their employers:
With a CIE score of +24, employees at large enterprises - companies with 10,000+ workers - are more confident about the future of their employers when compared to their peers from mid-market (+15) and SMB (+16) companies.
Reaffirming this optimism, findings further show that 41 percent of enterprise professionals think their companies will do better in the next six months, while 63 percent think their companies will be better off one year from now.
However, this confidence of professionals from larger enterprises fades when it comes to individual confidence, as ICI scores show that enterprise professionals (+42) are least confident about the future of their jobs, finances and careers, when compared to their SMB (+51) and mid-market (+50) peers.
Healthcare, manufacturing & corporate service industries least optimistic about personal finances:
With India’s continued focus on social distancing, people are expected to control their discretionary spending, despite improved access to resources. Findings reaffirm this trend as 2 in 5 employees in manufacturing (38 percent), corporate services (40 percent) and healthcare (45 percent will decrease personal spending in the next 6 months.
Findings also show that 52 percent of healthcare, 48 percent of corporate services and 41 percent of manufacturing professionals anticipate a decrease in investments in the next six months.
40 percent of the Indian workforce anticipates fewer jobs and interviews in the immediate future:
As the Indian workforce navigates a shrinking job market, 2 in 5 (40 percent) professionals believe that the number of jobs and scheduled interviews will decrease in the next two weeks.
The news comes as bittersweet for Indian professionals, as more than 1 in 3 Indian professionals state that they will now spend more time working on their resumes and preparing for interviews. Findings also show India’s consistent focus on upskilling as 67 percent of the Indian workforce state that they will continue to increase time spent online learning.
Marketing, project management and engineering professionals confident about the effectiveness of remote working:
Over the past three months, many organisations have shifted to a remote working model to circumvent the pandemic and ensure business continuity. This fortnight’s findings show that 3 in 5 (61 percent) marketing professionals feel confident about being effective when working remotely.
They are joined by more than half of Project Management (56 percent ) and Engineering (54 percent ) professionals, who are also confident about the effectiveness of remote working. In contrast to this optimism, only 39 percent of HR, 36 percent of finance, and 31 percent of education professionals think they would be effective when working remotely.
This survey is based on responses of 2,903 professionals in India, findings from the fortnight of May 4 - 31.
First Published: IST