India job market: The rate of hiring in India was 23 percent lower in December 2022 YoY, according to LinkedIn's economic graph data — despite that 88 percent of Gen Z or those in the 18–24 age group are considering a transition, compared to 64 percent of those in the 45–54 age group.
The rate of hiring in India was 23 percent lower in December 2022 than it was in December 2021, according to LinkedIn's economic graph data. Despite this, the stats from the professional networking site revealed that the Indian workforce is resilient in the face of economic uncertainty, with 4 in 5 (80 percent) professionals considering changing jobs in 2023. Gen Z professionals are mostly driving this sentiment, as 88 percent of those in the 18–24 age group are considering a transition, compared to 64 percent of those in the 45–54 age group.
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"Despite uncertain economic times ahead, professionals are taking a long term view of their career by investing in their skills and proactively seeking opportunities to progress," the report said. Additionally, more than 78 percent of respondents stated they would have no trouble seeking out new job roles to apply for if they were to quit their current position.
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The survey indicates that one of the primary reasons why employees search for new jobs is their need for financial security in the growing cost of living and a desire for more money, which accounts for 35 percent of Indian professionals.
"A similar proportion (33%) is also keen on switching to roles that offer better work life balance (33%). 1 in 3 (32%) said they also feel more confident in their abilities and think they can find a better role," the report stated.
Approximately 2 in 5 (43 percent) professionals in India, as assessed by LinkedIn's Workforce Confidence Index, feel prepared for an economic slump. However, professionals are also seen proactively 'career cushioning' themselves from ongoing uncertainties.
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More than half (54 percent) of professionals in India, as per the report, are expanding their networks by keeping in contact with the right people and going to more networking events.
Additionally, they are becoming more closely aligned with business priorities, with almost half (47 percent) actively seeking feedback from their colleagues and supervisors in order to do the work that their organisations value the most. Moreover, 44 percent of people are now acquiring new, valuable skills.
Nirajita Banerjee, LinkedIn Career Expert and Head of Editorial for LinkedIn India, said, "Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. While the future remains dynamic, it is essential for professionals to invest in themselves by building transferable skills that will make their profiles more versatile and adaptable to different roles."
"We have seen a 43% year-on-year increase in members adding skills to their LinkedIn profile - 365 million have been added in the last 12 months. This is a smart way to secure a sustainable and successful career," she added.
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