Amidst the global economic and employment slump, a new report by professional networking site LinkedIn said that four out of five professionals in the Indian workforce are looking towards changing jobs in 2023. This means that 80% of the Indian workforce is looking forward to a new job in the current year. The development comes amid layoffs by startups and big tech companies.
As per LinkedIn data, the hiring activity witnessed a slump of 23% in December 2022 as compared to December 2021. The survey is based on the responses by 2,000 professionals aged 18 and above, between November 30 and December 2 last year.
As per the report, as many as 88% of surveyed Gen Z professionals (individuals born between 1995 and 2010) aged between 18 years to 24 years are considering a job change, followed by 64% of those who are aged between 45 years to 54 years. Meanwhile, only 32% of surveyed people or one in three individuals are happy with their job.
"Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. Since the pandemic, it's clear that professionals have built up a bank of resilience, and we're seeing this in their response to tackling the year ahead," Nirajita Banerjee, LinkedIn career expert and head of the editorial for LinkedIn India, says in a statement.
Indian professionals are looking for jobs while upskilling themselves for the job. As many as 78% of the surveyed individuals said that they would feel more confident if they were to leave their current jobs and find a new role. While 35% of surveyed individuals have attributed financial security and an increase in the cost of living to be a reason for the job change, 33% of professionals have attributed work-life balance to be the reason.
Meanwhile, two in five or 43% of Indian professionals have prepared themselves for the economic downturn, as per the LinkedIn Workforce Confidence Index.
Another report by LinkedIn ‘Job on the rise 2023’ in India, highlights the fastest-growing job titles in India this year. The report has category associate, healthcare recruiter, customer success associate, user experience writer, talent acquisition partner, data annotator, closing manager, head of growth, business development representative, actuarial associate, sales development representative, acquisition associate, demand generation associate, drone pilot, sustainability manager, customer success engineer, technical program manager, credentialing specialist, human resources specialist, and insight analyst, as the top jobs in India in 2023.
"Our 2023 Jobs on the Rise list uses unique LinkedIn data to uncover the 25 fastest-growing job titles over the past five years — providing insights into where long-term opportunity lies and where the workforce is headed," LinkedIn said in a statement.