Job-seekers’ optimism grows as covid creates new opportunities2 min read . Updated: 28 Jul 2020, 10:56 PM IST
Businesses are also innovating their offerings amid the covid disruption, leading to job creation
NEW DELHI : As the economy reboots from the covid-19 impact, hiring prospects across industries such as e-commerce, IT services, insurance and gaming look positive. While the pandemic forced many companies to downsize to reduce costs, many sectors are seeing rising demand in keeping with the changed realities.
According to LinkedIn’s Workforce Confidence Index, the findings from the 15-28 June period rising optimism towards job security as businesses slowly reopened last month.
The seventh edition of the Workforce Confidence Index shows a modest increase in workforce confidence among Indians, which reflects in this fortnight’s score of +50, up two points as compared to the previous fortnight of 1-14 June.
The lifting of the lockdown in several states and the continued adversities caused by covid-19 created new economic opportunities across the country’s industrial landscape. This uptick in hiring has fuelled the confidence of active job seekers towards career progression.
Findings show 66% professionals will increase their time spent searching for jobs and 64% will apply for jobs in the next two weeks. Also, 68% will upskill by increasing their time spent on online learning for long-term job security and career progression.
The economic repercussions of the pandemic have also urged businesses to innovate their offerings to lead through change, thereby stimulating job creation across sectors.
Arvind Mediratta, managing director & CEO of Metro Cash & Carry India said, “There is going to be a lot of demand for new products and services which, maybe, we’re not even able to envisage right now."
The Confidence Index also claims that decision makers are more confident about job security than junior workers. Only 1 in 4 senior professionals said they would increase their time spent on searching for jobs in comparison to almost half (45%) of the junior workforce. Also, only 16% of Director level professionals (decision makers) would increase the number of jobs they apply to, when compared to 48% of the junior workforce, further reinforcing the confidence of senior executives towards job security.
However, the rising hope towards job security comes with slight trepidation.
“It must be understood that retaining a job in the present times is in itself a strong confidence booster. Many people are also willing to take up to 50% cut in their salaries for an assured job. This means that whoever retains a job today, clearly knows that his/her role matters to the organization even in the new reality," says HR expert Prabir Jha.
Jha added that more experienced workers may have savings to support them in the long run which explains why senior professionals are not as inclined towards increasing their time spent on searching for jobs.
The Workforce Confidence Index is based on an online survey of 2,654 professionals from June 1-28. It is a measure of how professionals feel about their job stability and access to opportunity as well as how business leaders expect to invest in their companies in the near and mid-term.