However, the latest edition of the Workforce Confidence Index shows a dip in India’s overall confidence, as the composite score dropped from +58 in December 2020 to +54 in January 2021. The survey attributes this dip in optimism to the workforce’s growing concerns about the status of the pandemic, mounting expenses, and job availability in the present economic climate. This professional uncertainty comes right after the year-end holiday season, when India’s hiring rate dropped to 17% year-over-year in December 2020.
“Skills are expected to become the new professional ‘currency’ this year as workers from different generations rely on learning new skills to future-proof their careers, at a time when industries continue to strengthen their remote operations. Employees from traditional sectors such as Corporate Services, Healthcare, and Software & IT industries are found to be most confident about the future of their employers, as companies continue to adopt newer technologies, and revamp their talent strategies. Reimagining employee skills and roles to welcome the post-pandemic ways of working will be crucial to building resilience for companies across sectors,” says Ashutosh Gupta, India country manager, LinkedIn.
4 in 5 Gen Z & Millennials confident about their potential to upskill and progress.
The Workforce Confidence Index shows that while India remains resilient, professionals from different generations have contrasting reasons to stay confident in these testing times. While 92% of Gen X and 98% of Baby Boomers say the strength of their work experience and academic qualifications makes them more confident, 86% of Millennials state they are more inspired by opportunities to grow their skills and climb the ladder. Further, 80% of Gen Z professionals say that the likelihood of progressing their careers makes them more confident today.
According to the Workforce Confidence Index, professionals working in Corporate Services and Finance industries in India saw the highest surges in employer optimism.
Overall, professionals from Corporate Services (+54), Healthcare (+49), and Software & IT (+47) industries are the most confident about the future of their employers.