Article: Why are professionals in India looking for new jobs amid economic uncertainty?

Skilling

Why are professionals in India looking for new jobs amid economic uncertainty?

Pressure from the rising cost of living and the growing need for financial security is a major factor pushing a sizable proportion of professionals in India to look for new jobs as they want more money.
Why are professionals in India looking for new jobs amid economic uncertainty?

The Indian workforce appears resilient in the face of economic uncertainty, with 4 in 5 (80%) professionals considering changing jobs in 2023, reveals latest research by LinkedIn.

According to LinkedIn’s economic graph data, hiring levels in India were 23% slower in December 2022 as compared to December 2021. However, 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.

Over three quarters (78%) of employees surveyed said if they were to leave their job, they would feel confident finding other roles to apply for.

Professionals motivated by different reasons when seeking jobs.

The rising cost of living and need for financial security is one of the major factors that is pushing employees to look for a new job as they want more money (35%).

A similar proportion (33%) is also keen on switching to roles that offer better work-life balance (33%). Meanwhile, 1 in 3 (32%) said they also feel more confident in their abilities and think they can find a better role.

Employees taking proactive approach to weather the economic storm

According to LinkedIn’s Workforce Confidence Index, just over 2 in 5 (43%) professionals in India feel prepared for an economic downturn.

However, professionals are also seen taking proactive measures to ‘career cushion’ themselves from the ongoing uncertainty. More than half (54%) of professionals in India are growing their network by staying in touch with the right people and attending more business events.

They are also getting better aligned to business priorities with nearly half (47%) proactively asking for feedback from their peers and managers to do the work that their companies value most.

Additionally, 44% are learning new in-demand and transferable skills today.

“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,” says Nirajita Banerjee, LinkedIn Career Expert and Head of Editorial for LinkedIn India.

The Workforce Confidence Index research was conducted by LinkedIn with 3,565 professionals in India from September 24, 2022 to December 30, 2022.

LinkedIn also suggests some tips for those planning a shift.

How to make the best out of a career move in 2023

Invest in yourself: Online courses can bridge the gap when learning new skills or brushing up on existing ones. For job seekers, it's vital to understand the skills that are in demand, what skills you have that are transferable, and what skills you need to learn.

Stay on top of the latest updates: In a shifting, competitive job market, the latest information could give you the advantage you need.

Create a standout profile: Be sure your LinkedIn profile is up to date to stand out to recruiters. LinkedIn members with a profile photo have 21 times more views and up to 9 times more connection requests than members who don’t. Be sure to include a short summary of your background and highlight your key skills. You can also let recruiters and your network know you’re open to new opportunities by enabling the ‘Open to Work’ feature on your profile.

Look for in-demand roles: Whilst the job market as a whole is tightening, LinkedIn data shows roles in areas such as business functions sales, cyber security, and sustainability are on the rise. If you’re looking at a career change, making a smart choice on what industry you enter is essential.

Get interview ready: Employers will be looking for the best fit, so before each application, think - why is this role for you? How can you demonstrate that? Why should they hire you over someone else?

Jobs on the rise in India in 2023

LinkedIn’s latest report has also revealed the Jobs on the Rise – the fastest-growing job titles over the past five years.

The data reveals that roles that contribute to driving business results in an uncertain economic environment, strengthening customer retention and acquisition, and boosting sustainability initiatives are seeing strong growth in 2023.

Top 15 jobs on the rise in India for 2023

1.    Category Associate
2.    Healthcare Recruiter
3.    Customer Success Associate
4.    User Experience Writer
5.    Talent Acquisition Partner
6.    Data Annotator
7.    Closing Manager
8.    Head of Growth
9.    Business Development Representative
10.   Actuarial Associate
11.   Sales Development Representative
12.   Acquisition Associate
13.   Demand Generation Associate
14.   Drone Pilot
15.   Sustainability Manager

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Topics: Skilling, Compensation & Benefits, #Career

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