A tough jobs market, pay cuts and an ailing economy have caused unrest among the Indian professionals and those working in IT, media and manufacturing feel their companies will fare worse in the next six months, a new LinkedIn survey said on Tuesday.
More than two in five media professionals said their companies will fare worse in the next six months, exhibiting a bleak outlook towards the short-term future. One in four manufacturing professionals and more than one in five IT professionals felt the same.
The overall findings showed that one in three Indians have reported a decrease in their personal incomes, whereas 48 per cent of active job seekers and 43 per cent of full-time professionals anticipate fewer job openings in the next two weeks.
LinkedIn's second ‘Workforce Confidence Index' shows a slight dip in the overall confidence towards future opportunities as professionals foresee testing times ahead.
"As various sectors announce a hiring freeze, job-seekers have reset their expectations as more Indian professionals anticipate fewer job openings going forward," said the survey by the Microsoft-owned largest professional network.
Nearly 48 per cent of active job seekers think there will be a decrease in available job opportunities, up 9 per cent from last fortnight's findings. Findings also show that 36 per cent of active job seekers expect a decrease in recruiter response in the next two weeks, up 8 per cent from last fortnight's findings.
Online learning continues to see a steady rise in demand as 67 per cent professionals (in comparison to 64 per cent professionals from last fortnight) will increase their time spent in online learning, while 37 per cent of Indian companies (in comparison to 31 per cent from last fortnight) will offer online resources to professionals in India.
"The findings show that professionals in healthcare, education and corporate services industries (such as management consulting, accounting, and human resources) are the most confident about the future of their companies".
The report said that 52 per cent of corporate service professionals, 50 per cent of healthcare professionals, and 33 per cent of education professionals are confident about their companies faring better in the next 6 months.
These industries are also confident about their companies' long-term outlook, as more than four out of five healthcare professionals, four out of five corporate service professionals, and more than half of all education professionals in India think their companies will do better in the next two years.
"The findings state that 32 per cent of the Indian workforce reported a decrease in earned income, while 45 per cent reported a decrease in personal spending. This strain on personal finances is particularly prevalent among business leaders as 39 per cent of senior executives in comparison to 27 per cent of individual contributors cite a decrease in earned income.
However, self-employed professionals emerge as the worst hit with 62 per cent reporting a decrease in income as businesses adopt cost-cutting measures to avoid long-term financial insecurity. The LinkedIn Workforce Confidence Index is based on an online survey of 2,254 members across two weeks: April 1-7 and April 13-19.