According to LinkedIn’s second Workforce Confidence Index, 32 per cent of the Indian workforce reported a decrease in earned income, while 45 per cent reported a decrease in personal spending during the week of April 13-19. The report is a a fortnightly pulse on the confidence of the Indian workforce.
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, LinkedIn said in a statement on Tuesday.
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, it found.
Bleak outlook
The survey findings also show that professionals in the IT, manufacturing, and media professionals display low confidence towards job stability and career progression, as companies in these industries buckle under the pressure of Covid-19. Findings show that one in four manufacturing professionals, over one in five IT professionals, and over two in five media professionals feel their companies will fare worse in the next six months, exhibiting a bleak outlook towards the short-term future.
However, the same industries are confident about strong long-term growth as 77 per cent of manufacturing professionals, 67 per cent of media professionals, and 65 per cent of IT professionals feel their companies will fare better in the next two years, it said.
Healthcare sector
Professionals in the healthcare, education and corporate services industries (such as management consulting, accounting, and human resources) are positive about the future of their companies - with 52 per cent of corporate service professionals, 50 per cent of healthcare professionals, and 33 per cent of education professionals Believe their companies will fare better in the next six months. These industries are also confident about their companies’ long-term outlook, the report found.
LinkedIn’s Workforce Confidence Index also shows a slight dip in the overall confidence towards future opportunities in the April 13-19 week, compared to the previous week.
“A tough jobs market, pay cuts, and an ailing economy are suspected to have caused unrest amongst Indian professionals as findings show 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,” it said.