30% of job seekers are likely to take a pay cut to find a job right now and Jobseekers are optimistic about labor market recovery
Photo Credit : ignite.globalfundforwomen.org,
Indeed, job site, today released the findings of its latest survey on changing jobseekers sentiments in response to COVID-19. The report reveals insights into the world of work, policies related to work-from-home / flexible work arrangements, and their impact on the future of work in response to the pandemic.
The survey highlights that overall, a majority (37%) of the respondents from the survey are optimistic that the labor market will bounce back in India in 6 months, (31%) of respondents think it will take a year.
During the global pandemic, essential jobs have proved to be the heroes more than ever. COVID-19 has prompted many Indians to re-evaluate the type of work they deem important. Nearly half (46%) of respondents believe that our perception of the work we consider important will be changed forever. Moreover, 55% believe that society will place more value on essential workers going forward. Of those looking for work right now, 54% would be willing to work in essential services.
Key findings:
30% of job seekers are likely to take a pay cut to find a job right now
40% of the job seekers are willing to take a role they are overqualified for
Jobseekers are optimistic about labor market recovery
When it comes to belief on the new normal of how the world works, nearly half of the respondents (41%) believe that how we work – such as the hours worked, standard workweek, productivity – will be changed forever.
With 78% of respondents reporting working from home due to COVID-19, job seekers across the country are showing greater interest in working remotely amid the COVID-19 crisis. Searches for remote work have also increased by over 442% as a share of all searches on Indeed India from February 2020 - July 2020. While 78% of respondents working from home believe their company will allow them to continue working remotely post-COVID-19, 22% believe their companies won’t continue to offer this option after the pandemic. Flexibility has always been a vital aspect of job opportunities to job seekers, especially millennials, who today make up over half of India’s working population. In challenging times like these, being able to continue working remotely serves as an asset, not only to the job seeker’s skill set but also in helping the organization maintain business continuity.
Commenting on the trends, Sashi Kumar, Managing Director, Indeed India said - “As the situation evolves to make remote working effective and efficient, over 65% of respondents mention that as a result of the COVID-19 pandemic they are working from home, 42% of respondents believe where we work (i.e., office vs. home office vs. remote) will be changed forever. According to one of our previous survey, the gig economy is best prepared, with 83% of businesses emphasizing their contingency plan includes frequent communication protocols and technological infrastructure to ensure seamless remote working.