Chennai: With the country reeling in a job crisis unforeseen in decades, a new study has found that millenials are more susceptible to reach out to their dream job that previous generations.
The study states that most professionals are changing jobs and careers with about 57 per cent saying they would consider career pivoting in order to build a more fulfilling career.
LinkedIn’s new Career Pathways survey revealed that one in three Indian professionals feel like they are ‘career sleepwalking’ and feel stagnant though they are on a treadmill going nowhere. However, an impact on their pay packets and designation is deterring as it hindered close to 51 per cent from making the switch.
The first Career Pathways India survey by LinkedIn, was done with more than 5,000 full-time professionals across 11 cities in India.
Professional places greater value on doing what they love as a career choice (73 per cent) followed by a healthy work-life balance (70 per cent) and a job that makes them a lot of money (57 per cent) while 56 per cent of respondents said a job that provides learning and growth opportunities is also important, it said.
While 62 per cent professionals had chosen their careers because it is something they have always wanted to do, 53 per cent chose their careers as it fulfils them and only 38 per cent said they chose it because it makes them a lot of money.
In terms of job stickiness, professionals are job-hopping more than ever before with one in three millennials (33 per cent) has had two jobs within the last five years, compared to one in five Gen X respondents (20 per cent).
While job hopping amongst professionals has increased, the motivations for changing careers and job is different across generations, the survey revealed.
Over a third of Gen X respondents value the presence of clear career trajectory within their current job, compared to just under one in five baby boomer (born in late 1960s), respondents (19 per cent), it added.
Younger professionals are much more open to change, and are discussing change with their managers, especially if it gives them more opportunity for learning and development. Nearly 61 per cent of millennials said they would consider switching careers compared to only 18 per cent of baby boomers, the survey said.
“Today’s professionals want a lot more fulfilment from their jobs and careers and wish to be empowered to change roles and sectors,” country head, LinkedIn India, Mahesh Narayanan said.
| Job losses |
| According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in India increased to 7.2 per cent in February, compared to 5.9 per cent in the same month last year. It was the highest since September 2016.
The number of employed professionals were recorded to be 400 million this year, compared to 406 million last year. The downward projection is regardless of the narrowing figures in terms of job seekers and labour participation in the country. Demonetisation has had a great impact on unemployment in India. Nearly 11 million people were hit by job loss in 2018 owing to the new Goods and Services Tax (GST) schemes introduced in 2017 – with over 85 per cent job loss from rural India. |
| Beaten by machines? |
| * A Deloitte case study, stating AI’s benefits, said with technology, a bank can expect to save $40 million in three years as the use of automation is directly linked to margin improvements, 70 per cent cost reduction (against employing people), and higher productivity.
* According to FITE data, around 60,000 employees in the technology sector were forcibly asked to leave in 2017 due to the adoption of AI and similar tech. * But according to industry body Nasscom, around 1.8 lakh jobs were added in 2018, opening up the debate of whether employees are made redundant by technological advancement. |