A decline in hiring activity in several industry sectors has likely failed to dampen the spirit of many Indian professionals looking for a new job that offers better work-life balance and financial security. According to a report in The Economic Times, four out of five professionals in India are actively thinking of changing their current job in the new year.
The report, citing a research by professional network platform LinkedIn, said this sentiment is largely led by the Gen Z — loosely, the group of people born between 1995 and 2010.
The research, conducted in partnership with Censuswide, showed that 88 per cent of people aged 18-24 are planning to switch from their current job. For those aged 45-54, this figure stands at 64 per cent.
These findings were shared with ET and are based on responses from more than 2,000 professionals aged above 18. The responses were collated between November 30 and December 2 last year.
LinkedIn’s data, separately, shows that pressures from rising cost of living and the need for financial security are among the major factors pushing workers to look for new jobs. One in three is keen to switch to jobs that offer better work-life balance.
The report comes at a time when the global macroeconomic environment appears uncertain and several companies are moving towards either slowing down the hiring activity, or laying off talent to prepare themselves for an anticipated slowdown in some of the advanced economies. The ongoing geopolitical tensions have only added to the fears.
However, many analysts have predicted that the Indian economy is well-placed to manage the shocks from global headwinds. A recent survey by Korn Ferry said that India Inc is likely to see an average salary increment of 9.8 per cent in 2023, slightly higher than a 9.4 per cent hike in 2022. The latest India Compensation Survey said that for top talent, the increase will be much more.
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