LinkedIn’s Global Talent Trends report reveals that across India, the top priorities that job seekers value beyond compensation are advancement, upskilling, and work-life balance.
New Delhi:
As many as 9 out of 10 business leaders surveyed in India believe the current economic uncertainty could threaten flexible working, while other aspects of work life such as learning and development, and employee wellbeing may be affected too, according to LinkedIn research.
In fact, over two-fifth of India’s business leaders are looking to reduce employer learning and development budgets and opportunities (43 per cent), and nearly half (49 per cent) are looking to reduce flexible and hybrid working roles.
”According to the research, 9 out of every 10 business leaders in India say the current economic climate could threaten flexible working (91 per cent), while other areas of work life such as learning and development (90 per cent) and employee wellbeing (89 per cent) are most likely to be affected too,” according to a statement.
LinkedIn, the online professional network, has launched a new global C-level research to show how flexibility and employee benefits introduced during the Covid pandemic are now at risk due to the ongoing economic uncertainty.
It further said that ”82 per cent of business leaders believe that hybrid working is here to stay for the longer term”.
”This comes at a time when new analysis of remote job postings on LinkedIn shows that remote roles are in decline, although the applications to those roles exceed supply by nearly 2x in India,” it said.
In September 2022, 11.3 per cent of paid job postings in India offered a remote working option. However, remote working roles received 20.3 per cent of all job applications.
LinkedIn commissioned YouGov to survey 2,929 C-level executives across the globe (US, UK, Ireland, France, Germany, Netherlands, Italy, Spain, Sweden, United Arab Emirates, Brazil, Mexico, India, Singapore, Australia, China, and Japan) from organisations with 1,000-plus employees and an annual turnover of 250-plus million pound during September 27 to October 19, 2022.
The survey was conducted online.
The research highlights a growing disconnect between what professionals want and what employers are now offering, with the balance of power shifting back to employers as hiring slows.
LinkedIn’s Global Talent Trends report reveals that across India, the top priorities that job seekers value beyond compensation are advancement, upskilling, and work-life balance.
In terms of advancement, the report finds that employees want growth and transformation in their careers.
In India, an employee who has made an internal move is about 10 per cent more likely to stay at their company when compared to those who stay in the same role for two or three years.
”But with companies reducing flexibility and growth opportunities, the C-level research shows that a majority (86 per cent) of business leaders in India are concerned that these cost-cutting measures will have a negative impact on employee motivation levels — which may also be why 84 per cent agree they aren’t able to find the right talent today,” it revealed.
Ashutosh Gupta, India Country Manager of LinkedIn, noted that the sheer scale of the ongoing uncertainty is forcing many leaders to rethink what and how much they can offer to their employees.
”While flexibility and learning are usually the first to go when times are tough, pulling back on these in the present situation could demotivate employees, widen the skills gap, and inflate retention rates,” Gupta said.