Between pay cuts and a jobs crisis, nearly half of India’s workforce feels financially stretched, a survey shows

Between pay cuts and a jobs crisis, nearly half of India’s workforce feels financially stretched, a survey shows
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  • Employees in the IT and manufacturing sector are expecting the Coronavirus crisis to worsen.
  • According to LinkedIn’s second Workforce Confidence Index, at least one in five IT and manufacturing professionals expect tougher times for their companies in the next six months.
  • These working professionals are concerned for their job stability and career progression.
  • Added to that, a third of India’s workforce already reported a dip in their incomes.
It’s been over a month now that the employees are working from home due to Coronavirus lockdown and employees in the IT and manufacturing sector are expecting the situation to worsen.

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Over 45% of the employees are now struggling with personal finances. “This strain on personal finances is particularly prevalent among business leaders as 39% of senior executives in comparison to 27% of individual contributors cite a decrease in earned income.” This in turn will hurt spending and investment.

Added to that, a third of India’s workforce already reported a dip in their incomes. “A tough jobs market, pay cuts, and an ailing economy are suspected to have caused unrest amongst Indian professionals,” the survey said.
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According to LinkedIn’s second Workforce Confidence Index, at least one in five IT and manufacturing professionals expect tougher times for their companies in the next six months. These working professionals are concerned for their job stability and career progression, as companies face troubled times due to COVID-19.

“The ongoing pandemic is sure frightening for everyone. We’re all stressed and then there’s the added burden of being handed pink slips by the employers. In fact, various organisations have already targeted employees that fall in a higher income slab owing to the pandemic. The worst part is that they are suddenly being questioned on their performance and it is actually the reason given to them when it’s otherwise,” an employee told Business Insider on the condition of anonymity.
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In fact, self-employed professionals seem to be the worst hit with over 60% respondents reporting a decrease owing to the cost cutting measures adopted across businesses.
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The survey also highlighted working professionals’ current sentiment about the jobs market, their financial status, career progression, and their expectations going forward. Not surprisingly, most are anticipating fewer jobs in the days to come.

See also:
HUL CEO had hoped for a V-shaped economic recovery from COVID-19 crisis ⁠— but investors fear a lot worse

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