Layoffs hits the confidence of Indian workforce — people are scared of losing jobs and their savings

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Layoffs hits the confidence of Indian workforce — people are scared of losing jobs and their savings

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  • Several companies have laid off staff while a lot of employees are sitting on the bench, finding a way to grab projects. All of this has triggered fears of unemployment and shook the confidence of the Indian workforce.
  • According to LinkedIn’s Workforce Confidence Index, one in four employees have reported a decrease in their income while over a third of them are now struggling for their personal finances.
  • Three in five professionals said that they will invest in upskilling. While a lot of them will also pay attention to their resumes.
  • Despite the lockdown, only 55% are offering remote working options.
It seems like the whole world is working from home. But in spite of the lockdown only 55% of people have been offered remote working options. Added to that, a quarter of India’s workforce already reported a dip in their incomes, according to LinkedIn.

Considering the fact that the end is not in sight, fear of unemployment has shook the confidence of the Indian workforce. According to LinkedIn’s Workforce Confidence Index based on a survey of more than 1,000 members, over a third of employees are now struggling with personal finances — which will in turn lead to a dip in spending and investment.

A third of managers expect tougher times in the next 6 months

The situation may not get better anytime soon. A third of the senior management executives fear tougher times in the next six months. This, mixed with increasing unemployment rate in general, Indian professionals are now focussing on reskilling. According to the survey, three in five professionals will invest in upskilling. While a lot of them will also pay ‘attention’ to their resumes.

As more Indian employees work from home, it will allow them to acquire new skills. The report says that over 60% of all the job seekers, employees and self-employed professionals will increase time spent in online learning over the next two weeks.
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“Based on the inaugural findings of the Workforce Confidence Index, it is reassuring to see a majority of India’s workforce remain confident about long-term outlook, and determined in the short-term to upskill, pivot, and adapt. Exercising healthy doses of the 3Cs - confidence, caution, and compassion - can help us navigate these challenging times,” says Ashutosh Gupta, India Country Manager, LinkedIn.

The employees are however, optimistic that their companies will rebound in the next two years, achieving economic stability. However, many professionals have also reported that their companies still don’t offer support services like emotional well-being.


See also:

TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires

Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus
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