Bleak Job Market Creates More Entrepreneurs

As India tries to wriggle out of the Covid-induced crises and mend its battered job market, more and more people are turning to entrepreneurship, according to a study by a leading professional network.  

There has been a 10 per cent rise in members with the title ‘founder’ or ‘co-founder’ in 2020, according to the LinkedIn Workforce Confidence Index. “This uptick in new entrepreneurs was particularly strong in the fields of mental healthcare, e-learning and online media,” it says.

“Skills are expected to become the new professional ‘currency’ this year as workers from different generations rely on learning new skills to future-proof their careers, at a time when industries continue to strengthen their remote operations,” says Ashutosh Gupta, India Country Manager, LinkedIn. “Reimagining employee skills and roles to welcome the post-pandemic ways of working will be crucial to building resilience for companies across sectors.”

Based on the survey responses of 1,752 professionals, findings from January 1-29 reveals that professionals in India are confident about career progress despite growing uncertainty in the job market and their financial future.

Nearly 80 per cent professionals are confident about skilling opportunities, while 79 per cent are confident about the strength of their CVs.

The survey, however, reflects a dip in India’s overall confidence. It attributes this in optimism to the workforce’s growing concerns about the status of the pandemic, surmounting expenses and job availability in the present economic climate.

This professional uncertainty comes right after the year-end holiday season, when India’s hiring rate dropped to 17 per cent year-on-year in December 2020, says the LinkedIn Labour Market update.

The survey shows that while India remains resilient, professionals from different generations have contrasting reasons to stay confident in this trying time.

While 92 per cent of Gen X and 98 per cent of Baby Boomers say the strength of their work experience and academic qualifications make them more confident, 86 per cent of millennials state they are more inspired by opportunities to grow their skills and climb the ladder. Around 80 per cent of Gen Z professionals said that the likelihood of progressing their careers makes them more confident today.