Hyderabad: Employees in India in the manufacturing, software and IT services sectors are the most confident in terms of their job security, finances and career outlook right now, according to a new LinkedIn survey.
One reason for this is the higher demand seen in the manufacturing space, along with the government support being provided, said the latest bi-weekly LinkedIn’s Workforce Confidence Index that surveyed more than 1,000 workers in India between 19 October and 1 November.
On 11 November, the Cabinet had approved the production-linked incentive (PLI) scheme for 10 sectors with an outlay of about Rs 1.46 lakh crore over a period of five years to boost manufacturing in the country.
On the other hand, employees in the media and communications and corporate services fared the worst in terms of optimism levels.
“Industries such as media, which need personal interaction with clients, and sectors which are more discretionary-led and are facing subdued advertising spending still have a long road to recovery,” the report said.
Overall, job security among employees still increased from the month-ago levels. The latest survey showed that the job security score of employees stood at 54, up from 51 a month ago and 43 in September, on a scale of -100 to +100.
Also, confidence levels were seen to be higher among the Gen Z professionals and millennials, that is, professionals under 40 years of age.
Human resources expert Prabir Jha told LinkedIn that this might be because the volume talent needs are maximum at the junior levels and companies are more likely to backfill here than at middle or senior levels. Salary levels, too, are lower at junior levels where most tasks get done, he added.
“The adaptability of this age group to the new digital way of working could be another factor stoking the optimism levels,” executive coach Harsh Johari said.
Anticipating salary hikes
The Linkedin research also showed that close to one in three professionals, nearly 30%, expect an increase in their earned income in the next six months.
Among sub-groups, nearly 34% of millennials are anticipating an increase in their salary in the near term -- largely the same as professionals between 40 and 54 years of age, the report added.
Experts say with the first round of layoff over, the worst is likely behind us. “Even if not full restoration this year, annual revisions and bonuses could be better than what they were a year ago,” said Jha.
Notably, several companies including Reliance Industries Ltd, the big four - KPMG, EY, Deloitte and PwC, TV broadcasters like Star and Zee have announced roll-back of salary cuts and bonuses in the last few weeks.
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