With the second wave of the covid-19 pandemic sweeping the country, Gen Z, or employees under the age of 25, and female workers have become the most vulnerable in the jobs market, according to a new LinkedIn study released on Tuesday.
The general workforce confidence has dropped after showing promise in March, while female professionals’ individual confidence index scores plummeted about eight points in June, a 4x reduction than male employees’ confidence index, according to the job networking site. According to the poll, Gen Z workers are more than twice as concerned as their seniors since covid-19 has increased the value of job experience and professional contacts.
Today, working women in India are roughly twice as likely as working males to be concerned about the availability of jobs, their professional network, and the time devoted to job-seeking. This uneven impact has also harmed working women’s financial security, as one in four (23 per cent) female professionals are anxious about rising expenses or debt, compared to just one in ten (13 per cent) working males, according to the report.
“As India gradually emerges from the second wave of the covid-19 pandemic, we observe the year-on-year hiring rate recover from a low of 10% in April to 35% at the end of May. Despite this slight recovery, working women and young professionals have some of the lowest levels of confidence in the workforce today. Twice as many working women as working males are concerned about job availability,” said Ashutosh Gupta, LinkedIn’s India national manager.
According to the survey, nearly 30 per cent of Gen Z professionals and 26 per cent of millennials are concerned about a shortage of career opportunities.
“When it comes to finances, roughly one in every four Gen Z (23%) and millennials (24%) report being more concerned about their debt or costs, compared to just half as many boomers (13%) in India,” according to the survey. Those above the age of 55 are referred to as boomers. The LinkedIn poll results are consistent with the most recent official payroll data, particularly in terms of employment options for people aged 18 to 25. The Employees’ Provident Fund Organisation’s payroll figures, issued on Sunday, revealed that new job additions in April were at a 10-month low.
The decrease in new payroll additions in April was mostly due to a decrease in fresh additions in the 18-25 age bracket, which is considered new in the labour market. In April, 370,895 workers aged 18 to 25 entered the official labour force, up from 398,516 in March.
According to the LinkedIn poll, the average period for new grads to find a new job has climbed by 43 per cent, from 2 to 2.8 months. The conversion time has grown, as have the remote opportunities. Between 2020 and 2021, the share of entry-level occupations labelled as “remote” climbed ninefold.
(News input: Mint)