The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” – Steve Jobs
In recent years, India has witnessed a noticeable shift in the job market, with a significant surge in employees exploring new career avenues. An ET report suggests that 88% of young employees in India plan to switch their jobs in 2023.
According to Nirajita Banerjee, LinkedIn Career Expert and Head of Editorial for LinkedIn India, “Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. They are striving for the ideal role that offers the right wage, and allows for appreciable work-life balance and flexibility
In this article, we delve into the factors driving this trend and its potential implications for India’s job landscape.
4 Key Reasons Behind the Switch
- Emphasis on Work-Life Balance
Employees are prioritizing work-life balance in their career decisions. Factors such as long working hours, high-stress levels, and demanding schedules have led many professionals, especially female employees, to seek job roles that better balance their personal and professional lives. A recent survey found that working women are 1.3 times more likely to leave their jobs due to poor work-life than their male counterparts.
- Employees are More Confident & Open to Learn New Skills
In a recent survey published in India Today, 78% of professionals affirmed that they would be confident in finding other roles if they were to leave their current job. This indicates that employees feel more secure in the job market and are willing to take risks The survey also revealed that 44% of professionals are constantly learning new, in-demand, and transferable skills. They are also getting aligned to business priorities, with nearly 47% proactively asking for feedback from their peers and managers to get better at their work and provide the most value to their companies.
- Better Compensation
Naturally, salary and compensation play a pivotal role in job-switching decisions. In a recent survey, 42% of working professionals disclosed higher pay as one of the main reasons for searching for new opportunities. However, about 49% of professionals say they will continue working with their current employer if they get better pay. This serves as a wake-up call for employers to reevaluate their compensation and benefits packages, emphasizing the need for greater inclusivity in their offerings.
- Rise of Gig Economy
The rise of gig economy and freelance work has provided professionals with the comfort to leave their existing jobs without altogether stopping their sources of income. Gig work provides a significant psychological and financial cushion for professionals who want to focus on finding jobs, which is often difficult with a full-time job, but cannot afford to stop their income even for a few months.
Gig work lets them explore alternative work avenues and independent projects without necessarily requiring their full day efforts. This gives them the mental peace to quit their existing jobs and provides them ample time to focus wholeheartedly on finding the job of their choice, thereby promoting job switching.
Implications for India’s Job Landscape
As professionals switch jobs more frequently, there is a higher degree of talent mobility in the job market. This mobility can lead to a more dynamic and competitive landscape as organizations strive to attract and retain skilled individuals. According to Naukri, the emerging trend establishes a job seekers’ market, granting them the liberty to select the companies they desire to work for, rather than the conventional scenario where companies hold the power of choice.
As a result of this shift, companies are focusing on offering enhanced flexibility and a wide range of benefits for their employees. Santosh TK, Director of Talent Acquisition at Dell Technologies, says, “Having well-defined Corporate Social Responsibility programs and an environmentally aware outlook are also important factors in attracting and retaining the younger talent.
The Way Forward
As the job market in India undergoes a significant transformation, job seekers have an opportunity to take charge of their careers and make strategic moves. Employers are focusing on creating more inclusive and diverse work environments while finding ways to ensure better job satisfaction among employees.
For individuals, the key is to keep up with the changing trends and embrace them to stay ahead. In the words of American business trainer and personal development coach Brian Tracy, “Invest three percent of your income in yourself (self-development) in order to guarantee your future.”
To attract employers, build and maintain a strong professional network both online and offline. Utilize platforms like LinkedIn to connect with industry professionals, join relevant groups, and showcase your expertise. With a proactive approach and a willingness to learn and grow, job seekers can thrive in this era of job mobility.
About the Author
Pankaj Bansal is the Co- founder of Taggd and Work Universe (a Fund investing in jobs and work tech). He is a non-executive director at Karmayogi Bharat (Capacity building or Civil Servants) and many other startups. Follow him on Twitter at @pankajbansalPB.