50% JOBSEEKERS FOCUS ON SELF-DEVELOPMENT FOR CAREER ADVANCEMENT IN A TOUGH JOB MARKET

1. 70% of jobseekers are scouting new jobs for better career opportunities

In a tough job market, 50% of job seekers prioritize self-development for career advancement. How employees feel about the job search: The fact that the fear of being laid off or having their pay reduced is not the primary factor in job change in the current environment is an interesting finding, as 70% of job seekers are looking for better career opportunities.

Rather, work searchers are more engaged to get better professional potential open doors in these dubious times. Uncertainties may have helped the job market during the nationwide lockdown. However, more than half of job seekers are focusing on self-improvement during this time.

Job seekers are more focused to get better career opportunities. About 70% of job seekers are looking for better career opportunities, followed by 16% because their employer is cutting their pay and 14% out of fear of being fired.

2. Views of employees regarding upskilling

The majority of job seekers are using the time available because of the lockdown for self-development and career advancement. About 51% of job seekers are using this time to upgrade their skills.

Either the jobseekers have signed up for an upskilling course or are looking for proficient assistance for building their resumes and brushing their space information.

The majority of job seekers are enrolling in Data Science & Analytics courses online to improve their skills in these uncertain times, followed by Digital Marketing (20%) and Finance and Risk Management (16%).

3. What employees think about layoffs

41% of job seekers were confident that layoffs are unlikely to occur in their organization, and approximately 59% of employees confirmed that layoffs have already been announced or are most likely to occur.

The majority of these job seekers worked in the BFSI, IT, and pharmaceutical industries as they are more focused to get better career opportunities, indicating a relatively higher level of job security in these sectors.

However, 59% of job seekers, mostly from the BPO/ITES, Airlines, and Hospitality sectors, confirmed that layoffs have already been announced or are most likely to occur in the coming days.

According to the findings, layoffs and salary reductions had less of an effect on job seekers from the BFSI, IT, Pharma, Medical/Healthcare, and other industries than they did on those from other industries.

Senior professionals with more than 11 years of experience comprised approximately 13% of the laid-off workers. They held positions in sales (12%), HR & Admin (12%), marketing (11%), or operations/supply chain (11%).

4. How employees feel about salary reductions

Similar to layoffs, only 38% of employees indicated that salary reductions are unlikely. Among job seekers, sentiment regarding salary reductions is mixed.

Concerning salary reductions, approximately one third of job seekers stated that although salary reductions have not yet been announced, they are most likely to occur soon.Job seekers are more focused to get better career opportunities. 

Nearly half of job seekers indicated that their employers had announced salary reductions in the most affected industries, including e-commerce, hospitality, and airlines.

5. What employees think about raises

When compared to the results of a similar survey that was conducted in February prior to COVID-19, the jobseeker's outlook on salary increases has drastically changed. Fourteen percent of employees anticipate receiving no pay raise this year.

Prior to COVID 19, only 18% of job seekers anticipated a modest increase of 0 to 5%, but this number has now increased to 63% due to the conservative outlook of their employers.

In a similar vein, prior to COVID 19, 77% of job seekers anticipated an increase of between 2 and 6%, but this has drastically decreased to just 34%.