More Indians turn entrepreneurs as job market still bleak

"This uptick in new entrepreneurs was particularly strong in the fields of mental healthcare, e-learning and online media," according to the latest LinkedIn 'Workforce Confidence Index'.

New Delhi: While the job market still looks bleak in India after a pandemic-hit 2020, the world’s professional network LinkedIn said on Wednesday it has seen a 10 per cent growth in members with the title ‘founders’ or ‘co-founder’ on their profiles on the platform.

Entrepreneurship looked up for Indian professionals last year.

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“This uptick in new entrepreneurs was particularly strong in the fields of mental healthcare, e-learning and online media,” according to the latest LinkedIn ‘Workforce Confidence Index’.

“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,” said 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,” Gupta added.

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

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

However, the survey showed a dip in India’s overall confidence.

The survey attributes this dip 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-over-year in December 2020, according to the latest edition of LinkedIn’s Labour Market update.

The survey showed that while India remains resilient, professionals from different generations have contrasting reasons to stay confident in these testing times.

While 92 per cent of Gen X and 98 per cent of Baby Boomers say the strength of their work experience and academic qualifications makes them more confident, 86 per cent of millennials state they are more inspired by opportunities to grow their skills and climb the ladder.

Further, 80 per cent of Gen Z professionals said that the likelihood of progressing their careers makes them more confident today, said the survey.