India - Labour Market Update (Dec 2020)

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?LinkedIn's Economic Graph is a digital representation of the global economy, and insights from the graph provide real-time information on trends that are emerging in the labour market. Our latest Labour Market Updates show that the economy is recovering, and our new Jobs On The Rise report covers the top jobs that have been growing this past year.

Hiring remained flat through the year-end holiday season

Earlier in the year, hiring declines reached a low of below -50% year-over-year in April, before slowly recovering across the next six months. The recovery slowed during the year-end holiday season, and as of 31 December 2020, hiring was at 17% year-over-year.

This analysis looks at the year-on-year changes in hiring rate, which is a measure of hires divided by LinkedIn membership. Special note: Larger fluctuations tend to be seen around large public holidays - this might factor into the hiring rate fluctuations seen in October and November.

Competition for jobs is almost back to pre-COVID levels

Over the past 12 months, we have seen the applications per job dip slightly during the initial lockdown months of March and April, before doubling to 180 points in the middle of 2020, and then now dropping back down the pre-COVID levels of approximately 100 points. 

This analysis looks at the average applications per job this month compared to one year ago - this reflects the competition for jobs in the country. 

Job seekers in badly-affect industries continue seeking opportunities in other industries, but under less pressure compared to earlier in 2020

The Recreation & Travel sector has been badly affected by COVID, and this shows - job seekers are 1.7 times more likely to look for jobs in a different sector, compared to pre-COVID. But in contrast with the numbers we saw in previous months (6.8 times in June, 4.2 times in September, and 2.7 times in October), the stress has reduced significantly.

This analysis looks at how job seekers in different industries are adapting to changes and adjusting their jobs search strategy. The measure here calculates the likelihood that a member in a certain sector has applied for a job in a sector different to their own. 

In particular, we observe a general flow of workers from many of the badly affected sectors into the Software & IT sector. Diving deeper into the worst-hit Recreation sector, we also see that the most common successful transitions out of this sector are into Software & IT (32%), Education (15%), and Finance (8%). Professionals should continue to consider new or different job opportunities, even as the economy continues to recover.

Jobs On The Rise

Our special Jobs On The Rise report showcases the changes that have taken place as a result of COVID-19. In this report, we see an increase in online engagement activities, including the rise of freelance content creators and social media and digital marketing roles. There is also continued demand for deep technical expertise in areas such as cybersecurity, data science and artificial intelligence. With all the changes expected in 2021, our data shows there is a range of exciting opportunities for talent with the right experience and skills. Workers equipped with the right skills, even at a basic level, will have an edge in finding employment opportunities within these fields.

Entrepreneurship is also on the rise

Despite the challenges brought about by the pandemic, there are still many opportunities available. Between January to December 2020, there was a 10% increase in the number of founders/co-founders, and growth is highest in the areas of Mental Healthcare, E-Learning, and Online Media.

Digital transformation enables different opportunities

Through our extensive repository of over 36k skills on LinkedIn, we have been able to identify distinct types of digital skills and study their trends over time. 

1. Basic digital skills: In a world where many traditional jobs will become “tech-enabled”, the workforce will need to have basic digital skills and know how to use the new digital technologies. Examples of such skills include Microsoft Office, SAP products, and digital marketing.
2. Software and hardware skills: These are the skills needed to build the necessary software and hardware tools for a rapidly digitizing world. Examples of such skills include mobile app development, software testing, and computer networking.
3. Disruptive digital skills: These skills enable the invention and development of brand new disruptive technologies that will revolutionize the way we live and work. Examples of such skills include cybersecurity, artificial intelligence and robotics.

Our data shows that members with these different skill sets have taken on different roles. 

1. Those with basic digital skills are in a mix of marketing, content creation, and IT support roles such as Digital Marketing, Graphic Design, Content Writer, and Technical Support.
2. Those with software and hardware skills are in slightly more specialized roles such as Web Development, Software Testing, Android Development and Quality Assurance.
3. Those with disruptive digital skills are in highly niche roles like Data Science, Cybersecurity, Machine Learning, and Artificial Intelligence. 

Find your next opportunity today!

Job seekers can use our Career Explorer Tool to identify the skills needed for various jobs, potential career opportunities that they can transit into from their current role, and the new skills they need to acquire in order to make this change. There are also free learning paths for job seekers to learn the skills needed for these jobs. Check out these free resources to find your next opportunity!

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