About 33% of Indians are career sleepwalking — they feel like they are on a treadmill going nowhere — while 57% are keen to pivot to build a more rewarding career, according to the findings of a survey by LinkedIn.
The professional network also found that in spite of the urge to move to something more meaningful, more than half of those surveyed are apprehensive that such a move could impact pay packages and designations adversely.
The survey had a sample size of more than 5,000 professionals across 11 cities and looked to find how career paths are rapidly changing, what motivates different generations to stay in their current job, why they are increasingly keen on pivoting functions and industries, and what they believe will take them closer to their dream job.
87% respondents working in the IT industry say that their current skill-set allows them to pivot easily but almost half also believe such a move would make them lose credibility in their industry.
Increased job-hopping is a part and parcel of a professional’s career today, if he or she works in the private sector, as it is perceived to be one of the ways to increase salary and designations at a time when annual increments have dropped to single digits across most industries.
This is a contrast to the first decade of this century when global business optimism was at a high, resulting in lucrative bonuses and appraisals almost every year which made a person stick to a company for a long time.
33% of millennials (23-28 years) surveyed has had two jobs within the last five years, compared to one in five Gen X (39-54 years) respondents. Half of Gen Z (22 years and below) respondents were in their last job only for six months to one year, and 28% of Gen Z respondents are likely to change their job in less than a year, the report says.
Young professionals are more open to change while older professionals look for a period of stability. Nearly 61% of millennials say they would consider switching careers compared to only 18% of Baby Boomers (54 years and above).
Millennials, at 45%, showed highest likelihood of changing companies while considering a career change, compared to 34% of Gen Z, who are more likely to switch job functions while considering a career change.
Mahesh Narayanan, country manager — India, LinkedIn, said today’s professionals want a lot more fulfilment from their jobs and careers, and wish to be empowered to change roles and sectors. Almost three quarters (73%) of respondents say their dream job would be a job that allows them to do what they love; 70% respondents say their dream job would be a job that offers them good worklife balance.