LinkedIn, on November 14, launched a new global C-level research to show how flexibility and employee benefits introduced during the pandemic are now at risk due to the ongoing economic uncertainty. According to the research, 9 out of every 10 business leaders in India say the current economic climate could threaten flexible working (91%), while other areas of work life such as learning and development (90%) and employee wellbeing (89%) are most likely to be affected too.
In fact, more than two fifths of India’s business leaders are looking to reduce employer learning and development budgets and opportunities (43%), and nearly half (49%) are looking to reduce flexible and hybrid working roles (49%). Additionally, 71% also prefer employees to work more frequently from the office as opposed to working from home. Despite this, 82% of business leaders believe that hybrid working is here to stay for the longer term.
This comes at a time when new analysis of remote job postings on LinkedIn shows that remote roles are in decline, although the applications to those roles exceed supply by nearly 2x in India. In September 2022, 11.3% of paid job postings in India offered a remote working option. However, remote working roles received 20.3% of all job applications.
Meanwhile, with companies reducing flexibility and growth opportunities, the C-level research shows that a majority (86%) of business leaders in India are concerned that these cost-cutting measures will have a negative impact on employee motivation levels — which may also be why 84% agree they aren’t able to find the right talent today.
Ashutosh Gupta, India Country Manager, LinkedIn said, “The sheer scale of the ongoing uncertainty is forcing many leaders to rethink what — and how much — they can offer to their employees today. While flexibility and learning are usually the first to go when times are tough, pulling back on these in the present situation could demotivate employees, widen the skills gap, and inflate retention rates. At a time when professionals are just as threatened by the age of uncertainty as businesses are, leaders must adopt a forward-thinking approach and continue to invest in their people. Empowering employees to upgrade their skills and allowing them to choose how they want to work can drive greater levels of employee satisfaction in these testing times. Ultimately, having a workforce that feels supported and fulfilled will be key to building resilient businesses that drive growth and outperform competitors despite macroeconomic challenges.”
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