Professionals in India now slightly upbeat about income, savings: Survey

Professionals in India are slightly more upbeat now about their income and savings as 1 in 4 respondents expect their earned income and personal spending to increase in the next six months, according to a LinkedIn survey.

Based on responses of 1,351 professionals in India, findings from the survey conducted between June 1-14 reveal that India's workforce is beginning to feel more confident about their personal finances.

Compared to the May 4-17 survey, professionals in India are now slightly more positive about their income and savings, it noted.

The May 4-17 survey by LinkedIn was conducted on 1,464 professionals. It showed that 20 per cent of respondents had expected their earned income to rise. For personal savings, it was 27 per cent while for personal spending, it was 23 per cent.

 

In the recent survey, 1 in 4 respondents expect their earned incomes and personal spending to increase in the next 6 months, while about 1 in 3 expect their personal savings and personal recurring debt payments to rise during the same timeframe, the LinkedIn Workforce Confidence Index noted.

With regards to short-term employer confidence, survey findings show that 50 per cent of corporate services professionals, 46 per cent of manufacturing professionals, and 41 per cent of education professionals think their companies will be better off six months from now.

When it comes to long-term employer confidence, findings reveal that 64 per cent of manufacturing, 60 per cent of corporate services, and 59 per cent of software & IT professionals believe their companies will be better off one year from now.

The survey further said as the business landscape resumes, older professionals appear keen on stepping out into the post-COVID-19 world while younger professionals are not rushing to embrace it.

Around 38 per cent of Gen X and 29 per cent of Baby Boomers said they will willingly return to the workplace as soon as they are allowed, whereas 1 in 3 Gen Z and Millennials said they will continue working remotely until they feel safer about being around others.

The survey defined Gen Z as less than 25 years old, Millennials (between 25-39 years), Gen X (between 40-54 years) and Baby Boomers (55 years old or more).

While the nationwide lockdown is gradually being lifted, the stigma around COVID-19 prevails due to uncertainty around safety measures, it said.

Findings reveal that more than half (55 per cent) of Indian professionals think being exposed to people neglecting safety precautions is a key concern. Some of the major concerns include commuting to work, eating and sharing resting/collaborative spaces.

The report also shows that inadequate space between workstations is cited as another primary concern regarding returning to work, as it could make it tough for professionals to practise healthy measures of social distancing.