Bitten by the burnout bug, many Indian professionals keen on a change this year
Nearly 78% of employees in India experience job burnout and emotional exhaustion
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Despite notable advancements in literacy, education, and vocational skills, the pursuit of fulfilling and enduring employment opportunities remains a lingering issue. The workforce is currently in search of more than just jobs; they are looking for opportunities that provide favourable work environments, stable employment, and enhanced compensation
In a recent survey conducted by McKinsey Health Institute in 2023, alarming statistics revealed the prevalence of workplace burnout symptoms across the globe. Surprisingly, the survey found that Cameroon reported the lowest rates of burnout symptoms at nine per cent.
On the opposite end of the spectrum, India earned a dubious distinction with a staggering 59% of employees reporting symptoms of burnout.
This article explores the causes of burnout and why India ranks at the top, while also emphasizing the crucial role of P.E.N (Physical, Emotional, and Nutritional) wellness in combating this modern epidemic.
Workplace burnout is a worldwide health problem. Workplace burnout is a major challenge for global HR leaders at the start of the modern world of work and the demand of a 70-hour workweek. However, Indian employees are the most affected by workplace burnout, as revealed by a McKinsey survey.
Nearly 78% of employees in India experience some form of job burnout, leading to physical and emotional exhaustion, according to a study conducted by UKG Workforce Institute.
In 2024, employee well-being will become a priority for Indian businesses. According to a recent ADP report titled ‘The Future of Pay in India 2024’, a staggering 62% of the organizations surveyed stated that their HR strategy for the year prioritizes employee well-being, including wealth development and financial well-being.
In a new LinkedIn analysis, there is an unexpected trend in the Indian labour market: soft skills are becoming more important than AI competence, and while AI is still changing the nature of work, 94% of Indian employers said they want to prioritize employee upskilling by 2024.
The survey highlights how skill needs are dynamic, with 98% of Indian businesses admitting that there have been significant changes in the talents that companies value most in prospective employees.
More than 1,000 business leaders worldwide, including those in the UK, were surveyed by LHH, a preeminent global talent development and career solutions company. The survey revealed that the strain imposed by numerous internal and external challenges is having a negative impact on executive wellbeing, with many considering job changes in 2024.
In India's dynamic job market, tackling employment challenges stands out as a key concern for policymakers. Despite notable advancements in literacy, education, and vocational skills, the pursuit of fulfilling and enduring employment opportunities remains a lingering issue. The workforce is currently in search of more than just jobs; they are looking for opportunities that provide favourable work environments, stable employment, and enhanced compensation. Regrettably, the development of such employment opportunities has not matched the increasing number of job seekers. Concurrently, it is projected that the Indian job market will undergo a 22 per cent turnover in the next five years, with the most prominent roles emerging in AI, machine learning, and data segments.
The WEF highlighted that macro trends, such as the green transition, ESG standards, and the localisation of supply chains, are the primary catalysts for global job growth. Meanwhile, economic challenges like high inflation, slower economic growth, and supply shortages pose the most substantial threat. The widespread adoption of technology and the escalating trend of digitisation will lead to significant disruptions in the labour market, ultimately resulting in an overall positive impact on job creation.
The surge in technology and digitalisation is propelling the fastest-growing roles, with big data leading the list of technologies anticipated to generate jobs. The employment of professionals like data analysts, big data specialists, AI machine learning specialists, and cybersecurity experts is projected to increase by an average of 30 per cent by 2027.
In terms of the largest absolute gains in jobs, the education and agriculture sectors take the lead. Reports predict that jobs in education will experience about a 10 per cent growth, resulting in an additional three million jobs for vocational education teachers and university/higher education teachers.
In 2024, professionals in India are set to prioritise their careers, with the majority expressing a desire for change. LinkedIn's research reveals that 88 per cent of professionals in the country are actively seeking new job roles in the coming year. But what are the driving factors behind this trend?
There is a strong inclination towards achieving a better work-life balance (42%). The pursuit of higher wages (37%) is also an important factor.
Satisfaction with the current managerial situation and the consistent promotion of equal opportunities consistently stand out as top factors linked to employee attrition.
