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4 in 5 professionals in India plan to change jobs in 2023: Report

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As many as 4 in 5 Indian professionals are considering job change this year and are keen on switching to roles that offer the right wage, and allows for appreciable work-life balance and flexibility, says a report.

According to LinkedIn’s economic graph data, hiring level in India was 23 per cent slower in December 2022 as compared to December 2021.

“Despite this, latest research by the world’s largest professional network reveals that the Indian workforce appears resilient in the face of economic uncertainty, with 4 in 5 (80 per cent) professionals considering changing jobs in 2023,” it said.

Consumer research was conducted by Censuswide between November 30, 2022 and December 2, 2022 and based on 2,007 workers aged 18 .

As per the report, 88 per cent of professionals aged 18-24 are considering a switch, compared to 64 per cent of those aged 45-54.

“Despite tough economic conditions, the Indian workforce is relying on their own abilities to grow and push forward. Since the pandemic, it’s clear that professionals have built up a bank of resilience, and we’re seeing this in their response to tackle the year ahead,” said Nirajita Banerjee, LinkedIn Career Expert and Head of Editorial for LinkedIn India.

Nirajita Banerjee further said professionals are striving for the ideal role that offers the right wage, and allows for appreciable work-life balance and flexibility.

The survey further noted that despite uncertain economic times ahead, professionals are taking a long-term view of their career by investing in their skills and proactively seeking opportunities to progress.

“Over three quarters (78 per cent) of workers surveyed said if they were to leave their job, they would feel confident finding other roles to apply for,” it added.

While the future remains dynamic, it is essential for professionals to invest in themselves by building transferable skills that will make their profiles more versatile and adaptable to different roles, Nirajita Banerjee said.

“We have seen a 43 per cent year-on-year increase in members adding skills to their LinkedIn profile – 365 million have been added in the last 12 months. This is a smart way to secure a sustainable and successful career,” Nirajita Banerjee added.

The rising cost of living pressures and need for financial security is one of the major factors that is pushing workers to look for a new job as they want more money. Some professionals are also keen on switching to roles that offer better work-life balance.

One in 3 (32 per cent) professionals said they also feel more confident in their abilities and think they can find a better role, the survey said.

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Adani stock slump worsens as key share sale fails to lift mood

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The crisis of confidence plaguing Gautam Adani is deepening, as a worsening rout in stocks shows the Indian tycoon’s ability to pull off a key share sale has failed to lessen wider concerns about Hindenburg Research’s fraud allegations.

All of the 10 stocks tied to the billionaire’s Adani Group dropped in Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd., the conglomerate’s flagship firm that completed a $2.5 billion follow-on stock sale Tuesday, lost as much as 3.7%.

The declines show that Adani Enterprises’ latest fundraising isn’t enough to restore investor confidence, with US-based Hindenburg’s scathing report erasing $76 billion, or nearly one third of the market value from the group’s stocks. Prolonged weakness in the shares may also undermine broader sentiment toward India, until recently a top investment destination for Wall Street.

“It is a wait-and-watch situation. They have obviously found the investors but concerns of Hindenburg Research have not been addressed,” said Brian Freitas, an analyst at Smartkarma.

The offering by Adani Enterprises was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last-minute surge in demand from institutional investors. Interest from retail investors — who Adani was hoping to attract — was notably weak. The firm is expected to announce the final price for its offering later Wednesday.

The sell-off in Adani shares Wednesday stands in stark contrast to India’s equity benchmarks, which rose nearly 1%.

The credit market appears to have welcomed the fundraising success, with nearly all the dollar bonds issued by the Adani group of companies extending gains into a second day. The flagship firm’s latest stock offering is partly intended to help repay debt.

That said, if Adani’s stock prices decline further, the pressure will grow on the conglomerate’s debt using shares as collateral: the group already has put up millions of dollars worth of shares to maintain its collateral cover on a $1 billion loan after the recent stock meltdown, according to people familiar with the matter.

“The important thing to watch now post allotment is what level of holding period the investors are willing to have on these shares,” said Sameer Kalra, founder of Target Investing in Mumbai. “Having a few investors getting most of the allotment, there is a risk of some portion being sold immediately.”

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Union budget 2023: FM Sitharaman lauds strides made in digital payments

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The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments, Union finance minister Nirmala Sitharaman on Wednesday said during her budgetary speech in the Parliament. She commended the enhancement in brought in digital payments over the years and noted that around 7,400 crore digital payments worth 126 lakh crore were made through UPI in 2022.

As per the Reserve Bank of India data, digital payments across the country registered a growth of 24.13% in a year till September 2022. The newly-constituted RBI’s Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021.

“The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period,” RBI said in a statement.

LIVE| Check out 2023 budget updates here

She further pointed out the Centre’s achievements through the “efficient implementation of many schemes” that resulted in inclusive development. Sitharaman said around 47.8 crore PM Jan Dhan bank accounts were opened, cash transfer of 2.2 lakh crore to over 11.4 crore farmers were made under PM Kisam Samman Nidhi.

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The Finance Minster also said ‘sabka saath, sabka prayas’ is essential to achieve technology-driven and knowledge-based economy with strong public finances and robust financial sector.

(With PTI inputs)


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PAN common ID for businesses: FM’s announcements on ease of doing biz

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PAN, the Permanent Account Number, will be used as a common identifier for all digital systems of specified government agencies, finance minister Nirmala Sitharaman announced in her Budget 2023 speech as part of the government move to ensure ease of doing business. This will bring ease of business and will be facilitated through a legal mandate, Sitharaman said. “The KYC process will be simplified adopting a risk-based instant instead of one size fits all approach. The financial sector regulators will be encouraged to have a KYC system fully amenable to meet the needs of digital India,” Sitharaman said.

A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using Digilocker service and Aadhaar as foundational identity, the minister announced.

For obviating the need for separate submission of same information to different government agencies, a system of a unified filing process will be set up. Such filing of information on a common portal will be shared with other agencies, as per the filer’s choice.

If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas, Sitharaman said adding that another dispute resolution scheme is being brought under Vivad se Vishwas-2 to settle commercial disputes.

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