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The job market of India stands at a paradox. On one hand, there is a burgeoning demand for employment driven by rapid economic growth and a youthful population. On the other, many working employees are grappling with dissatisfaction and unhappiness at work. This duality is reshaping the landscape of employment in the country.
Rising Demand
With more than 1.4 billion people with an average age of around 29 years, the country boasts one of the youngest workforces, globally. The World Bank projects that India’s working-age population will continue to grow, contributing significantly to both domestic and global labour markets.
The country is expected to create jobs owing to its thriving start-up ecosystem, and improving outlook of IT services and Business Process Management (BPM) companies, but supply of new workforce would continue to outpace the demand.
There is a huge disappointment among the youth of the nation with regards to the lack of opportunities and unemployment, which can be seen in the results of 2024 general election, and surveys like Mood of the Nation (MOTN).
Discontent Dilemma
On the other side, the discontent among already employed people continue to rise and remains a significant issue. A recent survey by Gallup found that only 14% of Indian employees are thriving at work, compared to a global average of 34%. This signifies that 86% of the workforce are struggling or suffering which is way over global average.
A key factor contributing to this dissatisfaction is work-life balance. The 2023 Job Satisfaction Survey by Indeed revealed that 71% of Indian employees feel that their work-life balance is poor. This is exacerbated by long working hours and high stress levels among sectors like IT, consulting and finance. The same survey also revealed that 47% of people say their expectation regarding their work well-being have increased in last one year.
Compensation and career progression also play a role in discontent. The 2023 ADP Research Institute survey found that 69% of Indian employees feel their salaries do not reflect their work or contributions which is higher than the global average of 43%. Furthermore, lack of clear career advancement opportunities contributes to feelings of stagnation and frustration among employees.
Balanced Perspective
The Indian job market reflects a blend of dynamic growth and persistent challenges. While the influx of new job opportunities is encouraging, especially for the young generation, it is equally crucial to address the underlying issues causing job dissatisfaction. Many companies have started addressing these issues by providing remote working option and flexible working hours, however, one must note that expectations of GenX from employers are also rising year on year.
In conclusion, India’s job market offers a paradoxical view of prosperity and dissatisfaction. Addressing the gaps such as work-life balance, compensation, and career growth will be essential for transforming job opportunities into fulfilling career experiences. If this trend go unnoticed then India would be looking at biggest chunk of discontent employed people suffering from mental health challenges, which in turn would have an adverse impact on overall health well-being and personal life of an individual.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint