Amid the global economic and employment slump, a new report from professional networking site LinkedIn says four out of five professionals in the Indian workforce are looking to switch jobs in 2023. This means that 80% of the Indian workforce is looking forward to a new job in the current year. The development comes amid layoffs from startups and big tech companies.

According to LinkedIn data, hiring activity saw a 23% plunge in December 2022 compared to December 2021. The survey is based on responses from 2,000 professionals aged 18+ between November 30 and December 2 last year.

According to the report, 88% of Gen Z professionals surveyed (people born between 1995 and 2010) between the ages of 18 and 24 are considering a job change, followed by 64% of those between the ages of 45 and 54 years. In the meantime, only 32% of those surveyed, or one in three, are satisfied with their work.

“Despite difficult economic conditions, the Indian workforce relies on their own skills to grow and advance. Since the pandemic, it has been clear that professionals have built a bank of resilience and we foresee this in their response to coping with the year,” said Nirajita Banerjee, LinkedIn careers expert and chief editor of LinkedIn India, in a statement.

Indian skilled workers are looking for jobs and undergoing further training for the job. As many as 78% of people surveyed said they would feel more secure if they left their current job and looked for a new one. While 35% of those surveyed cited financial security and rising living costs as the reason for changing jobs, 33% of those in employment cited work-life balance as the reason.

Meanwhile, according to the LinkedIn Workforce Confidence Index, two in five or 43% of Indian professionals are preparing for the economic downturn.

Another LinkedIn report “Job on the rise 2023” in India highlights the fastest growing job titles in India this year. The report includes Category Associate, Healthcare Recruiter, Customer Success Associate, User Experience Writer, Talent Acquisition Partner, Data Annotator, Closing Manager, Head of Growth, Business Development Representative, Actuary Associate, Sales Development Representative, Acquisition Associate, Demand Generation Associate, Drone Pilot, Sustainability Manager, Customer Success Engineer, Technical Program Manager, Credentialing Specialist, Human Resources Specialist and Insight Analyst as Top Jobs in India in 2023.

“Our 2023 Jobs on the Rise list uses unique LinkedIn data to uncover the 25 fastest growing job titles over the past five years – providing insights into where long-term opportunities lie and where the workforce is headed,” LinkedIn said in a statement.