Hey Stacker,
đź‘‹ LinkedIn Survey finds 4 out of 5 people want to switch jobs
👶 India set to overtake China as the world's most populous nation
🔧 GoMechanic founders admitted to falsifying figures to investors
Read Time: 3 mins
80% of Indians want to quit
80% of Indians Eyeing Job Change in 2023
Despite a slowdown in hiring levels in December 2022, a new report by LinkedIn reveals that 80% of professionals in India are considering changing their jobs in 2023. This sentiment is led by Gen Z, with 88% of professionals aged 18-24 considering a switch.
Top Jobs to Watch in 2023
The report also spotlights the top fifteen jobs to look out for in 2023. These include roles in fields such as technology, healthcare, and customer service. Professionals in India are motivated by different reasons when seeking a job, with the rising cost of living pressures and the need for financial security being major factors.
LinkedIn: 43% YoY Increase in Skill Additions
LinkedIn's report also highlighted that there has been a 43% year-on-year increase in members adding skills to their LinkedIn profiles. A total of 365 million skills have been added in the last 12 months. This is being seen as a smart way to secure a sustainable and successful career.
Our Opinion: The Indian workforce is relying on its own abilities to grow despite tough economic conditions and the pandemic. Professionals are striving for roles that offer the right wage, work-life balance, and flexibility, and investing in themselves by building transferable skills to make their profiles more versatile and adaptable to different roles, with a 43% YoY increase in members adding skills to their LinkedIn profile. This is a smart way to secure a sustainable and successful career.
India will overtake China
India's Population at 1.4 Billion
The well-regarded World Population Review has indicated that India's population has increased to 1.423 billion. India is now generally acknowledged to be the world's largest country by population. There is a positive correlation between population and GDP. This means that as the population of a country increases, its GDP generally also increases.
China's Population Drops for First Time
The Chinese authorities have estimated that in 2022 the country saw its first decline in population since the famine-hit 1960s. By their account, the population count in China is now 1.412 billion which is lower than India's. This is primarily thanks to the "One-Child" policy implemented by the Chinese government between 1980-2015.
India's total fertility rate poised to dip
While India is the largest populated country today officially, a key statistic to focus on is the total fertility rate (TFR) which is poised to rapidly dip below the replacement ratio of 2.1. India's population will peak somewhere around the 1.7 billion mark by 2050, while China's population will have decreased to 1.3 billion around the same time. India needs to maintain its growth momentum and reach the $10 trillion GDP as soon as possible to improve the purchasing power base of its larger population.
Our Opinion: If India overtakes China as the world's most populous country, it could have significant impacts on the country's GDP and the global economy. A larger population could lead to an increase in labour force and potentially boost economic growth. However, it also depends on the demographic structure, the productivity of the population and addressing issues such as corruption, lack of infrastructure and lack of skilled labour to fully realize its economic potential.
GoMechanic admits lies
GoMechanic Under Audit
Investors of GoMechanic have ordered a forensic audit of the accounts of the car servicing start-up by EY to examine claims of fraud and financial misreporting. The founders of GoMechanic admitted to falsifying figures to investors after SoftBank found irregularities in the five-year-old firm’s growth and revenue numbers.
GoMechanic Founders Admit Misrepresentation
The firm also announced the dismissal of 70% of its staff, numbering between 1,100 and 1,200 in a post on LinkedIn on Wednesday. The founders of the company admitted to knowingly misstating facts and inflating revenue, which was kept from investors.
GoMechanic Layoffs
GoMechanic announced the dismissal of 70% of its staff, numbering between 1,100 and 1,200 in a post on LinkedIn on Wednesday. The layoffs come after the founders admitted to knowingly misstating facts and inflating revenue, which was kept from investors.
Our Opinion: As Warren Buffet has famously once quoted, “It’s only when the tide goes out do you know who’s been swimming naked”. Manipulation of numbers is a significant red flag for any company and its founders’ reputation. The global start-up space has been facing challenging times since late 2021 and founders have been under significant pressure to report unrealistic growth numbers in order to support their valuations which have led to some of them facing undesirable outcomes as can be seen in GoMechanic’s case.
