Wednesday, 6 December 2023 – India can become the pioneer in incorporating AI technology into Business if the industry moves ahead with the right upskilling approach - suggests PwC’s report titled ‘India Workforce Hopes and Fears Survey 2023’. 51% of Indian respondents of this survey believe that AI will increase their productivity at work as compared to 31% of global respondents, provided their organisations support with upskilling opportunities.
Amidst the rising uncertainty and seismic impact of AI, the workforce is demanding more from their employers on all counts. The workforce is not settling with a competitive compensation only - which continues to be a hygiene - but also a deeper job satisfaction, and faster growth opportunities to fulfil their aspirations. To thrive, organizations and leaders will need to make some tough choices while blending adaptability with innovative workforce structures and career pathways, for an ever-evolving landscape." said Anumeha Singh, Partner, PwC India.
62% of India employees believe the skills required to do their job will change significantly over the next five years; 69% of them are also aware of how these requirements will change. India respondents are also ~15+% more confident as compared to their global counterparts that their employer will provide them with the necessary tools and opportunities to develop the requisite skill sets.
The report also highlights that the Indian workforce is restless, with 42% of employees indicating that they are likely to change jobs in the next year due to expectations of better pay packages and promotions as compared to 26% globally. Additionally, 70% of India participants, as against 35% of their global counterparts, are willing to ask for a promotion. While a significant amount of organisational efforts are focussed on the younger generation, our survey found that managers and senior executives will also need attention.
Kartik Rishi, Partner, PwC India said, “Most Indian leaders are aware of the criticality to transform their workforce for the future success of their businesses. Similarly, as their work and workplace are undergoing significant changes, employees in India are highly aware of the urgency to upskill, it increasingly becoming an important factor in their career decisions. However, organizations continue to adopt a much lesser focus on skills, especially those for the future, in their talent strategies and programs. Adopting a forward-looking, skills-first approach, which is integrated in their business processes will be a key factor for leaders in sustaining businesses over the next decade.”
Key highlights:
- India workforce is more aware of the need for upskilling: 62% of India respondents agree that the skills required for their job will change significantly in the next five years as compared to 36% global respondents. Also, 69% of them are aware of how the requirements will change. The urgency to upskill is also reflected in the fact that 53% of India employees underline new skill development as a reason for picking up a secondary job compared to 36% of their global counterparts.
- India workforce is cautiously optimistic to take a head-start and ride the AI wave: 24% of India respondents believe AI would impact the nature of their work in a negative way, which is 10% more than the global average. Furthermore, 21% of India respondents believe AI will take over their job as compared to 13% of the global respondents. The most common sentiment, expressed by 51% of respondents, is that AI will help them increase their productivity or efficiency at work in comparison to 31% of global respondents.
- India employees more likely to ask for a raise, promotion or switch job than their global counterparts: 70% of India participants, as against 35% of their global counterparts, are willing to ask for a promotion (compared to 59% last year during the great resignation). Millennials are keener on pay raises (74%) and promotions (74%) as compared to Gen Z, Gen X and boomers. Across levels, 73% senior executives, 70% managers and 63% non-managers are expected to ask for a pay raise.
- Positive work environment in India has paved the way for empowered and fulfilled employees: 73% of employees in India strongly or moderately agreed that they recommend their office as a good place to work, as against 51% global respondents. 73% of India employees also underline that they can truly be themselves at work and 64% of employees feel that they can choose how to do their work in a way that suits them.
About the survey
The India Workforce Hopes and Fears Survey 2023 drew responses from 2,502 participants in India with 88% of them being full-time employees. Of the India participants, 79% respondents are male and 20% female. The study reached out to people across generations – 54% millennials (27–42 years), 21% Gen X (43–58), 19% Gen Z (18–26) and 6% boomers (59–77). Respondents belonged primarily to seven industries – energy, utilities and resources (EU&R), financial services (FS), government or public sector units (Govt/PS), healthcare, retail and consumer (R&C), technology, media, and telecom (TMT), and industrial manufacturing (IM).
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