Half of India’s business leaders unsure about future of work: Pwc survey

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Aligning individual aspirations with organizational goals is essential in the hybrid work ecosystem. However, a large portion of India’s leaders are unsure about the future of work, according to a recent poll. Approximately 4,000 business leaders and human resource managers in 26 territories participated in the survey.

Some of the inhibiting factors these leaders face in creating a more future-proof workplace include cost pressures, competing investments or priorities, lack of systems and data, and organizational culture.

According to the findings of PwC India’s “People and Culture First: Transformation Journey in the Future of Work” report, around 50% of Indian leaders feel the need to plan for multiple possible futures around the workplace and workforce. , but cost pressures and fear of setting a precedent are holding them back.

About 48% believe it is important to identify the potential risks that come with replacing human labor with technology. However, the survey revealed that they are reluctant to create a culture of transparency.

Fifty-four percent of leaders realize the importance of identifying skills, but are hesitant to act due to competing priorities.

The report highlights six no-regrets actions identified by Indian leaders and PwC outlines six imperatives to remove barriers to workforce challenges and future-proof organizations.

These no regrets and imperative movements are:

  • Anticipating and planning for the future: Recognize “prioritizing and finding meaning” as an essential organizational capability to guide investment decisions.
  • Build trust in the organization: Democratize the workplace concept to focus on a ‘people’s workplace’ rather than a ‘people’s workplace’.
  • Optimize workforce productivity and performance: Use technology to drive productivity and performance, while management drives culture.
  • Activate the skills of the future: Prioritize culture as a competitive advantage.
  • Prepare and deploy technology with humans in mind: Focus on human-led, technology-based ways of working.
  • Develop the ability to quickly access and deploy talent: See the organization in the age of skills and capabilities.
  • Chaitali Mukherjee, Partner and Head of PwC India, said: “Previous workforce challenges have centered on broader areas of organizational design and organizational culture capabilities. But with the changing nature of the workplace, the challenges seem to be more employee-centric, both globally and locally. At this point, it is important for all organizations around the world to prioritize leadership capabilities in order to orchestrate change and move business forward. »

    The report shows the need for leaders to act proactively on workforce initiatives and build capacity. They should also strive to make their work culture more resilient and future-ready.

    Mukherjee said, “Now is the time for leaders to change their mindset and understand that employees should not be embedded into a single framework or seen through a homogenous lens.”

    (Edited by : Shoma Bhattacharjee)

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