TL;DR:
- PwC survey shows 51% of Indian respondents believe AI will boost productivity, surpassing the global average of 31%.
- Upskilling opportunities are crucial for this productivity gain, with 62% of Indian employees anticipating significant skill shifts in the next five years.
- Indian workforce is more inclined to change jobs for better pay and promotions, with 70% willing to ask for a promotion.
- Despite cautious concerns about AI, 51% of respondents believe it will enhance their work efficiency.
- A positive work environment in India fosters employee empowerment and authenticity, with a higher recommendation rate compared to the global average.
Main AI News:
In a recent survey conducted by PwC, it was revealed that India is poised to take a leading role in harnessing the power of artificial intelligence (AI) to drive productivity in the business world. The survey, titled ‘India Workforce Hopes and Fears Survey 2023,’ indicates that 51% of Indian respondents believe that AI will significantly enhance productivity, a figure significantly higher than the global average of 31%. However, this optimism comes with a caveat – it depends on their organizations providing the necessary upskilling opportunities.
The workforce of today is demanding more from their employers than ever before, extending beyond competitive compensation to encompass job satisfaction and rapid career growth. Anumeha Singh, Partner at PwC India, emphasizes the need for organizations and leaders to make strategic decisions to adapt to this evolving landscape. She states, “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.”
This insightful survey gathered responses from 2,502 participants in India, with a majority (88%) being full-time employees. Notably, 62% of Indian employees anticipate significant changes in the skills required for their jobs over the next five years, and an impressive 69% are aware of these impending skill shifts. Indian respondents also exhibit 15% more confidence compared to their global counterparts, believing that their employers will equip them with the essential tools and opportunities to acquire the required skill sets.
The report further highlights the restlessness within the Indian workforce, with 42% of employees indicating their willingness to change jobs in the next year, driven by expectations of improved pay packages and promotions (compared to 26% globally). Additionally, a striking 70% of Indian participants, in contrast to 35% globally, express their willingness to seek a promotion. This indicates that while organizations are primarily focused on the younger workforce, managers and senior executives should not be overlooked.
Kartik Rishi, Partner at PwC India, underscores the criticality of workforce transformation for future business success. He states, “Adopting a forward-looking, skills-first approach, which is integrated into their business processes, will be a key factor for leaders in sustaining businesses over the next decade.”
Key Highlights:
- Upskilling Awareness: Indian employees are more aware of the need for upskilling, with 62% acknowledging that their job requirements will significantly change in the next five years, compared to 36% globally. Furthermore, 69% of Indian respondents are conscious of how these requirements will evolve.
- Cautious Optimism Towards AI: While 24% of Indian respondents believe that AI might negatively impact their work (10% higher than the global average), 51% express optimism that AI will enhance their productivity or efficiency at work, compared to 31% globally.
- Willingness to Seek Advancement: Indian employees are more likely to seek raises, promotions, or job changes than their global counterparts, with 70% willing to request a promotion. Across various job levels, a substantial number of employees express their intent to seek pay raises.
- Positive Work Environment: A positive work environment in India has led to empowered and fulfilled employees, with 73% of them recommending their workplaces as good places to work and 73% feeling they can truly be themselves at work. Additionally, 64% believe they can choose how to carry out their work in a manner that suits them.
Conclusion:
The PwC survey underscores India’s potential to lead in the adoption of AI for business productivity. To harness this potential, organizations must prioritize upskilling initiatives and address the changing skill requirements. India’s workforce is not only seeking competitive compensation but also job satisfaction and growth opportunities. The willingness to embrace AI while seeking career advancements indicates a dynamic market, where businesses need to align their strategies with the evolving aspirations of their employees.
