According to a survey by PwC India, around 34% of employees in India say they are very likely to move to a new employer, compared to 19% globally.
Findings from the report, titled India Workforce Hopes and Fears Survey 2022, show that Millennials are the most likely to look for a new job, with 37% saying they are likely to change employers in the next 12 months. While Gen Z employees are less likely to quit, 33% of them are very or very likely to ask for a reduction in hours.
Around 32% of Indian employees say they plan to leave the workforce, the survey shows.
The shift to hybrid work is expected to continue as 81% of workers in India believe their work can be done remotely and 31% of those who can work remotely are already working in a hybrid fashion.
A significantly higher proportion of Indian workers (71%), compared to their global counterparts (21%), fear being overlooked in career advancement. This points to the need to employ more transparent and data-driven processes to define career paths, says PwC.
India is one of the countries with a large perceived skills gap. 54% of workers totally agree that India faces a skills shortage and 67% believe their job requires specialist training.
Employers are currently believed to be addressing skill shortages through wage increases, recruitment and automation, with fewer using training as a strategic lever.
“The disruptive landscape of social, environmental, economic and geopolitical changes has had a profound impact on companies and their people strategies. Leaders need to consider these disruptions when making their short- and long-term plans for the organization and its people,” said Chaitali Mukherjee, Partner and Head, People and Organization, PwC India.
“In order for an organization to be future-proof, it is imperative that the employee perspective aligns with the employer perspective to accelerate change while considering the dynamics of the workforce, with well-defined concrete actions to better align the two to achieve,” adds Mukherjee.
More than half of those surveyed are concerned about the lack of opportunities to collaborate with or learn technology skills from their peers. This learning gap starts at the top, with more than 50% of CEOs seeing a lack of opportunities to learn technology skills.
Sensitive social and political issues are taking an increasingly important place in workplace conversations. 75% of employees have had conversations of this type, underscoring the need for employers to actively create safe spaces for such conversations.
The survey also highlights that employees expect more transparency and support in incorporating environmental, social and governance (ESG) considerations into their work.
“Balancing business considerations with employee aspirations is easier said than done. However, with the future of work undergoing a massive overhaul, it is important to prioritize leadership and people skills to drive change and move the needle in business,” says Mukherjee.
