According to the ‘India Workforce Hopes and Fears Survey 2023’ by PwC, India has the potential to lead in terms of integrating AI technology into business operations by adopting an effective upskilling strategy.
The report indicates that a significant 51 per cent of Indian employees believes that AI will help increase their productivity, surpassing the global figure of 31 per cent. However, this optimism is contingent on organisations providing adequate upskilling opportunities to their workforce.
The report encompasses 2,502 respondents in India, primarily the full-time employees, with 88 per cent participation. The survey included individuals, spanning various age groups: 54 per cent millennials (27–42 years), 21 per cent Gen X (43–58), 19 per cent Gen Z (18–26), and six per cent boomers (59–77). Additionally, the study covered participants from industries such as 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).
The report highlights that a majority of Indian employees, specifically 62 per cent, anticipate significant changes in the skills needed for their jobs in the next five years. About 69 per cent of these respondents are already well-informed about the anticipated alterations in skill requirements.
Furthermore, the report underscores the restlessness within the Indian workforce, with 42 per cent expressing a likelihood of changing jobs in the next year, driven by expectations of improved pay and promotions, in contrast to the global figure of 26 per cent. A whopping 70 per cent of Indian participants, compared to 35 per cent globally, are open to seeking promotions.
Despite considerable organisational focus on the younger generation, the survey emphasises the need to address the concerns of managers and senior executives as well.
Commenting on the findings, Anumeha Singh, partner, PwC India, acknowledged that the rising uncertainty and seismic impact of AI is one of the reasons why 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,” she added.
Kartik Rishi, partner, PwC India, also notes that the majority of leaders in India recognise the essential need to reshape their workforce for future business success. “Similarly, as their work and workplace are undergoing significant changes, employees in India are highly aware of the urgency to upskill. It is increasingly becoming an important factor in their career decisions,” he added. In
Rishi’s opinion, “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.”
Overall, the report concludes that India’s workforce demonstrates a heightened awareness of the imperative for upskilling.