Indeed, the employment relationship is constantly changing. First, there was the wave of resignations, which was followed by quiet quitting. In fact, three in five organisations that were part of the survey admitted to being concerned that quiet quitting will impact their business over the next year.

While more workers are seeking the hybrid model of work, employers are increasingly pressurising their employees to return to office. Why? Employers seem to be ill prepared to handle the issues related to hybrid working, which they are afraid will affect their businesses. With Millennials making up a significant portion of the workforce today, the tolerance of the workforce as well as expectations from the employment relationship have changed drastically. The youngsters in the workforce place a lot of emphasis on their employer’s duty of care. Not surprisingly, most of the employers agreed their employees expected them to shoulder duties towards them, which were once considered the responsibility of governments. Little wonder then that more employees today turn to their employers for reliable information than public services. That is why two-thirds of organisations that participated in the survey admitted that they are expected to look after their employees’ families and dependents in emergency situations or crises.

With many businesses and their employees caught in conflict zones, and other facing inflation and rising cost of living, employers need to now consider it part of their care duty to protect employees on these fronts too.

Employees expecting their employers to offer them support in terms of mental health and wellbeing is not something new. Given the volatile situations that prevail worldwide, these expectations have just gone up and become more urgent.

Clearly, it is not enough to simply offer occupational health services focused on the workplace and related environment. Employees, worldwide, need to be protected and nurtured, and they expect their employers to do it. If employers fail in this regard, they will see their best talent quitting and moving on to employers who can offer them the nurturing and protection they seek.

This will affect the productivity of organisations and result in increasing costs incurred to hire and train replacements for those who quit.

Seven per cent of the respondents of the International SOS survey—comprising risk decision makers responsible for employees, contractors, students, faculty and others within an organisation—were from Australia and New Zealand, 27 per cent from Asia, 24 per cent from Europe, 11 per cent from Africa, seven per cent from the Middle East and 23 per cent from the Americas.

The message is quite clear. The truly ‘great’ workplaces across the globe are the ones that will fulfil the expectations of the newer generations in the workforce, especially in terms of health and wellbeing. These are the employers that will grow their businesses and also care for their employees, and manage to come out triumphant in the ongoing talent war.

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However, on the whole, lesser number of e-commerce firms will be hiring freshers from campuses this year. In fact, a 35 per cent dip is expected in fresher hiring.

On the other hand, compared to 2022, applications for retail jobs went up eight per cent in 2023. The demand for retail jobs went up by 18 per cent in 2023, with a whopping 86.86 per cent of applications coming from candidates in the age group of 18 to 30.

E-commerce hiring when it comes to startups, on the other hand, is slowing down their hiring, given the wave of layoffs, limited budgets and so on. In fact, they are becoming more selective when it comes to hiring.

Logistics firms have seen a dip in active jobs by 13.89 per cent in the third quarter of FY24 during the peak season. New job postings, however, did go up by about 10 per cent at the beginning of 2023. The numbers will continue to increase till the peak season approaches.

Retail employers are more keen to hire freshers, with 52 per cent admitting to prioritising entry-level professionals.

In contrast, e-commerce companies, as already mentioned will be going slow with fresher hiring. However, they seem to be more keen to hire experienced professionals, with 42 per cent expressing a preference for candidates with experience.

With the logistics sector growing in leaps and bounds, e-commerce firms will continue to seek experienced professionals for their supply-chain operations. A good 38 per cent firms have admitted to prioritising the recruitment of experienced professionals, while 34 per cent said they emphasised gender diversity /diversity, equity and inclusion (DEI). About 30 per cent of employers said they emphasised the recruitment of female candidates, while 16 per cent said they emphasised the recruitment of male candidates.

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The survey methodology involved over 22,800 respondents from various regions, providing comprehensive insights into the attitudes and behaviours of members of Gen Zs and the Millennials. Conducted between November 2023 and February 2024, the findings shed light on the evolving dynamics shaping the future of work and society.

The survey revealed Gen Zers and Millennials are optimistic about the positive impact of GenAI on their work-life balance and productivity. More than half of both groups, comprising 51 per cent of Gen Z and 54 per cent of Millennials, utilise GenAI frequently at work and strongly believe it will enable them to allocate more time to creative and strategic tasks. However, they acknowledge the necessity of reskilling and anticipate that GenAI will shape their career paths and potentially lead to job displacement.

Interestingly, women display higher enthusiasm for GenAI and are marginally more comfortable incorporating it into their work routines compared to men.

Both generations, irrespective of gender, are anticipated to seek training in GenAI. Furthermore, the vast majority, with 81 per cent of Gen Zers and 88 per cent of Millennials, feel that their employers are adequately providing training on the functionalities, advantages, and significance of GenAI.

Gen Zers, particularly in India, express concerns about the financial implications of these policies, including commuting and accommodation costs. Additionally, the inability to physically interact with colleagues is identified as one of the top reasons for leaving an organisation, alongside a lack of growth opportunities.

Environmental sustainability remains a significant concern for Gen Zers and Millennials, with over 80 per cent expressing anxiety about the environment and advocating for climate-positive actions. They are more likely than average to encourage their employers towards sustainable practices.

In India, these generations are particularly conscious of environmental impacts, with a notable percentage altering their relationships with organisations based on their environmental practices. Both groups actively take measures to minimise their environmental footprint, such has avoiding fast fashion and paying more for sustainable products.

A strong sense of purpose is crucial for job satisfaction, as highlighted by 86 per cent of Gen Zers and 96 per cent of Millennials. These cohorts are prepared to turn down assignments and even job offers based on ethical considerations—more than two-thirds of Gen Zs (69 per cent) and Millennials (67 per cent) have declined tasks, bwhile a similar proportion of Gen Zs (64 per cent) and over half of Millennials (57 per cent) have rejected job offers. They hold high expectations from businesses in addressing social inequality issues such as environmental protection, inclusive employment opportunities, equal pay, mentorship and educational programmes.

The return-to-office policies have evoked mixed sentiments among both generations, with a growing preference for hybrid work models. While more than two-thirds of respondents have returned to on-site work, the recent implementation of return-to-office mandates has led to varying reactions.

Millennials exhibit optimism regarding the economic and social outlook, fuelled by India’s sustained economic growth amidst global challenges. A majority of Millennials and a significant portion of Gen Zs anticipate improvements in the country’s economic situation in the coming year, reflecting increased confidence compared to previous years.

According to Deepti Sagar, chief people and experience officer, Deloitte India, both generations view GenAI positively, anticipating it to enhance work-life balance and productivity. However, environmental concerns remain paramount, with a significant portion urging their employers to adopt climate-positive actions.
“Keeping this consciousness in mind, businesses should incorporate eco-friendly practices into every operation and display their commitment towards environmental sustainability to gain a competitive advantage,” she adds.

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As per the report, while only 17 per cent of the 1000 British workers surveyed admit to feeling unsure about approaching colleagues of different age groups, the reasons behind Gen Z’s struggle remain unclear. However, previous analysis suggests that without shared life experiences such as marriage, parenthood, or pet ownership, younger workers find it challenging to relate to their older counterparts.

This communication gap could potentially hinder Gen Z’s career-advancement prospects. Research consistently indicates that regular interaction with management can significantly improve the likelihood of receiving promotions or salary increases.

Interestingly, despite recognising the benefits of connecting with senior colleagues, 64 per cent of Gen Z respondents are waiting for their companies to take the initiative in fostering intergenerational collaboration. However, forced interactions orchestrated by management may not suffice in establishing genuine connections.

However, it’s not just Gen Z that prefers conversing within their age group. About 40 per cent of workers over 55 haven’t engaged with Gen Z colleagues in the past year either. This reluctance to interact may contribute to the hesitance of younger workers to initiate conversations with their older counterparts.

Ultimately, both younger and older workers must be willing to set aside preconceptions and actively listen to one another to foster trust, rapport and mutual learning. Embracing diverse perspectives can enrich workplace dynamics and drive collective success.

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This downturn follows a grim trajectory from the previous years, where tech companies shed over 4,25,000 jobs globally amidst a slowdown in the IT/tech and startup domains in 2022 and 2023.

In the most recent layoffs, Sprinklr, a US-based customer-experience management platform, parted ways with 116 employees. Similarly, Peloton, a leading exercise equipment and fitness company, announced plans to slash 15 per cent of its workforce, equating to around 400 jobs.

Meanwhile, in India, ride-hailing giant Ola Cabs has commenced a restructuring process anticipated to affect at least 10 per cent of its workforce.

Reports also indicate that Google undertook a restructuring initiative, resulting in approximately 200 job cuts from its core teams.

Adding to the turmoil, Tesla, under the leadership of Elon Musk, has initiated another round of layoffs, impacting hundreds of employees. Notably, the tech mogul dissolved the entire Tesla charging team as part of the recent layoffs.

The unsettling trend continues to cast a shadow over the global startup ecosystem.

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This year’s Women @ Work 2024 report by Deloitte does indicate some progress in terms of a reduction in the number of women who admit to having experienced non-inclusive behaviours at work. However, 43 per cent of them have experienced microaggressions or harassment (or both) in the past one year. Thirty-one per cent have experienced microaggressions, four per cent have been sexually harassed and eight per cent have experienced some other form of harassment. One-fourth of them admit that seniors in their organisation have behaved inappropriately with them or passed unsuitable comments.

Microaggressions, for those who are unfamiliar with the term, are subtle comments or actions that unintentionally indicate prejudice. They are instances of indirect discrimination against members of a marginalised group.

About 5,000 women from organisations across 10 countries were asked about the behaviours experienced by them at work in the past 12 months, and 31 per cent said microaggressions, four per cent said sexual harassment and eight per cent stated other types of harassment.

Clearly, more women are reporting microaggressions than in previous years, and yet, more than four in 10 failed to report their experiences to their employer. Similarly, one-third of those who experienced sexual harassment at work did not report the same to their employer. Why? Most of the women surveyed felt the matter wasn’t serious enough to be reported. The respondents feared retaliation and believed that not only would they not be taken seriously, but their situation at work would worsen. One in ten of the women thought confidentiality would be compromised, and that would ultimately ruin their career.

Hardly one in 10 women believe that reporting non-inclusive behaviours at work will not have an adverse impact on their career. The number of women who feel confident that action would be taken against the perpetrators, irrespective of their rank or position, is equally small. A significant 66 per cent of the women surveyed reported sexual harassment, while 71 per cent reported other types of harassment and 58 per cent reported microaggressions.

Women, worldwide, need to thrive in the workplace and not just survive. A few stories of success should not make organisations complacent. There is still a long way to go on the path of diversity and inclusion.

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Maximum hiring is happening in the construction sector of Delhi, Bengaluru and Mumbai, in that order, with hiring of 5.05, 4.68 and 4.13 per cent, respectively, thanks to the notable strength of the business landscape, the rise in warehousing and industrial requirements and surge in demand for commercial housing. This can be attributed to increased migration, establishment of manufacturing units and so on.

Smaller cities such as Ernakulam, Kochi, Lucknow and Calicut seem to be most popular as far as job seeker interest is concerned. This is primarily because the cost of living is not too high and there are enough opportunities available locally so that job seekers can work closer to their homes.

Among tier 2 and 3 cities, Ernakulam Calicut and Kochi seem to witness the maximum job postings.

Maximum job postings (17.18 per cent) are for engineers, followed by project leads and supervisors (eight per cent) and architects (five per cent). In tandem with this demand, the job seeker interest understandably lies with engineers (21.31 per cent), project leads and supervisors (9.33 per cent), and architects (4.27 per cent). With construction becoming more complex and technical by the day, the demand for skilled professionals in the industry has also risen.

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So who are these Gender Equality Leaders?

Well, GELs are organisations where women feel confident about reporting non-inclusive behaviours they encounter, without worrying about retaliation. These are workplaces where women feel supported by their employers in their efforts to balance their work responsibilities with other commitments. These are organisations where women feel their career is progressing as quickly as they would like it to.

The organisations where none of this is happening are called Gender Equality Lagging Organisations or GELOs.

The report reveals other interesting data too. A good 75 per cent of the women working for GELs are very productive at work, while 74% show good physical health and well-being, and 71 per cent are motivated at work and 71 per cent feel a sense of belonging at work.

In GELOs, on the other hand, only 26 per cent women feel a sense of loyalty, merely 25 per cent are productive at work, hardly 21 per cent show signs of physical health and well-being, a measly 22 per cent are motivated and only 20 per cent feel a sense of belonging at work.

A whopping 85 per cent of women working for GELs, say they would recommend their organisation to other women as a good place to work. Only 37 per cent of those working for GELOs said they would recommend their organisation to other women.

A significant 67 per cent of women working with GELs admit that their organisation’s commitment to supporting women has increased over the past year, while only 41 per cent of GELOs feel so.

While 63 per cent of women employed with GELs feel they are judged on the quality of their work rather than the hours spent at work or online, only 51 per cent of those employed with GELOs share the same sentiment.

About 57 per cent of women working at GELs appreciate the fact that their organisation takes a stance on political and social issues that are important to them. Only 41 per cent of their counterparts at GELOs feel the same way.

Only seven per cent of women at GELs feel less optimistic about their career prospects today than they did the same time last year, while the figure for women at GELOs is an alarming 67 per cent.

Similarly, only one per cent of those working with GELs feel that being a woman is a disadvantage in their organisation, whereas a worrisome 48 per cent of women working with GELOs feel disadvantaged because of their gender.

Clearly, women employed with Gender Equality Leaders feel safer at work, feel more comfortable talking about their mental health at work, and are confident that that they can work flexibly without compromising on their career.

While the proportion of women working with GELs has gone up marginally—from five per cent last year to six per cent this year—the proportion working for GELOs has fallen slightly from 24 per cent to 21 per cent. That is hardly any improvement. The survey found only six per cent organisations to be Gender Equality Leaders, while 21 per cent were Gender Equality Lagging Organisations.

The report reveals that the GELs have gained from their inclusive cultures where their employees’ work/life balance is valued and respected. The women in their workforce are supported in their career progression. Not surprisingly, their employees end up exhibiting high levels of loyalty and productivity. In fact, a good 62 per cent of their women plan to stay with their employer for more than three years, compared with only 13 per cent of women who work for GELOs. A very encouraging 92 per cent of the women in GELs want to progress to a senior leadership position within their organisation, compared to a mere 31 per cent of women who work for GELOs.

About 13 per cent of those working with GELOs expect to lose their job in the next six months. Only two per cent of women employed with GELs are currently looking for a change, while 15 per cent of their counterparts working with GELOs are looking out for new roles.

‘Deloitte’s Women @ Work: A Global Outlook’ report examines certain critical workplace and societal factors that have a significant impact on women’s careers. The study represents the views of 5,000 women from organisations across 10 countries. The aim of the survey is to understand the first-hand experiences of women at work, and the ways in which aspects of their lives outside of the workplace can impact these experiences.

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The methodology involved analysing data from the US Bureau of Labour Statistics and the Occupational Information Network, encompassing 2.7 million banking employees in the US and their respective roles and tasks. Each task’s potential for automation or augmentation was tagged, along with the time employees spent on it. The financial implications for banks were then modeled based on data from the largest 154 banks, globally over a 12-month period ending September 2023, projecting outcomes over a three-year horizon.

The analysis suggests that effective adoption and scaling of generative AI could enhance employee productivity by up to 30 per cent, particularly in streamlining language-related tasks.

This surge in productivity could translate into a 20 per cent increase in operating income and a 300 bps rise in return on equity levels. Additionally, the technology could pave the way for 1-2 per cent in cost savings, with cost-to-income ratios declining by up to 400 bps.

Accenture also examined how generative AI could reshape the 20 largest roles across banks, categorising them into three groups based on their potential for automation and augmentation. These insights underscore the necessity for banks to optimise generative AI applications, upskill existing employees, and attract specialised AI and data talent to facilitate scaling and operationalisation.

Accenture’s roadmap for enterprise-wide adoption emphasises key traits observed in banks that have achieved early success with generative AI. These include strong board-level and C-suite sponsorship, a robust data foundation and management approach, and secure AI-enabled cloud infrastructure.

Manoj Singodia, MD and lead-financial services at Accenture India, emphasised the importance of a holistic and long-term strategy for Indian banks to unlock generative AI’s full potential. This entails reimagining traditional processes, prioritising AI integration into value chains, and building a robust foundation of data and digital powered by cloud.

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When it comes to talking about mental-health challenges, there has been a wee bit of progress. Last year, one fourth of the women surveyed admitted to being comfortable discussing mental-health issues. With the improvement, only about one third of women feel comfortable discussing their mental health at work or revealing any issues with mental health because of which they could be taking leave.

These are negligible improvements. In fact, one-third admit to having taken time off work in the past one year due to mental-health issues. Over 50 per cent of the women surveyed still feel they lack adequate mental-health support at work, while two-thirds still feel uncomfortable discussing their mental health in the workplace or revealing mental health as the reason for absenting themselves from work.

The survey reveals that women from ethnic minority groups in their home country are not faring well either. In fact, the likelihood of receiving adequate mental-health support from their employers or even feeling comfortable discussing mental health in the workplace is even lesser. They also admit to experiencing more stress and are more likely to have taken leave from work due to mental-health challenges in the past one year compared to women belonging to the ethnic majority.

Add to all this workplace stress, under which women are increasingly reeling. The data revealed by the report is hardly encouraging.

While 51 per cent in 2023 admitted their stress levels were higher than they were a year ago, only 50 per cent admitted to the same in 2024. Not much to be proud of there.

While 40 per cent of women in 2023 said they received adequate mental health support from their employer, in 2024, only 43 per cent admitted to the same. Although a slight improvement, it is not really that great.

While 31 per cent women surveyed in 2023 had taken time off from work due to mental health challenges, about 33 per cent in 2024 did the same.

About 25 per cent women in 2023 and 33 per cent in 2024 said they felt comfortable talking about their mental health at their workplace. There is a little hope, for sure.

In 2021, 25 per cent of the women surveyed admitted to being comfortable disclosing mental-health challenges as the reason for their absence from work, while in 2024, 32 per cent of the women surveyed felt they would be comfortable doing so. That is a notable improvement.

Women are feeling burnt out, although less than the last year. While 28 per cent in 2023 said they felt burnt out, only 23 per cent in 2024 said they felt burnt out.

Nineteen per cent of working women surveyed in 2024 say they regularly work for more than the contracted working hours each week.

‘Deloitte’s Women @ Work: A Global Outlook’ report examines certain critical workplace and societal factors that have a significant impact on women’s careers. The study represents the views of 5,000 women from organisations across 10 countries. The aim of the survey is to understand the first-hand experiences of women at work, and the ways in which aspects of their lives outside of the workplace can impact these experiences.

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According to a Teamlease report, about 75 per cent of the workforce serves a short tenure of less than three years in the QSR space. About 36 per cent serves for just one to two years. Why is this so?

For one, compensation isn’t exactly enviable. In fact, the pay and practices are below average. The majority (88 per cent) earns about Rs 15,000 to Rs 20,000 salary on average. What is worse is that about 12 per cent is paid less than Rs 15,000. That means, a significant number earns less than the minimum wage. That is not all; about 64 per cent of the workers in the QSR space are not paid any incentives. Not surprisingly, the sector is experiencing high attrition rates.

Despite mandates by the Food Safety and Standards Authority of India (FSSAI), the non-compliance in the QSR space is alarmingly high. For instance, FSSAI has mandated that restaurants display food-safety boards listing dos and don’ts pertaining to hygiene, sanitation, as well as good manufacturing practices (GMP) along with other guidelines.

As per FSSAI mandates, restaurants should employ trained food-safety supervisors. The Authority is also ensuring that the registration process of Food Business Operators (FBOs) happens faster so that the compliance rate also improves. Right now, only 20 per cent out of the 2.5 million FBOs in India are operating with a valid FSSAI licence. That means, a mere 0.5 million hold a license.

Although FSSAI suggests that businesses in the QSR sector must prioritise compliance—so that their employees’ well-being is ensured and customers are able to trust them—it is a matter of concern that 21 per cent of the businesses are non-compliant. When it comes to statutory benefits, they do not even fulfil the minimum wage requirements. A significant 30 per cent does not offer statutory bonuses. Without bonuses and incentives, employees lack the motivation to do their best, which adversely affects service. And as we all know, quality of service and customer satisfaction are of utmost importance in this sector.

About 23 per cent of QSRs do not comply with the Employee’s State Insurance Corporation (ESIC) provision, which ensures medical care for employees who earn less than Rs.21,000. That means employee well-being is being compromised to a great extent. Rules and regulations are being openly ignored. Fortunately, about 58 per cent of the QSRs offer gratuity benefits to employees who have completed five years of service. However, the unfortunate part is that very few employees are eligible for the same because attrition is rather high.

As per the report, 24 per cent of the QSRs that were surveyed do not offer leaves beyond the weekly offs. Therefore, burnout is rather common in this space.

Clearly, the industry needs to take action, and fast. After all, non-compliance will eventually attract penalties and have serious repercussions. Needless to say, the brand image suffers a beating along with operations being disrupted.

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The report, ‘Ensuring safety and health at work in a changing climate’, states that hazards resulting from climate change are evolving and growing in intensity. Workers are increasingly at risk from excessive heat, ultraviolet radiation, extreme weather events, workplace air pollution, vector-borne diseases and agrochemicals

Therefore, the need of the hour is to re-examine and re-assess the existing legislations and if required, design new ones so that proper guidance is available to ensure workers are well protected.

A step towards this is to integrate OSH considerations climate-related policies, and ensure that climate concerns are integrated into OSH practice.

The presently available research or scientific evident is not enough, especially in several critical areas. Whatever limited evidence is available pertains primarily to public health instead of occupational health. There has to be deeper research to ensure better response and guidance in terms of occupational health and safety. Enhanced research and a stronger evidence base are needed to guide response. Only then will it be possible to assess how effective preventive OSH measures are, globally and across various sectors.

It is the government’s duty to coordinate OSH policies and programmes with the help of the labour and health ministries.

It is necessary to have a social dialogue between governments and social partners so that climate-change mitigation policies can be developed and adapted for the good of the workers and their employers.

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As per the Naukri Jobspeak report, the demand for data scientists and other traditional AI roles was also good. However, growth in information technology (IT) jobs was a mere one per cent in January 2024 compared to December 2023.

In terms of year-on-year data, the hiring in the IT sector was 19 per cent lower than in January 2023. In the healthcare space, hiring went up by seven per cent year-on-year in January. Maximum demand was for administrative roles in this space, which saw the maximum increase in hiring too.

Hiring grew by five per cent in the travel and hospitality sector compared to January of last year. With domestic and international tourism witnessing a spurt, there is higher demand for restaurant managers and service managers remained too.

Bengaluru and Mumbai witnessed the maximum hiring. There was a five per cent increase in new job offers in the FMCG space in January 2024 compared to January 2023. In the FMCG sector, the demand rose most for assembly-line operators, factory heads, production engineers and production managers. Kolkata and Pune topped the cities that offered new jobs in the sector in January 2024.

New jobs with salary in the range of 13-20 lakhs per annum saw slight decrease of one per cent. New job openings offering less than Rs 12 lakh per annum salary witnessed degrowth.

There was positive momentum in job opportunities for senior professionals with over 16 years of experience. January 2024 saw 19 per cent increase in hiring for this experience level compared to January 2023. New job offers for professionals with 13-16 years of experience went up by almost two per cent. Professionals with experience in the range of 8-12 years saw 18 per cent lesser job offers, while those with four to seven years of experience saw seven per cent less offers. Freshers saw 10 per cent less offers compared to the same time last year.

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Does Gen Z think AI needs to be feared?

Does Gen Z see artificial intelligence (AI) as a threat? Apparently not, according to a recent report, which says that 57 per cent of Gen Z members consider AI as a valuable tool to improve their productivity and make them more efficient. About 13 per cent considers AI as a transformative force, reshaping job functions and creating new opportunities. About 11 per cent sees AI as a collaborator, helping improve skills and decision making. Only 11 per cent members of this cohort see AI as a potential competitor capable of replacing certain tasks. A small number of them (about eight per cent) do not expect AI will affect their jobs in a significant manner or are uncertain about the same.

Is GenZ concerned about sustainability?

When it comes to sustainability, only 70 per cent of Gen Z is bothered about efforts in this area. About 24 per cent admits that sustainability efforts and environmental policies do matter to them, but only somewhat, while for two per cent it does not matter at all. Four per cent feel that sustainability efforts do not matter to them much.

What matters most to GenZ in a job?

Well, the report says 43 per cent look for a supportive and inclusive work environment, while 34 per cent seek job security. Only 25 per cent members of Gen Z are looking for flexibility.

How does Gen Z measure career success?

A significant 48 per cent of Gen Z feels that achieving work-life balance is how they measure success in their careers. For 29 per cent, achieving financial stability is the career success metric, while for 12 per cent, climbing the corporate ladder is the metric. Making a difference in the society is the metric for 10 per cent of Gen Z.

Is diversity and inclusion important to Gen Z?

Oh yes! A good 67 per cent of Gen Z admit that diversity and inclusion is very important, while 27 per cent feel it is somewhat important. Only about five per cent think it is not very important, while a mere one per cent think it of no importance at all.

Is data science the most popular field for Gen Z or management?

According to the Internshala report, 49 per cent of Gen Z would still pursue a management or MBA degree. A significant 32 per cent prefer to pursue engineering, while only 10 per cent go for media and four per cent for data science. Teaching is popular with just one per cent of Gen Z, while four per cent would go for design and three per cent for finance.

Which are the most popular profiles?

The jobs profiles that are most popular with Gen Z are not business development, marketing, web development, content writing, software development, front-end development, full-stack development, or even human resources. That means, Gen Z members are applying for job profiles other than these common ones.

Not surprisingly, maximum applications were from Delhi-NCr (17 per cent), followed by eight per cent from Bengaluru, seven per cent from Mumbai, six per cent from Pune, five per cent from Hyderabad, three per cent from Kolkata, two per cent from Chennai and two per cent from Lucknow.

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The top three sectors preferred by women students from business schools in India are fast-moving consumer goods (FMCG)/ fast-moving consumer durables (FMCD) and consulting (tied at numner one), followed by e-commerce and technology. The male students from business schools prefer consulting, FMCG/FMCD and banking and financial services and insurance (BFSI)/fintech in that order.

Amongst e-schoolers, the women prefer technology, education and core manufacturing and engineering in that order, while the men prefer technology, BFSI/fintech and e-commerce sectors.

The top three sectors popular with the women students of Arts, Science and Commerce are: consulting, education and e-commerce, in that order. Male students, on the other hand, go for e-commerce, technology and consulting.

This year, marketing has topped the list of popular domains, while general management has fallen to the second position as the most preferred domain for business schools students. The top two domains for students of Arts, Science and Commerce are finance and analytics. For e-schoolers, information technology and analytics are at the number one spot.

Interestingly, students from business schools rely on the feedback given to them by the alumni of their college regarding the organisation they are considering joining before they take up a job offer. Students from e-schools as well as those from Arts, Science and Commerce background prefer to go by what the existing employees of the companies have to say before taking up a job there.

The feedback that fresh job seekers value most is the one that comes from existing employees (excluding alumni), followed by college alumni working in the organisation and online reviews, in that order.

It is not just feedback that helps them decide. They also consider career-advancement opportunities before deciding to join a firm. In fact, opportunities for growth are more important to them than a competitive salary and benefits. What is least valuable to them is the flexibility to change domains and a diverse and inclusive environment.

While students from business schools as well as those from Arts, Science and Commerce colleges prefer competitive salary and benefits over growth potential, e-school students give more importance to growth opportunities than the remuneration being offered.

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While b-schoolers were open to quarterly feedback as a second option, e-school and Art, Science and Commerce students preferred feedback every time a project was completed.

But what is interesting is that while a good 51 per cent of b-schoolers and about 48 per cent of undergraduates seek feedback on a monthly basis, companies seem inadequately prepared to offer regular feedback. Right now, as per the survey, only 11 per cent of firms conduct monthly performance reviews for entry-level employees. Most employers conduct quarterly performance reviews. There is definitely a gap.

Does that mean there is a growing need for feedback and training at the workplace because colleges are unable to provide enough support to students in that area?

Colleges usually conduct monthly workshops by industry leaders to keep students informed about current company requirements and trending technologies. Most of the university partners lack sufficient time to match students’ diverse skill sets with the right mentors while conducting training sessions or workshops. A poor 28 per cent of colleges conduct monthly workshops by industry leaders, while 11 per cent conduct them just once a year.

Is there a growing need for feedback and training at the workplace because colleges are not able to provide adequate support to students?

Does the hiring process need to be changed? May be it would be a good idea to focus on candidates’ skill sets and also check whether they would fit into the company’s culture. After all, students seem to realise that it is not easy to land their dream job and every company cannot be a dream company.

Candidates dream of a suitable role, a great package and the ideal employer brand.

But is that what all students want? Do they all wish to work for a corporate house? Don’t they wish to be associated with a startup of have one of their own? The survey found answers to these questions too.

A whopping 81 per cent of students from business schools are eager to work with a corporate or startup. Only ten per cent wish to work independently, as freelancers or pursue an entrepreneurial dream. A very small percentage (9 per cent) wants to study further in India or abroad

Of the e-schoolers who were part of the survey, 75 per cent want to work with corporates or startups, while eight per cent would prefer to freelance or start something of their own. A significant 17 per cent of e-schoolers want to go for further studies.

When it comes to Arts, Science and Commerce students, 46 per cent seek corporate careers or jobs, 12 per cent wish to work independently, while 42 per cent want to study further, either in India or abroad.

Of those who seek corporate careers, 45 per cent of b-school students prefer working with an established or legacy firm, while 52 per cent of e-schoolers and 45 per cent of Arts, Science and Commerce students are keen to work with any company. The percentage of students seeking to work for startups only has reduced (by 14 per cent) from last year, to 10 per cent.

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These revelations are made by the Unstop Talent Report 2024.

So what changes do members of the HR fraternity think can be brought about in the college curricula so that students studying these can land better jobs and be offered perfect opportunities?

Greater exposure to real-world projects is the need of the hour feels the HR fraternity. Secondly, students need to get a chance to practically apply the knowledge they gain. They need to be given more opportunities to do so. The third change they wish for is increased focus on enhancement of problem-solving skills of the students.

The students agree to this. A competition is the ideal platform to allow access to all the three facets of improving a student’s employability. More competitions, hackathons and the like need to be organised to allow students to apply their learning. The more they participate in such competitions, the better their curriculum vitae will look and the more employable they become.

Competitions aren’t the only way students are opting to upskill themselves. They are also relying on online courses, internships, live projects and guest lectures.

In fact, 67 per cent of b-school students upskill via online courses, while 63 per cent do it via internships, and 60 per cent seek live projects. A significant 77 per cent of e-school students upskill via online courses, 74 per cent via internships and 65 per cent via live projects.

When it comes to Arts, Science and Commerce students, 75 via internships, 76 per cent via online courses and 66 per cent via certifications.

Of the university partners surveyed, 42 per cent believe lack of preparation keeps students from bagging good placements, irrespective of the quality of the companies participating in the campus hiring.

The biggest challenge for the HR when it comes to campus hiring is the skill gap and the inability to discover the right talent. Therefore, for most recruiting managers and HR, the year 2024 will be all about looking for the best way to find, engage and assess quality talent.

That means, in terms of priorities, the topmost priority will be to attract and engage the best talent, followed by discovering the right talent, reducing the hiring time, prioritising upskilling and reskilling and ensuring skill-based hiring, in that order.

In addition to these, there will be increased focus on diversity hiring in 2024. A whopping 84 per cent of the HR fraternity feels that it is essential to provide equal opportunities to applicants across genders in order to make hiring more diverse and inclusive.

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The survey, encompassing over 4,000 employees across 10 countries, reveals a workforce motivated by purpose.  Nearly three-quarters (76 per cent) find their work meaningful, and a similar proportion (89 per cent) are energised by challenges and extra responsibility.  Furthermore, strong manager-employee relationships appear crucial, with 72 per cent stating a good manager is essential for peak productivity.  Supportive managers are seen as fostering trust (84 per cent), valuing diverse perspectives (88 per cent), and empowering employees (86 per cent).

However, this engagement comes at a cost.  Despite efforts by organisations to promote work-life balance (85 per cent), a staggering 78 per cent of Indian employees experience burnout.  This disconnect highlights the need for effective strategies to manage workload and combat stress.  Interestingly, 64 per cent of employees would consider a pay cut for reduced hours, suggesting a growing prioritisation of well-being over financial gain.

A culture of trust and growth

The study underscores the importance of trust in fostering a positive work environment.  A remarkable 94 per cent of managers report trusting their employees, creating a foundation for collaboration and innovation.  This trust extends to career development, with 88 per cent of managers actively supporting employee aspirations.

Open communication also emerges as a key factor.  Nearly all employees (91 per cent) feel well-informed about leadership decisions, and a similar proportion (87 per cent) observe effective conflict resolution within their teams.  Furthermore, initiatives promoting diversity and inclusion appear widespread, with 68 per cent of employees experiencing an inclusive workplace culture.

Motivation beyond the paycheck

The survey delves into factors driving employee productivity.  While competitive salaries remain important, a strong desire to work on meaningful projects (92 per cent) and a positive team environment (92 per cent) are even more motivating.  Additionally, recognition for achievements is crucial, with 93 per cent of employees more likely to go the extra mile when their work is acknowledged.

The growing prevalence of Employee Resource Groups (ERGs) is another positive development.  The study finds that 91 per cent of employees with access to ERGs feel supported and encouraged to perform at their best.

While fostering a culture of trust, purpose, and growth is critical for engagement, addressing employee burnout remains paramount.  Strategies to manage workload, promote well-being, and prioritise work-life balance are essential for creating a truly successful Indian workplace.

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So how can India improve the quality of jobs? The Report by the International Labour Organisation (ILO) and the Institute of Human Development puts forward three suggestions:

1. Invest in and regulate sectors likely to be important sources of jobs for the youth of the country, such as the care sector and digital economy. Of course, the quality of jobs will remain a challenge and will have to be addressed.

2. Create an inclusive urbanisation and migration policy. As per the report, the country, in all likelihood, will face a higher rate of urbanisation and migration in the future. Most of these migrants will naturally be youngsters. After all, youngsters are increasingly looking for decent jobs and means of earning a livelihood. This will urge them to move to urban areas where they will have more opportunities to realise their dreams. That means, an inclusive urban policy will be required to address the needs of migrants, women and impoverished young people in India. The number of Indian youth migrating abroad is also on the rise. A whopping 3.5 million people migrated in search of job opportunities in the 2010 and 2021 period. Therefore, a migration policy to support them is a must.

3. Secure a strong supportive role of labour policy and labour regulation by ensuring a minimum quality of employment and basic rights of workers across all sectors.

The report suggests that India should look at overcoming labour-market inequalities. It is not just enough to create good-quality employment. Jobs need to be supplemented by measures that reduce the stark inequalities in the labour market.

Some recommendations suggested by the report are: crafting policies that boost women’s participation in the labour market with quality work; embracing different strategies to tackle the problems of youths not in employment, education or training, including those who are unemployed and youths (mainly women) who have opted out of the labour force for a variety of reasons; Imparting quality and mainstreaming skills in education for inclusion of socially and economically poorer groups and to improve employability. The quality of education needs to be augmented at all levels, with equitable access to all sections of society and in all regions; improving information and communication technology access and bridging the digital divide; creating a non-discriminatory labour market;adopting regional-level policy approaches to reduce labour-market inequalities across regions and states.

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The truth is, students are not happy with the outcomes of campus placement drives. Recruiters are not happy either. Both feel hiring platforms give better results than campus hiring drives.

On the other hand, most of the university partners (88 per cent) feel that students are placed better via competition-led on-campus opportunities.

If students are dejected that there is no hiring happening right now, they may be mistaken. The reality is that 81 per cent of HR departments are hiring. Only 19 per cent are not hiring right now. As per the survey among the 19 per cent of HRs that are not hiring presently, 11 per cent are not doing so because of a hiring freeze, while eight per cent actually have no vacancies to hire for. A significant 75 per cent have seen no change in hiring volume.

What students and job seekers need to keep in mind is that 88 per cent of HRs prefer skills over experience, academics, or references. Students realise this too.

Interestingly, more than 50 per cent of students surveyed feel they will not land jobs in the field of their preference. Three out of five students choose job security over salary increments.

As per the survey results, maximum hiring is happening in the tech sector. About 25 per cent of e-school students, 62% of b-school students and 26 per cent of arts, science and commerce students already have jobs or have received a job or internship offer. About 35 per cent of these have offers from the tech sector.

When it comes to salaries, b-schoolers are far ahead of e-schoolers with Rs 20 lakh per annum. The average salary of e-schoolers fell to about Rs 6 lakh to to Rs 10 lakh per annum.

While about 46 per cent of postgraduate b-schoolers did not receive any job offers at all, nine per cent received less than Rs 6 lakh per annum average salary, followed by eight per cent with Rs11-15 lakh per annum, eight per cent with Rs 16-20 lakh per annum and 20 per cent with over Rs 20 lakh per annum.

Forty-eight per cent of undergraduate e-schoolers and those from arts and science background received no offers. Twelve per cent received Rs 2 to Rs 5 lakh per annum, while 19 per cent were offered salary in the range of Rs 6 to Rs 10 lakh per annum, 10 per cent received Rs 11to Rs 15 lakh per annum, three per cent were offered Rs 16-18 lakh per annum, and only eight per cent were offered over Rs 18 lakh per annum.

This Talent Report 2024 was based on responses gathered from over 11,000 students, university partners and human resource practitioners. Of the participants of this survey by Unstop— the talent discovery, engagement and hiring platform—60 per cent were men and 40 per cent women. About 44 per cent of the HR practitioners were from the tech sector, followed by 10 per cent from e-commerce and startups, nine per cent from FMCG, eight per cent from BFSI/fintech, eight per cent from manufacturing, seven per cent from healthcare and 14 per cent retail, media, mobility and other sectors.

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The survey of nearly 3,150 employers reveals a marginal decrease from the previous quarter’s 37 per cent but a significant 6 per cent increase compared to the same period last year. This positive outlook aligns with government initiatives fostering growth in sectors like healthcare, life sciences, and renewable energy.

“This is a testament to India’s capabilities and demographic dividend,” said ManpowerGroup India and Middle East Managing Director Sandeep Gulati. “We are well-positioned for further growth with a strong talent pool and a robust educational infrastructure.”

Regional and industry variations

Hiring intentions vary across India’s regions. Northern India leads with a +40 per cent NEO, followed by the West (35 per cent), South (33 per cent), and East (30 per cent). All regions show positive growth compared to last year.

Industry size also plays a role. Very large organizations (1,000-4,999 employees) report the strongest hiring intentions (44 per cent), followed by large organizations (250-999 employees) at 43 per cent and large enterprises (5,000+ employees) at 40 per cent. Micro businesses (0-10 employees) show the most significant increase (15 per cent) compared to last year, followed by medium businesses (50-249 employees) at 10 per cent.

Sector-wise, healthcare and life sciences (44 per cent) remain the leader in hiring intentions, followed by communication services ( 43 per cent) and Information Technology (41 per cent). Energy and Utilities show the weakest outlook (20 per cent).

Talent shortage hurdles growth

Despite optimism, a significant challenge persists: talent shortages. A staggering 80 per cent of companies report difficulty finding skilled workers. This highlights the need for continued efforts to bridge the skills gap and expand the talent pool.

Global comparison

India’s 36 per cent NEO far surpasses the global average. The US and China follow closely at 34 per cent and 32 per cent, respectively. Notably, Japan (11 per cent) and Taiwan (12 per cent) show the most cautious outlooks globally.

The ManpowerGroup survey underscores India’s strong position in the global hiring landscape. While talent shortages pose a hurdle, the government’s focus on key sectors and a growing talent pool position India for continued economic growth in the coming quarters.

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The hiring expectations for the Netherlands stands at 32 per cent, for South Africa at 29 per cent, for Switzerland at 29 per cent, for Mexico at 27 per cent, for Singapore at 24 per cent, for Finland at 23 per cent, for the UK at 23 per cent, Belgium at 22 per cent and Canada at 22 per cent.

Japan exhibits a hiring expectation of 11 per cent, while Australia’s is 19 per cent. Israel’s hiring expectation is understanding -1 per cent, while Romania’s is -2 per cent.

The survey covered 40,385 employers from 42 countries and asked them about their second-quarter hiring intentions.

Net Employment Outlook (NEO) is calculated by subtracting the percentage of employers who anticipate reductions to staffing levels from those who plan to hire. The percentage now stands at 22 per cent.

While the oulook remains steady in all regions, 31 per cent employers in North America reported the strongest hiring intentions, followed by 27 per cent in the Asia-Pacific, 19 per cent in South and Central Americas , and 15 per cent in Europe, the Middle East and Africa.

Employers in 12 countries admit to a stronger hiring outlook compared with the same period last year. India’s hiring outlook has improved by six per cent for April-June year-on-year. For Hungary, there has been a five per cent improvement, while for Belgium and the US there has been a four per cent improvement each.

In terms of hiring expectations by company size, it is 13 per cent for those with less that than 10 employees, 16 per cent for a workforce of less 10 to 49 employees, 23 per cent for 50-249 employees, 27 per cent for 250 to 999 employees, and 23 per cent for companies with over 5,000 employees.

In terms of industries, the global employment outlook is the strongest for the information technology (IT) space for the sixth consecutive quarter. However, it was one per cent less than the first quarter of 2024.

The employment outlook is 34 per cent for IT, 29 per cent for financials and real estate, 26 per cent for healthcare and life sciences, 21 per cent for industrials and materials, 18 per cent for consumer goods and services, 18 per cent for energy and utilities, 16 per cent for communication services and 16 per cent for transport, logistics and automotive industries.

Europe, the Middle East and Africa exhibited the lowest hiring expectations at 15 per cent, which is four per cent less than it was in the same period last year, and six per cent less than the first quarter of 2024.

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The report underscores a significant positive shift, with 77 per cent of respondents noting an increase in the representation of women in leadership roles compared to previous years.
The study, based on surveying 2 lakh women, conducted in Mumbai on 7 March, 2024, highlights the noteworthy trend towards gender equality in contemporary work environments.

Despite persistent challenges such as biased advancement, micro-aggressions, and pay disparities, the growing presence of women in leadership positions signals progress towards achieving gender equality in the workplace.

Notably, 59 per cent of women now perceive equal workplace opportunities as men, indicating a changing landscape towards workplace parity.

The report identifies work-life balance as a pivotal obstacle hindering women’s career advancement and breaking the glass ceiling, as highlighted by 70 per cent of respondents. This emphasises the necessity for comprehensive strategies that acknowledge and address the intricate interplay between professional and personal responsibilities in modern workplaces.

Additionally, the study sheds light on the challenges faced by women returning to work after a hiatus. Issues such as technological unfamiliarity, concerns about skill degradation, and difficulties in finding suitable job opportunities emerge as significant barriers, hindering women from realising their full potential in the workplace.

Amid these challenges, the report points to encouraging signs of progress in diversity and inclusion efforts within organisations. Supportive leadership, gender-inclusive hiring practices, and diversity initiatives contribute to the positive trend observed, with 78 per cent of respondents acknowledging the benefits of having more women in leadership roles for promoting workplace diversity and inclusion.

Furthermore, to address the persistent biases faced by women, including limited growth opportunities, micro-aggressions, and pay disparities, 55 per cent of respondents advocate for specialised upskilling programmes for women returning to work after a career break.

However, despite the inclination of 65 per cent of women to invest in upskilling and career development, lack of time is cited as the primary barrier by 69 per cent of respondents.

In line with its commitment to address these challenges and promote gender equality, Hero Vired has introduced the #EmpowerHer scholarship, offering a 25 per cent scholarship to women learners in March. This initiative aligns with Hero Vired’s mission to empower women through tailored upskilling programmes and diversity initiatives, breaking barriers and fostering gender equality in the modern workforce.

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The survey reveals that only a mere 27 per cent of knowledge workers admit to enjoying a healthy relationship with work.

Why is this a concern? Well, strained relationships with work spell harm for business, as well as the employees. Not only does productivity fall at the workplace, employee morale, retention and engagement also suffer.

When their relationship with work is not how they want it to be, 34 per cent knowledge workers with unhealthy work relationship admit to being less productive at work, while only 23 per cent of those with healthy work relationship feel the same way.

Similarly, 39 per cent of workers with unhealthy work relationship are disengaged with their work, while only 22 per cent with a healthy work relationship are disengaged.

While 38 per cent workers with unhealthy work relationship feel disconnected from their organisation, only 22 per cent with a healthy work relationship feel the same way.

Unhealthy relationships with work also affect the mental, emotional and physical well-being of employees. A significant 62 per cent admit to experiencing the ill effects on physical health, with them consuming junk food, avoiding workouts/exercise, sleeplessness and weight gain.

Mental well-being is adversely impacted due to unhealthy work relationships, with 55 per cent admitting to experiencing lower self-esteem, feeling like a failure and gripped by a sense of isolation.

Daily life takes a toll too, as 48 per cent of the respondents said they felt so emotionally or physically drained due to their unhealthy relationship with work that they couldn’t complete their personal work.

About 59 per cent said they experienced so much lack of motivation that their passions took a backseat; that they lost interest in their personal hobbies and life beyond work. About 45 per cent thought it had a negative effect on their relationships with their parents, friends and even romantic partners.

Fifty-eight per cent of knowledge workers said their expectations of their relationship with work have increased in the last two or three years. In fact, a good 71 per cent of knowledge workers in growing economies said their expectations of how they are treated by their work and workplace have increased over the past couple of years. In mature economies, 50 per cent of knowledge workers said their expectations have increased over the past few years.

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Most women do not see any likelihood of the gender pay gap being bridged in the next one decade. Over 50 per cent feel that the gender pay gap will take five decades to close. Alarming indeed! About 28 per cent do not expect the pay gap to close in the next five years, while 17 per cent don’t see it happening in 10 years. A small percentage (nine per cent) think it very unlikely for the gender pay gap to close in the next 25 years, while eight per cent think that even 50 years isn’t enough to close the gender pay gap. Then there are about nine per cent that have given up all hope, for they do not think the gap will close EVER!

Is there any hope?

The success rate of countries in closing the pay gap has not been worth mentioning. Although measures have been adopted by the countries, employers and industries of the world in varying degrees to bridge the gap, women are far from satisfied with them. Only about 36 per cent women are satisfied with the steps taken by their employers in this direction, while only 25 per cent are satisfied with the actions taken by their industry. An even lower percentage (16 per cent) is satisfied with the actions taken by their country to close the gender pay gap.

This certainly speaks volumes about the lack of commitment and seriousness on the part of employers and governments in working to close the gender gap.

The Future of Women in the Workplace report further corroborates this fact. As per the findings of the report, women, worldwide, have been struggling to be paid what they deserve. In fact, 82 per cent of women across the world consider pay for value a very important issue. About 56 per cent of women, globally, admit they are not paid enough, while 57 per cent feel their total compensation is way too low.

More than 50 per cent of the women surveyed say their base salary is not adequate. The highest proportion of women who feel this way is in France, and the lowest in India.

While 43 per cent of women professionals in India say they are not paid enough, 56 per cent of women in Australia feel the same way, 73 per cent in France, 65 per cent in Canada, 50 per cent in the US and 59 per cent in Singapore.

Only 48 per cent of women in India feel they are paid the right amount. The figure is lower for Australia, at 44 per cent, even lower for the US at 42 per cent, followed by Singapore (33 per cent), Italy (32 per cent) and Canada (31 per cent).

A mere six per cent Indian women say they are paid too much, while in Australia only five per cent share the same feeling.

But not all women have lost hope. About 54 per cent of women surveyed believe the gender pay gap will close in the next 50 years. This feeling of hope is rather high among respondents in India, with a whopping 71 per cent optimistic about this. About 64 per cent women in the Netherlands and 60 per cent in Australia share the same optimism.

It is high time governments and employers went beyond debates and discussions. A special day of celebration on 8 March is not what women are looking forward to. Putting off focusing on closing gender pay gap till the next International Women’s Day will not do either. Employers and governments need to act, now!

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Out of the FTSE 250 companies looked at, 73 per cent now have at least one director from an ethnic minority. This is a big jump from 55 per cent last year.

The study also found that women now have 42 per cent of board roles in the FTSE 100. This is a bit higher than the figure for 2022 ( 40 per cent)and in 2021 (39 per cent). While 35 companies have yet to attain the government-backed FTSE Women Leaders Review’s target of a minimum 40 per cent female representation on boards by 2025, every FTSE 100 company now includes two or more women on their boards.

Among the FTSE 350 companies analysed, the sectors with the highest proportion of directorships held by women include oil, gas and chemicals (47 per cent), food and beverage (47 per cent) and media (46 per cent).

Since 2022, the Financial Conduct Authority’s Listing Rules mandate listed companies to disclose their adherence to specific diversity targets. This also includes the inclusion of at least one board member from an ethnic minority background. Only three of the FTSE 100 companies assessed in the Annual Reporting and AGMs study fell short of meeting this target.

The government-supported Parker Review, introduced in 2023, recommends that each FTSE 100 and FTSE 250 board should include at least one director from an ethnic minority by 2024. Additionally, companies are urged to establish a percentage target for senior management roles held by such executives by the close of 2027.

The report indicates that on an average, women now occupy 40 per cent of board positions across FTSE 350 companies, achieving this milestone two years ahead of the 2025 target. Seventy-six companies in the FTSE 350, comprising 40 FTSE 100 and 36 FTSE 250, have met the Listing Rules targets for women’s representation on the board, inclusion of at least one woman in a senior board position, and the presence of at least one director from an ethnically diverse background.

While the number of women directors on FTSE 100 boards continues to rise, the report indicates that the proportion of women in executive positions remains relatively low at 19 per cent in 2023 and 16 per cent in 2022. In companies listed on the Alternative Investment Market, women hold 24 per cent of board positions, showing a slight increase from 20 per cent in 2022 and 2021, while 11 per cent of these companies have no women directors on their boards.

To address these gaps, the report highlights the growing emphasis on ensuring a diverse and inclusive talent pipeline at the executive level.

FTSE companies refer to the companies listed on the Financial Times Stock Exchange (FTSE) indices. The FTSE indices are a series of stock market indices that measure the performance of companies listed on the London Stock Exchange.

The most well-known indices include the FTSE 100, which consists of the 100 largest companies listed on the London Stock Exchange by market capitalisation, and the FTSE 250, which includes the next 250 largest companies after the FTSE 100.

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Tier 1, 2, and metro cities boast higher hiring intentions but also experience higher employee turnover (26-27 per cent). Conversely, Tier 3 and 4 cities, with lower hiring activity, see a lower attrition rate (20 per cent). This suggests a potential link between access to opportunities and higher turnover, with younger employees in these cities (average age 34, tenure: 1.1 years) tending to move on more frequently compared to their established-location counterparts (average age 36, tenure: 1.7 years).

Interestingly, incentives emerge as a surprising factor influencing retention. While the salary gap between active and departed associates is negligible, the incentive gap is significant, highlighting incentives as a more substantial predictor of attrition than salaries. The Teamlease Services report reveals that high performers leaving (21 per cent) often exceeded the company’s average incentive, highlighting its crucial role. Conversely, non-performers leaving (39 per cent) received no incentives. This underscores the importance of well-structured incentive programmes for retaining valuable employees.

However, a concerning gender gap persists. Women represent only 13 per cent of the workforce (around 390,000), with an even lower presence in leadership roles (18 per cent). This calls for efforts to promote diversity and inclusivity, not just ethically but also to tap into a diverse talent pool.

Regionally, the average CTC is highest in the South, with a negligible salary gap between active and departed employees. However, the gap in incentives is substantial, indicating their stronger influence on retention compared to salaries.

Looking ahead, the report emphasises the need for FMCG companies to embrace technology, innovation, and address evolving complexities and consumer demands. Additionally, fostering diversity, minimising attrition, and enhancing workforce productivity are crucial for navigating market uncertainties and achieving sustained success.

The robust hiring activity signifies a positive outlook, but addressing the gender gap and implementing effective retention strategies, particularly focusing on non-monetary incentives, remain critical for long-term growth and a thriving future.

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The report underscores the dynamic nature of skill requirements, with 98 per cent of Indian employers acknowledging substantial shifts in the skills prioritised for potential job candidates.

While AI expertise remains valuable, employers are increasingly seeking candidates with strong communication, critical thinking, and problem-solving skills, alongside a continuous learning mindset. This finding challenges the common perception that AI will primarily necessitate technical expertise in the workforce.

The report further emphasises the growing importance of creating a culture of continuous learning within organisations. Companies are actively investing in various strategies, including offering online training programmes (53 per cent) and providing opportunities to experiment with AI tools (54 per cent), to equip their employees with the necessary skills for confidence and job security. This focus on learning is expected to translate into increased investments in upskilling and development opportunities.

Recognising the criticality of talent retention, the report also reveals that 48 per cent of Indian hiring managers prioritise providing career progression opportunities for existing employees. Additionally, offering competitive compensation and benefits (31 per cent) and facilitating skill development for future roles (38 per cent) are identified as crucial strategies for retaining top talent.

The research, conducted by Censuswide, spanned 15 countries and involved 4323 hiring managers in middle management roles, aged 18-77. The extensive data collection period ran from December 15, 2023, to January 4, 2024.

It shows that Indian job market is undergoing a significant transformation, with companies prioritising upskilling, fostering a culture of learning, and promoting internal mobility to thrive in the age of AI. This shift towards soft skills and continuous learning suggests a more nuanced approach to talent development, one that acknowledges the enduring importance of human capabilities alongside technological advancements.

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The Salary Guide 2024 by Adecco, goes beyond just salary expectations, revealing a shift in priorities among Indian professionals. Compensation and benefits emerge as the foremost influencers of talent movement, cited by 67 per cent of respondents, underscoring the significance of competitive packages in talent retention.

While competitive compensation remains crucial, factors like meaningful work (52 per cent weightage), career growth opportunities (48 per cent), positive company culture (45 per cent), and a healthy work-life balance (42 per cent) are gaining significant importance. This changing landscape necessitates a holistic approach to talent management, requiring organisations to create a positive and enriching work environment alongside offering competitive pay packages.

The report also identifies a growing demand for individuals with specialised skills critical in the digital age. Areas such as analytics, automation, cybersecurity, and digital marketing are experiencing a surge in demand, reflecting the increasing integration of technology into the workplace. Sectors such as AI, digital technology, finance, and human resources are expected to witness the most significant salary hikes, with professionals possessing these in-demand skillsets poised to benefit the most. Looking ahead, the anticipation of significant salary hikes ranging from 15 per cent to 40 per cent in sectors like Manufacturing, Electric Vehicles (EV), Engineering, and GCC underscores the buoyancy in the job market.

The report offers insights into the composition and trends within the Indian workforce. While a strong majority (69 per cent) hold full-time positions, indicating continued stability, the report also identifies a growing contract economy with 22.3 per cent employed in temporary or contract roles. This trend highlights the increasing flexibility desired by both employers and employees. Interestingly, the report also finds that 1.7 per cent of respondents are currently pursuing further studies or upskilling opportunities, demonstrating a proactive approach to career development among Indian professionals. The survey is based on insights from 600 professionals both – employers and employees in January.

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Destination diversification: Europe’s stock is soaring, driven by factors such as affordability, diverse cultural experiences, and relaxed immigration policies. Germany leads the charge, with 32.6 per cent of respondents favouring it, followed by Ireland and France. Canada, plagued by rising living costs and policy changes, sees a significant decline (9.3 per cent).

Affordability reigns supreme: The rising middle class, budget-conscious yet value-driven, seeks cost-effective options. Blended learning models and mid-range budgets (16-25 lakh) dominate. 66.5 per cent opt for education loans, often non-collateral, indicating limited access to other funding sources.

Master’s degrees lead the pack: 86.5 per cent of aspirants explore master’s programs, driven by career prospects and shorter program durations. This trend aligns with global preferences for specialised postgraduate studies.

Management degrees most sought after: Over half (55.6 per cent) desire MBA or other management degrees to hone leadership skills and access managerial roles. Computer Science and IT follow (28.7 per cent), reflecting the tech talent demand.

State board students take the lead: Contrary to popular belief, 56 per cent of aspiring international students come from state boards, challenging the perception that only English or IB boards pave the way for study abroad. Tier 2 & 3 cities fuel this aspiration, demonstrating wider accessibility.

Beyond migration: While ‘Permanent Residency’ motivates 19.9 per cent, ‘Better Jobs’ reigns supreme (45.7 per cent), highlighting the focus on career advancement through international education.

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Executers find action, influencers seek impact

Employees with dominant executing strengths naturally gravitate towards action-oriented strategies, driven by their achievement focus. While tackling tasks head-on can provide temporary relief, studies suggest that pausing to reframe their situation can be even more beneficial. Encouraging ‘executers’ to take time and identify positive aspects of their work can further alleviate burnout.

‘Influencers’, who thrive on making a difference, often turn to spending time with loved ones or reflecting on how their work aligns with future goals. However, the research reveals that exercising or recalling past successes offer even greater reductions in burnout for this group.

HR professionals can support Influencers by promoting physical activity programs and encouraging goal-setting exercises that connect daily tasks to long-term aspirations.

Relationship builders and strategic thinkers introspection and reframing key

Employees with dominant relationship building themes naturally empathise with others. While considering colleagues’ perspectives is commendable, it can inadvertently increase their own stress. Encouraging these individuals to focus on past coping strategies or practice relaxation techniques can bring more relief. Mindfulness training or workshops focused on managing empathy can be valuable tools for relationship builders.

‘Strategic thinkers’, accustomed to analysing situations, tend to take ‘time-outs’ when burned out. But the study suggests their burnout decreases most when they reframe challenges as opportunities for growth.

HR professionals can support ‘strategic thinkers’ by fostering a culture of open communication and encouraging problem-solving frameworks that view challenges as learning opportunities.

Beyond default: Expanding the burnout toolkit

While an individual’s natural coping mechanisms offer a starting point, they may not always be the most effective. Experimenting with different strategies can broaden resilience and equip employees for diverse situations.

For instance, ‘executers’ might benefit from reframing their thinking, and ‘relationship builders’ could discover the power of introspection. ‘Strategic thinkers’ can find additional relief by stepping away from work altogether. HR professionals can play a crucial role in encouraging employees to explore different coping mechanisms and identify those that work best for them.

Tailored strategies for a thriving workforce

By understanding the link between CliftonStrengths and burnout coping mechanisms, HR professionals can develop targeted interventions and programmes that address individual needs and preferences. This personalised approach can empower employees to combat burnout effectively, fostering a more engaged and resilient workforce.

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The study, drawing data from over 200,000 businesses worldwide, suggests a broader trend of AI integration in workplaces, as businesses seek to stay relevant and efficient. DeskTime CEO Artis Rozentals emphasises the likelihood of this trend persisting and deepening in the coming years.

In India, ChatGPT emerged as the most popular tool, used for an average of 129 hours per person, followed by GitHub (46 hours), Canva (40 hours), Bing (17 hours), and Amazon AWS (1.2 hours). This trend reflects the growing integration of AI across various tasks, from writing and design to coding and cloud computing.

Despite fears of AI replacing jobs, the data suggests a different reality. “Employees aren’t shying away from AI; they’re actively embracing it,” says Rozentals. “This suggests that AI is becoming an indispensable tool, augmenting human capabilities rather than replacing them.”

While India boasts the highest average usage time, it also leads in terms of total users with over 49,000 compared to Europe’s 13,000+ and the US’s 23,000+. This highlights the different stages of AI adoption across regions.

Looking ahead, experts anticipate continued growth in AI usage. The rapid adoption of ChatGPT, which reached 1 million users in just 5 days, demonstrates the potential for even deeper integration in the future. “This could pave the way for a hybrid human-AI workforce, where every deliverable is infused with the power of AI,” Rozentals concludes.

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Accounts professionals in North America seem least affected by the pace at which technological change is affecting their job, with only 40 per cent admitting to being overwhelmed by the same. In the Middle East, 52 per cent were overwhelmed by the same, while in China, only 42 per cent were so. The figure for the UK was even lower, with only 22 per cent admitting that they are “overwhelmed by the pace of change of technology impacting their job”.

An encouraging 79 per cent of employers appear excited by the opportunities offered by aritificial intelligence (AI). They are sure AI will help finance professionals add more value. However, three out of five employees continue to be worried about the rapidity of change.

In the survey that covered about 10,000 professional accountants from across 157 nations, including China, India, the US and the UK, were queried about their concerns pertaining to work in the future as well as aspirations in terms of career. This annual survey of finance professionals, by the Association of Chartered Certified Accountants (ACCA) examined the primary workplace issues including hybrid approach to work, diversity, mental health, mobility and inflation/cost of living.

Surprisingly, maximum number of Indian accounts professionals, that is, 58 per cent, were sure that their next career move would take them out of the organisation. Only 21 per cent said their next career move would be internal. In South Asia, which includes India, 59 per cent of the professionals interviewed said their next career move would be external, while only 20 per cent said it would be internal. About 54 per cent of accounts workers in Britain said their next career move would be external, while 23 per cent said it would be internal. The figures for China were 47 per cent and 25 per cent, respectively. In the Middle East, 63 per cent of professional accountants admitted that their next career move would be external, while 20 per cent said it would be internal. About 47 per cent of Chinese accounts professionals are sure their next move will be external, while 25 per cent said their career move would be internal.

About 63 per cent of the respondents admitted to mental health taking a beating because of pressure at work. Almost 50 per cent feel their employers fail to prioritise the mental health of their employees.

While 75 per cent of accounts professionals prefer the hybrid mode of work, many employers would still prefer full-time work from office.

A whopping 82 per cent of the respondents admitted that a strong diversity and inclusion (D&I) culture would be a pull factor when it comes to choosing an employer. At the same time, a significant 44 per cent of employees feel their organisation focuses more on certain aspects of diversity than others.

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This growth can be attributed to a surge in demand for digital marketing and analytics professionals. This surge is highest in Delhi/NCR stands, where the increase has been five per cent in the last one month, says the report.

There has been a seven per cent increase in demand for legal professionals over the past month. This surge in demand has been evident in particular because of increasing instances of mergers and acquisitions

With more organisations keen to leverage emerging technologies such as generative AI, the telecom/ISP sector has also witnessed significant growth in January 2024. There was an increase of five per cent in hiring demand in the banking, financial services and insurance (BFSI) space, especially in tech and human resources roles.

When it comes to work models, hybrid remains the most popular, says the foundit Insights Trackr. Employees still prefer flexibility and choose work-life balance. About 21 per cent of the current jobs follow the hybrid model, while only nine per cent opt for work-from-home (WFH). A good 44 per cent of the job seekers are looking for hybrid opportunities, 17 per cent are seeking remote-work opportunities.

Maximum remote jobs exist in the information technology (IT) space, which accounts for 44 per cent of not only permanent remote jobs but also temporary job postings online (31 per cent hybrid jobs and 13 per cent fully remote jobs).

There has been a marginal growth of one per cent in the hiring of associate roles requiring work experience four to six year. In case of mid-senior roles requiring seven to ten years of work experience, there was a slight dip in hiring demand. Senior-level roles with 11-15 years witnessed a marginal dip in hiring demand too. However, the demand for those with over 16 years of experience witnessed a marginal rise of one per cent.

In January 2024, the foundit Insights Tracker sensed a five per cent fall in hiring compared to the corresponding period in 2023.

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Outsourcing takes centre stage

One of the most striking findings is the increased reliance on outsourcing firms. While full-time hiring fell by 17.23 per cent, outsourcing companies saw a 26.77 per cent rise in their financial inflow. This trend is driven by startups seeking specialised expertise and optimising costs, particularly in departments such as technology, sales & marketing, and logistics & operations.

Gender pay gap narrows

In a positive development, the average salary for full-time female employees grew by 9.13 per cent, compared to 8.87 per cent for males. This indicates progress towards gender pay equity, a long-standing challenge in the industry.

CXO hiring slowdown

However, the report also reveals a decline in CXO and senior executive hiring, down by 25 per cent and 37.63 per cent respectively. This suggests that startups are exercising caution at the leadership level, potentially due to economic uncertainties.

Departmental divergence

Despite the overall dip in full-time hiring, some departments bucked the trend. Sales and marketing witnessed a 23.24 per cent growth, followed by finance (21.45 per cent). This indicates that startups are prioritising areas crucial for growth and stability.

Salary trends

Finance and HR emerged as the top earners, with salaries rising by 11.06 per cent and 8.90 per cent respectively. Overall, salary growth across sectors averaged 7.03 per cent.

Shifting landscape

Ayush Bansal, VP & general manager, RazorpayX, comments on the trends, “The data reflects a growing inclination towards outsourcing for efficiency and capital utilisation. While CXO hiring declined, the commitment to diversity is evident in the rising salaries for women employees.”

The RazorpayX Payroll report paints a picture of a resilient Indian startup ecosystem adapting to changing circumstances. The rise of outsourcing, focus on key departments, and progress towards gender pay equity suggest a dynamic and evolving workforce landscape. As startups navigate the ever-changing business environment, these trends are likely to shape the future of Indian tech.

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It also reveals how more organisations and employers across the globe are keen to adopt flexible workforce models, which allow them to access and leverage specialised skills and scale their teams dynamically. In other words, with increased adoption of flexible workforce solutions, companies are able to hire talented workers with specialised skills on the basis of specific projects.

As per the Mercer Mettl study, 59 per cent of organisations reaped the benefits of the gig economy by hiring one or more freelancers or contract workers. About 22 per cent of the respondents, including 7,500 HR leaders, admitted to embracing the gig economy saying that 40 per cent or more of their new hires were freelancers or contractors.

For any organisation, having employees from across multiple cities and nations working for them helps increase the depth of experience they are able to welcome into the organisation. About 61per cent of organisations realised this as they hired one or more remote workers in the last one year. This is in reponse to the evolving workforce preferences and the ongoing impact of global events.

Remote hiring helps employers reach out to a broader talent pool, with diverse skill sets, irrespective of their geographical location. This shift is also reflective of a transformative approach to talent acquisition, with focus on flexibility and adaptability.

About 18 per cent of organisations were inclined towards remote work and willing to hire 50 per cent or more of their new workforce in remote positions. Clearly, more organisations are accepting hybrid and virtual work models, allowing companies to access global talent pools and keep pace with the evolving workplace dynamics. Traditional hiring practices are also changing giving way to a growing prevalence of “remote work as a cornerstone of organisational strategy” said the report.

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Are job sites the only source of reliable hiring? Not really. About 11 per cent of the over 7,500 human resource leaders from across 48 countries and over 50 industries who were part of the Mercer Mettle survey admitted to depending on referral programmes. About seven per cent said they relied on social-media post, while six per cent said internal mobility was their go-to hiring channel. About six per cent referred to their company website for candidates.

Why do companies depend so much on job sites?

Well, these platforms act as hubs for companies to showcase vacancies and opportunities to an enormous pool of active and passive job seekers. The job seekers themselves find it convenient to access opportunities and present their candidature and profiles to a wide range of companies and employers.

The Mercer Mettle Global Talent Acquisition Insights 2024 report says that job sites are not merely websites with job postings. They serve as active ecosystems where companies/employers meet with job seekers/candidates, and vice versa. It is a common ground for talent seekers and job seekers to benefit from each other.

Employee-referral programmes are the second most popular hiring channel. After all, existing employee networks are a trustworthy way of finding suitable and qualified candidates. They also ensure that the candidates are good cultural fits.

In 2023, organisations did hire, but they hired with great caution reveals the report. About 56 per cent of the companies admitted that their hiring had dropped or had stagnated. Out of these, about 54 per cent were large corporations.

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Accenture, in its prescient report ‘Work, workforce, workers: Reinvented in the age of generative AI’, conducts the orchestra, revealing a future where humans and machines collaborate in a breathtaking concerto of productivity and progress.

The good news

GenAI is creating more jobs, not destroying them. Accenture expects that 44 per cent of working hours in the US could be automated or augmented by gen AI, freeing up human minds for more creative and strategic tasks. This translates to a potential $10.3 trillion boost to the global economy by 2038.

The opening bars are economic allegro. Accenture predicts GenAI will inject a staggering $2.6 trillion to $4.4 trillion into the global GDP annually, a figure surpassing the economic might of the United Kingdom. This isn’t a fleeting flourish, but a sustained crescendo, projected to reverberate for years to come.

Organisations embracing GenAI witness a 12 per cent surge in completed tasks, a 25 per cent tempo increase in completion times, and a 40 per cent crescendo in work quality. This isn’t a theoretical aria; it’s the palpable reality businesses are experiencing already, the music of efficiency ringing in their ears.

The catch

The jobs of the future won’t be the same as today’s. As routine tasks get automated, workers will need to adapt and upskill to embrace new roles that leverage the power of GenAI. Accenture highlights ‘Reinventors’ – leading organisations already reshaping their workforce around GenAI, with some anticipating productivity gains of 20 per cent or more in the next three years.

Key findings:

Economic boom: GenAI could unlock over $10.3 trillion in additional economic value by 2038 if adopted responsibly across industries.

Productivity boost: Organisations adopting GenAI at scale can expect productivity gains of 20 per cent or more within three years.

Work reinvented: Routine tasks will be automated, freeing up human potential for more creative and strategic work.

Workforce Reshaped: New jobs will emerge, while existing ones will be transformed, requiring significant upskilling and reskilling.

Building trust is key

The study identifies a crucial hurdle – a trust gap between leaders and workers regarding GenAI. Many workers worry about job displacement and lack faith in their organisations to handle the change responsibly. To bridge this gap, Accenture emphasises transparency, open communication, and active employee involvement in reskilling and redesigning work processes.

Leaders must engage in open communication, addressing employee concerns about automation and displacement. Data privacy, bias, and the responsible use of AI become not mere footnotes, but guiding principles, woven into the very fabric of the composition. As Accenture reminds us, “The future of work is not about humans versus machines; it’s about humans and machines working together.

The human factor

While automation might be taking over the mundane, the heart of work will remain deeply human. “GenAI isn’t about replacing people with technology,” says the study, “but elevating work and enhancing people’s experiences so they feel Net Better Off.” Organisations that prioritise employee well-being and cultivate a supportive environment for gen AI adoption are more likely to see success.

HR transformation

But the conductor’s baton doesn’t rest. Human resources departments face a critical movement, a codetta of reskilling and upskilling. The traditional recruitment and retention rondo needs a radical revision. Reskilling programs become the new manifesto, ensuring workers not only survive but thrive in this evolving orchestral arrangement.

The bottom line

The arrival of GenAI marks a new era for work, filled with both challenges and exciting possibilities. By focusing on human-centric approaches, investing in people, and building trust, we can harness the power of this technology to create a future where work is more meaningful, productive, and rewarding for everyone.

Challenges and Opportunities:

Trust Gap: Only 5 per cent of organisations are actively reskilling their workforce, despite 94 per cent of workers saying they’re ready to learn new skills for GenAI. This mismatch in preparedness creates a trust gap between leaders and employees.

Net Better Off: Organisations that prioritise employee well-being and make them feel valued are twice as likely to have employees comfortable with gen AI.

Reinventors Lead the Way: 9 per cent of organisations, dubbed ‘Reinventors;, are already actively redesigning work processes and roles around gen AI. They are seeing significant success, with 2x the productivity gains compared to other organisations

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So, what were the other challenges for organisations in 2023? As per the Mercer Mettl Global Talent Acquisition Insights 2024, the bygone year presented many other challenges for hirers, in addition to attracting top-tier talent. These insights from over 1,000 CXOs or those from even higher ranks can be valuable for HR leaders in the new year.

At least 37 per cent of the 7500 HR leaders who were part of the study, from over 48 countries and over 50 industries, said that attracting top talent was tough. This is understandable because of the increased competition for skilled professionals, which made them scarce. In addition, things were made more difficult due to evolving workforce expectations, which necessitated strategic employer branding and compelling employer-value propositions (EVP).

The second biggest challenge was the budget at their disposal, admitted 21 per cent of the respondents, who found it hard to balance financial considerations with the need to attract high-caliber candidates in a highly competitive hiring environment.

About 14 per cent said the changing job market made things difficult for them when it came to recruitment. Eleven per cent found it challenging to build a diverse workforce. Mismatched skills troubled ten per cent of the HR leaders and recruiters, while three per cent grappled with disjointed recruitment experience.

About 43 per cent of organisations believe that focusing on candidate experience matters the most. About 85 per cent of mid-sized companies posted least volatility in terms of hiring and no layoffs.

A whopping 76 per cent of organisations, as per the report, said that communication skills was the top skill they looked out for while hiring candidates. Data science jobs appear to be most in demand across organisations.

A good 60 per cent of companies believe building a strong employer brand is the future of hiring.

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A recent online survey of 1,262 British employees (both part time and full time), conducted by Beyond, a UK-based HR consultancy, in partnership with Opium polling institute,  revealed that a whopping 30 per cent of employees deliberately avoid the office when their boss is in.

This self-imposed exile isn’t about laziness or Netflix marathons – these workers say they’d gladly trade their home turf for the office if it weren’t for the looming presence of their superiors.

So, what’s driving this boss-avoidance phenomenon? Is it the fear of the dreaded micromanaging gaze? Or the awkwardness of small talk at the office water cooler? The survey hints at a deeper yearning for autonomy and trust.

In the hybrid work era, ‘helicopter management’ simply won’t fly. Employees, accustomed to the freedom of remote work, chafe under the constant supervision of a hovering boss. Monitoring tools and check-ins may keep tabs on progress, but they do little to foster trust or engagement.

The answer, then, lies not in control, but in empowerment. Managers, it seems, need to trade their clipboards for coaching manuals, shifting their focus from results to fostering a culture of trust and autonomy. This means giving employees the freedom to work where they feel most productive, whether it’s the bustling office hub or the quiet haven of their home office.

But the lure of the remote life isn’t solely driven by boss aversion. The rising cost of living, a bane of our times, is pushing many towards the financial comfort of working from home. And who can blame them? Commuting costs add up, and a well-equipped home office can be a far cry from the often-chaotic reality of open-plan offices.

Speaking of which, perhaps the office itself deserves a makeover. The survey suggests that 38 per cent of employees yearn for a workspace that inspires them, not just houses them. Think ergonomically-designed furniture, noise-cancelling havens, and spaces that cater to diverse working styles. A workplace that feels like an extension of home, not a sterile corporate outpost, might just be the key to luring employees back from their remote refuges.

So, the next time one sees an empty office, it’s time to remember, the culprit may not be laziness or disengagement. It could be a boss-avoidance strategy, a financial necessity, or simply a yearning for a workplace that feels more like home. The solution? It’s not about forcing people back, but understanding their needs and creating a space that truly inspires them to come, to stay, to thrive.

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What do the employers feel? Well, a good 48 per cent of them admit that work conditions do contribute to their employees’ happiness. On the other hand, 39 per cent of employers hold the overall wellbeing of employees accountable for their employees’ happiness. A small percentage (about 13 per cent)of employers feel that the personal lives of employees keeps them happy.

In the employees’ opinion, 11 per cent say that the workplace may contribute to their happiness. About 31 per cent does not feel that the workplace contributes to their happiness at all. However, a good 58 per cent of the workforce feels that workplace does contribute to their happiness.

Lack of happiness affects their mental and physical health admit 84 per cent of employees. About 74 per cent employees feel if happiness is diminished, it affects their sense of purpose. About 73 per cent employees feel lowered happiness impacts their enthusiasm and creativity. A good 63 per cent of employees admit that diminishing happiness adversely affects their relationships and social connections.

Why are these stats important? Well, employees with good physical and mental health will obviously be at their productive best. They are also more likely to attend office regularly and less likely to take medical leave. Such employees create a more healthy workforce and more positive workplace. They are also likely to enjoy better work-life balance. Also, happier employees with a strong sense of purpose will be motivated to stay committed to the organisational goals.

While about 70 per cent of employees in India exhibit varying degrees of happiness at work, 13 per cent of these are ‘very happy’. About 24 per cent claim to be ‘happy’, while 33 per cent are ‘happy sometimes’. About 30 per cent say they aren’t happy at their workplaces, while a majority of these, that is, 26 per cent are ‘unhappy’ and four per cent are ‘very unhappy’, says the Happiness Index.

Clearly, it is high time organisations recognised their employees’ sentiments. After all, happy employees will be more motivated to meet business goals.

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The findings of the study reveal a fascinating paradox: the majority of Indian employees prefer coming into the office five days a week, but with a significant twist – they want the freedom to choose when and how they work within that framework. This preference for “flexible work” is not simply about the convenience of working from home occasionally; it represents a deeper longing for trust and empowerment in the workplace.

In an era of ever-increasing connectivity, employees are no longer content with being micromanaged. They want to be trusted to manage their own time and responsibilities, and they believe that flexibility is the key to unlocking their full potential. This shift in attitude reflects a growing awareness of the importance of work-life balance and the detrimental effects of stress and burnout.

For organisations, the implications are significant. Embracing flexible work arrangements is no longer a “nice-to-have” but a vital step in attracting and retaining top talent. By implementing policies that empower employees with the freedom to choose their work schedule and location, companies can create a more engaged, motivated, and ultimately, happier workforce.

The Happiness Research Academy’s findings point to a future where the traditional five-day, nine-to-five workweek becomes a relic of the past. Instead, a new model will emerge – one that prioritises trust, flexibility, and employee well-being, paving the way for a more productive and fulfilling work experience for all. This shift will require a fundamental change in organisational culture, one that embraces agility, collaboration, and performance-based evaluations. Companies that successfully navigate this transformation will be positioned to thrive in the ever-evolving landscape of work, unlocking a competitive advantage in the process.

So, while the headline may proclaim “Forget Remote Work,” the true message is far more nuanced. Indian employees are not asking to abandon the office altogether; they are simply asking for the freedom to work smarter, not harder. This is not a rejection of the traditional model but rather an evolution towards a more balanced and sustainable future of work. By embracing the power of flexible work, Indian companies can unlock a new era of prosperity, where employee happiness and organisational success are not mutually exclusive but rather two sides of the same coin.

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The adoption rate of AI varies from generation to generation. For instance, the adoption rate among Gen Z is about 37 per cent, with Millennials also close by at 35 per cent. The percentage is relatively low with Gen X ( 25 per cent )and Boomers 17 per cent.

The survey, interestingly, noted that AI usage is more prevalent among workers of colour, with 41 per cent of Asians, 38 per cent of Blacks, and 36 per cent of Hispanics having employed AI software, contrasting with 23 per cent of white workers. Industry wise, consulting and research with 45 per cent, business support and logistics with 43 per cent, finance and financial services with 40 per cent, and technology with 42 per cent, witness the highest AI utilisation.

Workers incorporating AI into their tasks predominantly view the technology positively, attributing a boost in productivity. A significant 72 per cent of AI users report enhanced productivity, while only 28 per cent cite negative impacts.

Despite the positivity, the survey revealed that employee concerns about AI’s repercussions on job stability persist among 42 per cent of workers. The worries are more pronounced among individual contributors with 44 per cent compared to managers or higher-ups with 38 per cent.

Interestingly, those earning less than $50,000 annually express higher levels of concern, as high as 47 per cent, than those earning between $50,000 and $99,999 with 39 per cent or $100,000 or more with 36 per cent.

Shifting focus to financial benefits, a mere 31 per cent of workers report access to financial coaching or advising at their workplace. Among financial perks desired by employees, fully- paid healthcare premiums top the wishlist at 51 per cent, followed by 401(k) matching (37 per cent), reimbursement for health facilities or gyms (27 per cent) and onsite free food (26 per cent).

Generation Z workers (18-24) place high value on free food with 42 per cent and fully-paid healthcare premiums with 41 per cent, while Millennials and Gen X prioritise free food less (29 per cent and 21 per cent, respectively).

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Computer science graduates were the second most employable with 66 per cent from this domain found to be highly skilled. While 64.67 per cent of BE/BTech test takers emerged highly employable, 64.63 per cent MCA candidates came out to be highly employable. That means, there is no dearth of quality engineering and computer applications talent among India’s youth.

The eleventh edition of the India Skills Report (ISR), based on a survey of over 3.8 lakh candidates who took the WNET, reveals that the overall employability of youngsters has improved to 51.25 per cent because over 51.25 per cent of those who took the test across various domains scored at least 60 per cent.

Of those with BPharma degrees who took the WNET, 54 per cent scored above 60 per cent marks across all states, which is better than last year. From the information technology (IT) sphere, 68.44 per cent were found to be highly employable, having scored more than 60 per cent on the WNET across all regions.

In terms of gender, about 51.8 per cent of the males who took the test across India, were found to be employable resources, compared to just 47.28 per cent last year, a marked improvement. On the other hand, amongst the women who took the test, 50.86 per cent were found to be highly employable, which is less than last year’s 53.8 per cent.

Data also reveals that a majority (87.83 per cent) of those who took the test are seeking internships with organisations. Although the majority of men who take the test appear to be keen to take up a job in any of the top cities in India, Pune is where they throng to, followed by Bangalore as the next preferred destination.

Interestingly, Haryana, Maharashtra, Andhra Pradesh, Uttar Pradesh, Kerala and Telangana house the maximum number of talented youth, that is, youngsters who are highly employable. What is even more interesting is that maximum employable resources (88.89 per cent) in the 22-25 age group come from Lucknow, followed by 82.45 per cent from Mumbai and then Bengaluru with 74.63 per cent. In terms of employable resources in the 26-29 age bracket, Pune ranks number one, accounting for 85.71 per cent of talent in this bracket, followed by Lucknow with 75 per cent and Jaipur with 71.80 per cent.

The report uses data from 152 corporations from across 15 different industries that were part of the Early Career Edition of the India Hiring Intent Survey for 2024.

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The findings were from a survey engaging 2 lakh participants, including students, working professionals and academicians.

Despite these concerns, upskilling emerged as a proactive approach to navigate the rapidly-changing work landscape. The report stated that 78 per cent of working professionals acknowledge the importance of upskilling in navigating the evolving work landscape, indicating a proactive response to the changing job market.

The data also revealed that 90 per cent of respondents predict AI to be the most in-demand skill in the next five years, with 80 per cent anticipating AI to be the highest-paying job within the same timeframe.

The report also highlights the frequency and preferences for upskilling. Out of working professionals aged 18-55, 43.5 per cent expressed the need for upskilling every six months. Additionally, 83 per cent believe that upskilling, particularly in AI, will enhance their job opportunities, and 81 per cent of respondents who upskilled themselves last year opted for online courses.

The report identifies the top three non-technology sector jobs expected to be in high demand, that is, digital marketing, green jobs and mental health coaching. As industries prioritise environmental responsibility, demand grows for professionals with expertise in Corporate Social Responsibility (CSR), corporate governance and eco-friendly technologies.

However, the report also pointed out a notable gap between perceived importance and the actual provision of training in this critical technology domain. A total of 43 per cent of respondents expressed dissatisfaction with the lack of adequate AI training provided by their employers.

Respondents also emphasised the importance of soft skills, with employers valuing communication, adaptability and emotional intelligence.

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The survey targeted 1,000 office workers aged 25 or older. Respondents, including C-level executives, directors, and senior management, were required to be employed for wages (90 per cent quota) or self-employed (10 per cent quota). To ensure relevance, respondents worked at companies with 11 or more employees, with a household income of at least $75,000 per year. Additionally, all respondents confirmed that their company’s pre-pandemic work policy was either in-person or hybrid, while the policy during the height of the pandemic was remote.

The survey revealed that 9 out of 10 companies with office space plan to have returned to the office by 2024. Notably, 64 per cent currently have a physical workspace, with an additional 20 per cent planning to reintroduce one by the end of 2024. Only the remaining four per cent have no plans for a physical workspace.

Among companies intending to reintroduce office spaces, only two per cent stated they never plan to require in-person work. Of those currently requiring or planning to require in-person work, 51 per cent currently do so, 39 per cent plan to by the end of 2024, and 8 per cent plan to by 2025 or later.

Of the companies that have already returned to the office, 72 per cent reported an improvement in revenue. The majority began requiring in-person work in 2021 (31 per cent), 2022 (41 per cent), or 2023 (27 per cent). The positive impact was seen in the form of productivity and worker retention.

An interesting revelation is that 83 per cent of companies that have returned to the office currently track employee attendance as well. A whopping 70 per cent of companies planning to return to the office in 2024 also intend to implement attendance tracking.

Additionally, 28 per cent of surveyed companies plan to threaten termination for employees not complying with RTO policies. Despite this, experts caution that companies must navigate this cautiously due to the current strong candidate market in many industries.

However, the survey also highlighted a significant contrast between current in-office requirements and the anticipated RTO plans in 2024.

Currently, 71 per cent of companies enforcing in-office work expect at least three-quarters of employees to be present, with 36 per cent mandating a five-day in-person workweek. However, among those planning RTO in 2024, only 44 per cent anticipate a three-quarters in-person requirement, and merely 19 per cent envision a mandatory five-day workweek.

While a substantial number of companies are poised to return to office by 2024, the rise of hybrid schedules and the potential backlash from employees resistant to in-person work warrant careful consideration.

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As per the report, 28 per cent of global employees surveyed across these eight countries do not see themselves staying on with their current organisation in a year’s time. The employees surveyed were asked whether they were satisfied with their current managers; whether everyone at their organization has a fair opportunity to succeed irrespective of their background; they have seniors at work who support them always; and whether they are allowed access to resources that would help them be successful.

Of the over 11,000 people who were covered in the survey, 16 per cent of those who plan to quit their organisation admitted to being satisfied with their current managers, while 13 per cent strongly believed that everyone has a fair and equal chance to succeed in the organisation regardless of their background. Eleven per cent of those planning to leave had received active support from someone senior at work. Only nine per cent of those planning to leave their organisation within a year answered in the positive to all the four questions. That means, these nine per cent were not only satisfied with their managers, but were sure they received equal opportunities and were well supported by seniors and could access resources for success.

So, why is the quality of managers so important? An alarming 74 per cent of those surveyed, across the aforementioned eight countries, strongly disagreed with all four of the following statements: ‘I have access to resources to help me be successful’;’ Someone senior at work actively supports me’; ‘”Everyone has a fair and equal chance to succeed’; ‘I am satisfied with my current manager’.

About 26 per cent of the employees surveyed in India plan to quit their current organisation within a year. In Australia, 36 per cent shared the same sentiment, followed by Japan (35 per cent), UK ( 32 per cent), Canada (28 per cent). In the US, about 26 per cent of those surveyed plan to quit their organization, while in France, 26 per cent intend to do the same and in Germany, only 19 per cent.

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The survey encompasses responses from 11,000 employees across the US, Canada, UK, France, Germany, Australia, Japan, and India. It was conducted from 6 to 30 October, 2023.

In the survey, BCG evaluated over 20 needs, divided between functional aspects such as pay, hours, and benefits, and emotional components such as feeling valued and enjoying the work.

While employees cited functional factors such as pay as paramount when considering a job change, a simulated purchase decision revealed emotional needs infiltrating the top five considerations. Factors such as feeling fairly treated, respected, job security and enjoying the work took precedence.

Surprisingly, when correlating work attributes with employees’ intentions to stay or leave, emotional factors surpassed functional benefits. The top five influencing factors included job security, fair treatment and respect, enjoyable work, feeling valued and appreciated and feeling supported. Meeting these emotional needs emerged as crucial for retaining employees.

The survey further emphasised the pivotal role that managers play in fulfilling emotional needs. Exceptional managers correlated with a 72 per cent reduction in attrition, exhibiting the strongest influence on attrition risk globally, except in India. Beyond retention, great managers were linked to a 3.2x increase in employee motivation, a 13.9x boost in job satisfaction, and heightened feelings of inclusion.

Furthermore, the study revealed that managers significantly impact diversity, equity and inclusion goals. Employee satisfaction with managers correlated with a 36-point rise in inclusion on the BCG BLISS index.

The survey also revealed that dissatisfaction with managers doubled attrition risk. About 56 per cent of employees agreed with the same, compared to the global average of 28 per cent. Consequently, investing in upskilling managers emerged as the most impactful strategy for retaining top talent.

The next three most correlated levers for meeting employees’ emotional needs were supportive leaders, access to resources, and equal opportunity regardless of background. Employing all four levers reduced attrition risk from 28 per cent to nine per cent, underlining a fundamental shift in the employer-employee dynamic.

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The ‘Workforce Hopes and Fears Survey 2023: India perspective’ report by PwC reveals that 78 per cent of employees in India feel that their employer will help them be more adaptable and flexible, while only 60 per cent of their global counterparts feel the same way.

About 75 per cent India employees are very sure that their employers will provide them the required resources to build upon their collaborative skills, compared to just 58 per cent of their global counterparts.

While 75 per cent India employees are sure their employers find it very important for them to build their core business skills, only 57 per cent employees, globally, feel the same way. When it comes to critical thinking skills, 78 per cent India employees express confidence in their employers doing their bit to help their employees build on the same, compared to just 59 per cent of their global counterparts. A good 77 per cent India employees compared to 58 per cent of their global counterparts believe building on digital skills is very important and are confident their employers will help them in this area. About 60 per cent employees in India compared to just 47 per cent, globally, think it extremely important to build on green skills and are confident their employers will help them do so.

Seventy nine per cent of employees in India and 50 per cent of their global counterparts think it extremely important to build leadership skills and express their confidence in their employers to help them build on these.

In terms of specialist technical or trade skills, 76 per cent India employees are confident their employers will provide them the necessary tools and resources to build on these skills in the next five years. However, only 60 per cent of their global counterparts share the same confidence.

Clearly, there is an urgency to upskill amongst India employees as is seen from the fact that 53 per cent of them feel that new skill development is the main reason for them to pick up a secondary job compared to 36 per cent of their global counterparts.

Only 63 per cent of India employees, say that they would take up secondary jobs just to earn more money, compared to 69 per cent of their global counterparts.

A good 53 per cent India employees would take up a secondary job if it offers them an opportunity to learn new skills, compared to just 36 per cent of their global counterparts. Around 34 per cent India employees would take up a secondary job if they find it rewarding, compared to 29 per cent of employees globally.

If a secondary job gives them greater flexibility and career options, 40 per cent of India employees would go for it compared to 29 per cent of their global counterparts.

Interestingly, 35 per cent India employees and 25 per cent global employees will opt for a secondary job as a career backup or safety net. About 26 per cent employees in India and 24 per cent, worldwide will consider a secondary job as a stepping stone to starting their own business reveals the PwC report.

Twenty-four per cent employees in India would go for a secondary job just to test out what it’s like to work in a different industry or role, compared to 21 per cent employees, globally. About 27 per cent India employees and 19 per cent global employees will accept a secondary job for additional job benefits, such as healthcare and employee discounts.

The survey shows that more India employees than their global counterparts feel digital and green skills are most important. A whopping 79 per cent of India employees, compared to just 57 per cent of their global counterparts, feel that it is essential to acquire digital skills over the next five years. About 61 per cent of India employees also feel that it is essential to adopt green skills, compared to the global average of 39 per cent.

While 79 per cent India employees give maximum importance to analytical and data skills over the next five years, only 58 per cent of employees, globally, accord the same importance. In India, 82 per cent employees say adaptability and flexibility are important skills to acquire over the next five years, globally, only 72 per cent employees feel so.

A majority of India employees (80 per cent) feel it is important to acquire collaborative skills in the next five years, while only 68 per cent of their global counterparts feel so.

A good 77 per cent of India employees think it necessary to acquire core business skills over the next five years, compared to just 53 per cent, globally. When it comes to acquiring critical-thinking skills too, more India employees (82 per cent) think it is important compared to their global counterparts (68 per cent). In terms of giving importance to digital skills, India employees (79 per cent) are way ahead of their counterparts worldwide (57 per cent).

Sixty-one per cent India employees compared to 39 per cent globally attach importance to green skills and think it’s important to acquire them over the next five years. While 82 per cent of India employees think leadership skills need to be acquired over the next five years, only 63 per cent employees globally feel so. In terms of specialist technical or trade skills too, a good 73 per cent India employees find them important compared to just 56 per cent globally.

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According to a report by Oxford Economics and Uber India, four out of 10 working women owe it to the availability of safe ride-hailing services for their joining the workforce. About 41 per cent of male riders also share the same view.

A significant 33 per cent of women riders and 34 per cent of male riders have been able to switch from part-time to full-time jobs because their commuting worries have been solved by ride-hailing services.

Clearly, safety and flexibility are the main reasons why women workers rely so much on ride-hailing services.

Three-quarters or a whopping 75 per cent of the women covered in the survey and who use ride-hailing services to travel to admitted they did so because it is safer than any other mode of travelling. A good 72 per cent of the men surveyed agreed to this. Of the women who were motivated to opt for ride-hailing services a good 47 per cent admitted that it is the safety aspect that the services offered that helped them to take up their jobs. The maximum number of women who give credit to the safety of the services are from Chennai and Kolkata.

The flexibility offered by ride-hailing services allows women to efficiently manage their household work, family commitments and their professional duties. No wonder, 63 per cent of these women agree that ride-hailing services for official or personal work had encouraged them to join the workforce.

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