Five in 10 leaders in India doubtful about future of work: PwC survey

Five in 10 leaders in India concur that there is a need to plan for multiple possible futures around the workplace and workforce, but cost pressure and the fear of setting a precedent holds them back from taking action, finds a survey by PwC India. 

Titled 'People and Culture First: Transformation journey in the future of work', the report further finds that 48 per cent agree it is very important to identify the potential risks associated with replacing human work with technology but are reluctant to create a culture of transparency. 

Meanwhile, 54 per cent realise the importance of identifying the skills needed to keep pace with the changing times.

Also Read: How Covid-19 Has Changed the Concept of Work, Workplace and Workforce

However, they are reluctant to take action owing to competing priorities. India leaders increasingly agree that the workplace - which in the past was for the people - has now evolved into a workspace of the people and that the future will entail further reimagining of the workforce and work model. 

Aligning individual goals to organisational purpose has now become all the more critical with the pivotal role it plays in driving organisational growth in a hybrid world. 

Despite this realisation, cost pressures, competing investments or priorities, lack of systems and data, and organisational culture are the biggest inhibitors faced by India leaders in creating a more fit for future workplace, according to the survey. 

It also reveals that the future of work involves tapping into talent virtually in Tier-2 and Tier-3 cities on the one hand, and leveraging the gig economy on the other. 

"Earlier workforce challenges centred around broader areas of organisational design and capabilities woven in with organisational culture. But with the changing nature of the workplace, the challenges seem to be more employee driven, both globally and locally. At this juncture, it is important for all organisations across the world to prioritise leadership capabilities in order to orchestrate changes and move the needle in business," noted Chaitali Mukherjee, partner and leader, people & organisation and HR transformation, PwC India. 

Also Read: Firms see hybrid work curtailing office space expansion

Over the past two years, the pandemic has compelled leaders to question their choices on many aspects affecting their organisations, right from people to culture to technology.  

They have realised that along with strategic organisational intent and system optimisation, they also need to proactively act on workforce initiatives, build capability in a well-considered way, and, among other things, work towards making their culture more resilient in order to be future-ready. 

Nearly 4,000 business and HR leaders across 26 territories and from organisations across diverse sectors participated in the global survey, of which 210 leaders were from India.