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Economic instability, inflation a major concern for Indian workforce, Adobe warns

Economic instability, inflation a major concern for Indian workforce, Adobe warns

In a latest report, tech giant Adobe has said that a majority of Indian employees cite economic instability and inflation as major concerns, along with the fear of new COVID-19 variants.

The study reveals that over 70 per cent of managers and employees agree that change has become the new constant in workplaces The study reveals that over 70 per cent of managers and employees agree that change has become the new constant in workplaces

For Indian employees, economic instability and inflation are currently a major concern, according to The Future of Time report by American software company Adobe. The study said that more than 70 per cent of Indian workers said that these were major concerns in addition to new COVID-19 variants developing in the future. Around 84 per cent employees also reported that uncertainty has required them to innovate in their positions such as utilizing new processes and creative problem-solving approaches.

“Persistent global uncertainty is changing the ways managers and employees spend and prioritize their time, taking a toll on their productivity and efficiency, and decreasing job satisfaction. Relationships between employees and their managers have evolved as they continue to find new ways of working together amid uncertainties, with a renewed emphasis on a need for employee support,” the report said.

Uncertainty, it said, is fueling business innovation and new ways of collaboration. According to the report, in India, nearly 50 per cent of SMB (small and medium business) leaders report investing in new technology to help employees navigate uncertainty in the past six months, significantly higher than any other market. “Continued investment in technology is the primary way workers expect their companies to innovate, and in tandem with continued purpose-driven work culture investment, will lead to future business success amid uncertainty,” the report adds.

The study reveals that over 70 per cent of managers and employees agree that change has become the new constant in workplaces and workers now rely on digital tools not only to keep productive, but also achieve peace of mind during particularly uncertain times. 

The report said that uncertainty has decreased efficiency and productivity, and lowered job satisfaction. Globally, 93 per cent Gen Z and 87 per cent millennials have found at least one issue of concern negatively impacting their productivity and overall job satisfaction.

“Nearly seven in ten managers and employees (nine in ten in India) rely on digital tools to achieve peace of mind at work, stay productive when they’re having trouble focusing, and ease the stress of completing work when a co-worker needs to take time off unexpectedly. Yet 68 per cent of ENT (enterprise) managers (83 per cent in India) and 59 per cent of SMB leaders (85 per cent in India) say they need more tools and resources to support employees through uncertain times,” the report said. Nearly 72 per cent SMB leaders and 65 per cent enterprise managers invested in digital technologies or in-house tech to support employees during uncertainty in the past year, Adobe said.

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Published on: Oct 13, 2022, 2:02 PM IST
Posted by: Mehak Agarwal, Oct 13, 2022, 1:57 PM IST