34% Employees intend to switch jobs in next one year: PwC india

34% Employees intend to switch jobs in next one year: PwC india

About 34% of employees in India say they are very likely to switch to a new employer as compared to 19% globally, according to a survey by PwC India.

The findings of the report titled India Workforce Hopes and Fears Survey 2022 reveal that millennials are the most likely to seek new employment, with 37% indicating that they are likely to switch employers in the next 12 months. While Gen Z employees are less likely to quit, 33% of them are extremely or very likely to ask for a reduction in work hours.

Around 32% of Indian employees say they plan to leave the workforce, the survey shows.

The shift to hybrid work is expected to continue, with 81% of employees in India believing their jobs can be done remotely and with 31% of those who can work remotely already working in a hybrid way.

A significantly higher proportion of Indian employees (71%) are concerned about being overlooked for career advancement as compared to their global peers (21%). This points to the need for deploying more transparent and data-driven processes to define career pathways, says PwC.

Also read: Most employers prefer to hire freshers in July-December 2022: Report

India is one of the countries with a huge perceived gap in skills, with 54% of employees strongly agreeing that India faces a shortage of their skill sets and 67% believing that their job requires specialist training.

Currently, employers are seen as addressing skill shortages through wage increases, recruitment and automation, with fewer using upskilling as a strategic lever.

“The disruptive landscape of social, environmental, economic and geopolitical changes has had profound consequences on organisations and their workforce strategies. Leaders need to consider these disruptions while drawing up their short- and long-term plans for the organisation as well as their people,” says Chaitali Mukherjee, partner and leader, People and Organisation, PwC India.

“For an organisation to be fit for future, it is imperative that employee perspective dovetails with the employer’s perspective to accelerate transformation keeping in mind the workforce dynamics, with well-defined tangible measures to bring about greater alignment between both these aspects,” Mukherjee adds.

More than half of the respondents in the survey are concerned about the lack of opportunities to work with or learn technological skills from their colleagues. This learning gap begins at the top, with more than 50% of CEOs perceiving a lack of opportunities for learning technological skills.

Sensitive social and political topics are occupying an increasingly important place in workplace conversations, with 75% of employees having had conversations of this nature, highlighting the need for employers to actively create safe spaces for such conversations.

The survey also highlights that employees expect more transparency and support in incorporating environmental, social and governance (ESG) considerations into their work.

“Balancing business considerations with employee aspirations is easier said than done. However, given the fact that the future of work is undergoing a massive overhaul, it is important to prioritise leadership and employee capabilities to drive change and move the needle in business,” Mukherjee says.

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Dec. 2022 Issue

Workplace Frustration

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Dec. 2022 Issue

Workplace Frustration
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