India Inc continues to identify an opportunity in enabling a skills-based organisation, addressing worker fatigue and increasing organisation adaptability, as the three main aspects of overall growth including that of employees, according to Mercer’s Global Talent Trends 2023 HR leader pulse survey. The survey comes against the backdrop of mass layoffs, hiring freeze and dwindling macroeconomic trends globally.
The survey saw the participation of 124 HR leaders, representing around 8 lakh employees participated across technology, auto, manufacturing, professional and financial services sectors. According to the survey, 'work from anywhere' has emerged as the number one reason for employees to willingly forgo a raise.
"Every alternate year, Mercer conducts a comprehensive Global Talent Trends study that includes the perspectives of CXOs, HR leaders and experts, and employees. A Pulse survey of HR leaders is undertaken every other year to determine whether the patterns from the previous year are still valid, where firms are making progress and areas where there is scope for improvement. The current study is a pulse survey following up on the 2022 comprehensive Global Talent Trends study," the consulting firm said.
The survey observed that 60% of organisations understand the skills and talent development needs of today. However, of this, only 50% have clarity on the nature and quantity of skills available for tomorrow. Of the total companies surveyed, 45% of the companies in India are redesigning work with employee well-being in mind, no-meeting days, and a positive work environment. As per the survey findings, 93% of the respondents are focusing on how their benefit offerings can better support employee attraction, retention and engagement in 2023.
Furthermore, it is seen that the majority of the companies in India are currently providing support for employees’ mental health and establishing innovations to help address health conditions including 21% of them investing in new health & risk protection programs for the organisation, the consulting firm said.
"2023 will be a defining year as an optimistic and ambitious India looks to drive transformation amidst a BANI (brittle, anxiety-inducing, non-linear and incomprehensible) global environment. HR will have to lead the way in readying itself and the business for what lies ahead," Shanthi Naresh, partner, Mercer Career India said.
"In an economically challenging situation, if organizations are looking for ways to identify non-monetary drivers that can engage and retain employees, then investing in supporting flexible workforces certainly seems to be an area of opportunity," Naresh added.
In February, TeamLease in its Career Outlook Report said that as many as 62% of Indian companies have expressed the intention to hire more freshers between the January to June period of 2023. Globally, the intent to hire freshers during the HY of 2023 stands at 14%, whereas in the APAC region, this intent stands at 23%.