The use of new-age technologies such as automation and AI found prominence in the Employer of the Future 2023 study
Leadup Universe conducted a study "Employer of the Future 2023" with a specific focus on India Inc.'s preparedness to offer a conducive work environment to new-age employees. The study covered 75+ organisations across industry verticals and sizes and got responses from more than 500 employees who helped to identify relationships between profitability, employee, consumer stability, and social good.
Mayank Verma, CEO & Co-Founder, Leadup Universe outlines “Employer of the Future 2023 assumes the role of a facilitator for organizations through their journey into the Future of Work. It takes into context different expectations for the organizations – from the view of employees, consumers, and community at large. and serves as a guiding tool of policies, strategies and best practices for the organizations who yearn to become pioneers of the future.”
Anchored on the three key aspects of people, systems and innovation the study found that the “People First” approach continues to remain at the heart of successful business organizations.
Commenting on the findings of the Employer of the Future Study 2023, Piyush Nangru, Co-Founder & COO, Sunstone said, "The core of organisational excellence lies in investing in people, their skills, and their development, while creating a culture of innovation and growth. The future of work demands agility and adaptability in the dynamic and ever-changing business landscape.”
The study identified five factors for enhancing the competitive advantage of firms: i) Knowledge Economy anchoring Human Economy, ii) Leaders as Catalysts, iii) Non-standard forms of Employment, iv) Automation, Artificial Intelligence (AI), and Skill Shift, and v) Focused-growth through high performance and sustainability.
On the first aspect of the knowledge economy, the study found that there has been a considerable shift with more focus now being attributed to tenets of the knowledge economy such as learning, creativity, and openness to attract employees. Respondents to the employee survey which was additionally undertaken rated inspirational characters, walking-the-talk, inclusive decision-making, fostering democratic systems, achieving top financial results, and use of technology to drive performance as the top attributes that they aspire to have in their C-suite leaders.
In the non-standard forms of employment, the gig economy brings a host of benefits to the table including cost-effective models, minimum hiccups, and quick response to changing customer and market demands. The study revealed that a significantly high 85% of the companies are willing to engage with gig workers for their specialist positions while 35% expressed their agreement to have these people even in their board rooms. A hybrid workplace promoting inclusivity has also emerged as one of the prominent themes in the non-standard formats of the work.
The use of new-age technologies such as automation and AI found prominence in the Employer of the Future 2023 study. Rashmi Mandloi, Co-Founder Leadup Universe adds “While emphasizing the need for upskilling and reskilling, the survey indicated five emerging opportunity areas where companies must focus: specialist roles, entrepreneurial and intrapreneurial capabilities, soft skill progression, attaining green skills, and career diversification. The business leaders who participated in the study highlighted sustainability as a key theme along with other important aspects of performance such as cost leadership, customer focus, product differentiation, operations, and people”.
The fifth and last theme of the study is to achieve high performance and sustainability through the focus on growth. To that end, the survey participants emphasized the creation of sustained economic value by identifying strategies for winning markets across their areas of operations. While 30% emphasized innovative capability as the most important strategy, 28% favoured a strong focus on core business to win over customers. Further, agility and market insights also find a place in market-facing winning strategies with 26% and 9% of respondents making a case for their adoption.
Terming the report as the guiding light for the corporate sector, Anisha Dossa Aibara, CEO and Co-Founder of Jify commented, "Employers of the future is a title that defines organisations that carve their niche in the industry. Businesses must realize that attracting and keeping the best talent is not just about the paycheck, it's about creating a workplace that inspires and empowers its employees."
The study also highlighted the key areas where organisations can improve to attract talent and emerge as a preferred workplace for new-age employees. These areas include a focus on retention strategies, policies related to DEI, principles for making Technology and AI transition, and emphasis on the theme of Sustainability. Pankaj Bansal, Co-Founder Work Universe sums up “Future of work will be brought to us by the “Employers of the future” hence let’s celebrate them!”