PwC Report: India poised for AI leadership in business with strategic upskilling

A recent report by PwC titled ‘India Workforce Hopes and Fears Survey 2023’ suggests that India has the potential to be at the forefront of incorporating Artificial Intelligence (AI) into business operations, provided there is a strategic upskilling approach within the industry. According to the survey, 51 per cent of Indian respondents believe that AI will enhance productivity, a higher percentage than the global average of 31 per cent, contingent on their organisations providing adequate upskilling opportunities.

Anumeha Singh, partner at PwC India, emphasised the changing expectations of the workforce in the face of AI advancements, stating that the workforce is not settling with competitive compensation only — which continues to be a hygiene — but also deeper job satisfaction, and faster growth opportunities to fulfill their aspirations.

The survey, based on responses from 2,502 participants in India, with 88 per cent being full-time employees, reveals that 62 per cent of Indian employees anticipate significant changes in the skills required for their jobs over the next five years.

Additionally, 69 per cent of them are well aware of how these skill requirements will evolve. Indian respondents express 15 per cent more confidence than their global counterparts that their employers will provide the necessary tools and opportunities for skill development.

The report also highlights the dynamism within the Indian workforce, with 42 per cent of employees indicating a likelihood of changing jobs in the next year, driven by expectations of improved pay packages and promotions —higher than the global average of 26 per cent. Notably, 70 per cent of Indian participants, compared to 35 per cent globally, express a willingness to seek promotions. The report highlights the need for organisational focus not only on the younger workforce but also on managers and senior executives.