42% of Indian employees likely to change jobs in 2024 for better salaries: PwC report

Millennials are keen on pay raises (74 percent) and promotions (74 percent) compared to Gen Z, Gen X and boomers, according to the report. Representational photo

The Indian workforce is restless, with 42 percent of employees indicating that they are likely to change jobs in the next year due to expectations of better pay packages and promotions compared to 26 percent globally, according to a PwC report.

Additionally, 70 percent of Indian participants compared to 35 percent of their global counterparts are willing to ask for a promotion. While a significant amount of organisational efforts are focussed on the younger generation, our survey found that managers and senior executives will also need attention, said the report titled ‘India Workforce Hopes and Fears Survey 2023’ by PwC India.

Millennials are keen on pay raises (74 percent) and promotions (74 percent) compared to Gen Z, Gen X and boomers. Across levels, 73 percent of senior executives, 70 percent of managers and 63 percent of non-managers are expected to ask for a pay raise.

Influence of AI

India can become a pioneer in incorporating AI technology into business if the industry moves ahead with the right upskilling approach, the report suggested, adding that 51 percent of Indian respondents of this survey believe that AI will increase their productivity at work compared to 31 percent of global respondents, provided their organisations support with upskilling opportunities.

Also read: Engineering students may seek non-core jobs, strategise upskilling: Experts

"Amid the rising uncertainty and seismic impact of AI, the workforce is demanding more from their employers on all counts. The workforce is not settling for a competitive compensation only — which continues to be a hygiene — but also a deeper job satisfaction, and faster growth opportunities to fulfil their aspirations. To thrive, organizations and leaders will need to make some tough choices while blending adaptability with innovative workforce structures and career pathways, for an ever-evolving landscape," said Anumeha Singh, Partner, PwC India.

Around 62 percent of Indian employees believe the skills required to do their job will change significantly over the next five years; 69 percent of them are also aware of how these requirements will change. Indian respondents are also around 15 percent more confident compared to global counterparts that their employer will provide them with the necessary tools and opportunities to develop the requisite skill sets.

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