We enter 2023 with a strong sense of confidence and positivity. The world of work is evolving fast, and the last 12 months have laid the foundation of the future of work. While multiple debates and discussions took place, the most recent one has been around layoffs. Much has been talked about when it comes to layoffs; it seems that the Indian workforce has been mostly insulated from a widespread industry downturn. While some sub sectors within industry groups or a few organisations as a whole have implemented strategies to combat the issue — driven by over hiring or performance management — it mostly remains a very confined event. In the next phase, it is crucial for talent managers to work on strategies that will help lay a strong foundation for the future of work.
Existing Opportunities In The Workforce
Our data across many organisations indicate steady, and consistent growth, reinforcing the fact that macroeconomic factors continue to be strong. Interestingly, a large number of small and mid-sized organisations continue to hire steadily in a calibrated manner, aligning with business growth. While one can argue that this is a notch lower than the January to June 2022 period, we must also factor in the hiring frenzy because of the big resignation and pent-up demand in the post-pandemic era.
India is home to 72,000-plus startups, and over several years this sector continues to gain momentum, creating tremendous opportunities for the skilled and gig workforce, which is tripling from 7.7 million workers currently to 23.5 million by ’29-30.
As the world is grappling with a number of challenges — geopolitical volatility, higher inflation, supply chain issues, etc., in contrast, the Indian economy seems to be resilient with GDP growth projected anywhere between 6 and 7 percent. We must take comfort in the fact that the demand driven by the economy in India is seeing an unprecedented ‘bottoms up’ growth, which has been fuelled by the so called ‘tripod’ of Jan Dhan, Aadhaar, and Mobile. Digital acceleration, innovation and emergence of tier two and three cities have created a theatre of hyperactivity, and 2023 will be no different. There will be cyclical economic headwinds but surviving through the pandemic has prepared the workforce to be adaptable, flexible, and resilient.
Emergence Of Distributed Workforce
Acceptance of the hybrid work model, increased flexibility, and the emergence of a distributed workforce is still a new concept. The year 2023 will see this grounded further with deployment and adoption of tools for measuring productivity, and performance. This will continue to remain a subject of active interest and discussion as organisations find their operating rhythm.
Several elements, which surfaced in the last 12 months, will take stronger roots in the upcoming year. One of them, which is close to my heart, is diversity, equity and inclusion (DE&I). Many organisations have become champions of DE&I in their workforce. The definition has broadened to include not only gender diversity but also LGBTQ+. Inclusiveness has become an essential strategic priority across many organisations. The year 2023 will see more awareness and communication across the board.
As managers, all of us should continue to focus on skilling and upskilling the workforce. There have been so many new recruits — college to corporate — who require our attention and support. Today’s environment is much more demanding, uncertain, and disruptive. The silver lining is that our nation stands out amidst all the chaos and turmoil, and as is often said — if India is an idea, then its time has come. Let us celebrate and welcome in 2023.
Rahul Goyal, Managing Director, ADP India. Views are personal, and do not represent the stand of this publication.
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