42% of Indian Workers Likely to Change Jobs Next Year for Improved Pay and Promotions: Report

New Delhi: About 42 per cent of Indian employees indicated that they are likely to change jobs next year due to expectations of better pay packages and promotions as compared to 26 per cent globally, a new report said on Monday.

According to the global consultancy firm PwC, millennials are keener on pay raises (74 per cent) and promotions (74 per cent) as compared to Gen Z, Gen X and boomers.

Across levels, 73 per cent of senior executives, 70 per cent of managers and 63 per cent of non-managers are expected to ask for a pay raise.

“Most Indian leaders are aware of the criticality to transform their workforce for the future success of their businesses. Similarly, as their work and workplace are undergoing significant changes, employees in India are highly aware of the urgency to upskill, it increasingly becoming an important factor in their career decisions,” said Kartik Rishi, Partner, PwC India.

Moreover, the report showed that 51 per cent of Indian employees believe that AI will increase their productivity at work as compared to 31 per cent of global respondents, provided their organisations support with upskilling opportunities.

About 62 per cent believe the skills required to do their job will change significantly over the next five years.

“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 with a competitive compensation only — which continues to be a hygiene, but also deeper job satisfaction, and faster growth opportunities to fulfil their aspirations,” said Anumeha Singh, Partner, PwC India.

In addition, the report mentioned nearly 24 per cent of Indian employees believe AI would impact the nature of their work in a negative way, which is 10 per cent more than the global average.

Around 21 per cent believe AI will take over their job as compared to 13 per cent of the global respondents.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)