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Business News/ Brand Stories / 83% of companies in India project growth, agility and experience as critical pillars of success: APAC's Largest HR Study
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83% of companies in India project growth, agility and experience as critical pillars of success: APAC's Largest HR Study

The HR Evolution Perspectives 2023 report reveals that CXOs across India today project high growth and profitability in the coming few years

HR Evolution Perspectives 2023, a Darwinbox and People Matters’ initiative explores changing HR trends in AsiaPremium
HR Evolution Perspectives 2023, a Darwinbox and People Matters’ initiative explores changing HR trends in Asia

Gurgaon, Haryana, India – Business Wire India

The HR Evolution Perspectives 2023 report reveals that CXOs across India today project high growth and profitability in the coming few years. While 83% of CXOs across India say they expect revenue growth in the upcoming years. 70% foresee a rise in M&A while another 80% state that organic expansion will remain an important driver of growth and profitability.
 
The Darwinbox and People Matters’ landmark report is the largest study of its kind in the region, gathering responses from over 1,200 HR practitioners, 350 CXOs and around 1,500 employees. It brings together both employer and employee voices to showcase evolving priorities and enable strategic change.
 
“Empower and Evolve are important themes for this landmark report. With the world of work evolving rapidly, the study helps anchor HR strategies in quantifiable insights and helps explain, in great detail, how talent leaders can build future-ready practices that help companies scale and address their growth projections." said Ester Martinez, CEO & Editor-in-Chief, People Matters.
 
Some of the key findings from the report on India are:

  • 83% of companies in India state a positive growth sentiment, while 78% of CXOs across the region are aiming to expand their headcount.
  • Around 54% of CXOs in India highlight developing capabilities as their most significant talent risk. Yet only 24% feel they are adequately prepared to address this concern.
  • Employees demand more focus on their development. 47% of employees surveyed across India said employee development, better benefits and pay are a must.
  • 82% of CXOs say HR tech needs better talent management integration. Another 79% say that digitizing their HR systems is the need of the hour.
  • 68% of CXOs want employee experience to be an important outcome of their HR transformation journeys, 63% want to improve the quality of HR services and another 52% want to empower managers and frontline employees.

 “Undeniably, the CXOs in the region have an extremely positive economic outlook and rightly predict that the path to success is dependent on solving critical talent challenges. Hence, there will be more emphasis on strengthening the HR functions. HR teams must navigate a period of heightened employee expectations, a rapidly shifting digital landscape, and stakeholder pressure toward inclusive workplaces. The report sheds light on these challenges and calls upon HR professionals to seize the opportunity to transform their organizations, powered by the transformative role of technology," noted Vikrant Khanna, Global Head - Value Management, Advisory & Solutions, Dawinbox who has co-authored the research report.
 
Larger trends in Asia Pacific
From identifying the biggest talent risks across Asia Pacific to decoding the latest HR tech implementation trends, the report is filled with critical insights, trends and projections to enable HR leaders to transform and shape the future of work across the Asia Pacific.
 
Some key findings from Asia today are:

  • 83% of companies across Asia Pacific state a positive growth sentiment. 81% state becoming more profitable is on the cards. 69% of CXOs across the region are aiming to expand their headcount. The only exception to this group are a few high-cost locations and sectors like Telecom, media and technology.
  • 63% of CXOs across APAC highlight developing capabilities as their most significant talent risk. Yet only 27% feel they are adequately prepared to address this concern.
  • Employees demand better, more capable leaders. 52% of employees surveyed across Asia Pacific said good leadership is a must.
  • 68% of CXOs say HR tech needs better talent management integration. Another 55% say that unifying their HR tech is the need of the hour.
  • 68% of CXOs want employee experience to be an important outcome of their HR transformation journeys, 63% want to improve the quality of HR services and 59% want to empower managers and frontline employees.

 A rapidly evolving market presents varying challenges to leaders across Asia Pacific. To better address these challenges and achieve growth, the report finds that HR leaders want to focus on Agility and Employee Experience as two key pillars of this change.

“The focal point of HR strategy is becoming increasingly centered on enhancing the employee experience, empowering frontline staff and managers to lead, emphasizing a robust knowledge base, and witnessing a substantial surge in the integration of technology. This shift signifies that the new narrative is firmly rooted in an "outside-in" approach. At Darwinbox, we firmly believe that while identifying and implementing technology to drive efficiencies is the initial phase, the true return on investment emerges when organizations continually embrace technology and use it to adapt to evolving circumstances. Therefore, we collaborate closely with our customer base, attentively listening to their needs and delivering innovative solutions that empower them to stay ahead of the curve," added Vikrant Khanna.

This is just a snapshot of HR Evolution Perspectives 2023 report, the full report delves deeper into these trends. Click here to download the entire report.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. 

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Published: 10 Oct 2023, 05:56 PM IST
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