93% of Indian CEOs trying to lower prices, however few plan to curb workforce measurement or compensation

As the worldwide financial local weather continues to stay unsure, many enterprise leaders foresee a decline in progress over the following 12 months. Certainly, a current report from PWC signifies that round 40% of CEOs suppose their companies is not going to be viable in 10 years, if they don’t rework. The answer nonetheless doesn’t seem to lie in discount of workforce measurement or compensation.

In gentle of adjusting buyer calls for and provide chain disruptions, CEOs are taking a look at reinventing their corporations over the following 5 years with the required investments in expertise and folks — each leaders and staff — with out lowering measurement of their workforce.

Whereas the general prognosis for India nonetheless stays largely optimistic, value reducing seems to be excessive on the precedence checklist for about 93% of the nation’s surveyed CEOs.

“About 85%, nonetheless, stress they won’t scale back the dimensions of their workforce, and 96% state they don’t plan to scale back compensation – demonstrating their resolve to retain expertise,” the report provides.

Reducing operating costs and diversifying products/services are top priorities for India CEOs

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Lowering working prices and diversifying merchandise/providers are high priorities for India CEOs (PWC report screengrab)

PWC’s India Workforce Hopes and Fears Survey 2022 famous that the altering dynamics between the employer and worker over the previous couple of years had modified the office. Employers are actually extra targeted on constructing a resilient workforce technique that balances appearing with pace and flexibility to place for scale.

“Worker attrition is one other difficulty that confronts CEOs. The survey exhibits that India CEOs are divided, with 32% saying attrition charges will proceed to extend barely, reasonably and considerably, and 34% holding that there will likely be no change. However this can be a much bigger concern than is now being felt,” the report provides.

With geopolitical conflicts including to the tense international scenario, Indian CEOs are additionally adjusting provide chains, diversifying services and products, growing investments in cybersecurity and information privateness, and adjusting their presence in present markets and/or increasing into new markets. India CEOs additionally underscore the necessity to embrace the impression of attainable disruptions in situation planning and company working fashions.

“In response to the present setting, 93% of India CEOs say that they’re lowering or planning to scale back working prices,” the report notes.