In a recent chief experience officer (CXO) survey conducted by Benori Knowledge, 84 percent of Indian business leaders are optimistic about the country’s growth in 2023.
The Report revealed the following findings:-
- More than 60 percent of business leaders cite skill gaps as a major challenge for the upcoming year.
- The CXOs kept the point that keeping employees engaged and managing hybrid/remote models as other challenges related to talent. Close to 50 percent of all CXOs report high attrition rates.
- Additionally, leaders intend to focus on upskilling and reskilling 79 percent of initiatives to increase the capabilities of their existing workforce. This is an addressing challenge of acquiring talent with the relevant skills.
The report added, “This aligns with the growth the automotive and manufacturing industry has experienced in 2022, driven by multiple factors like increasing FDI inflow (hit the USD 21.34 billion mark in FY 2022), EV growth, lower labour costs and improving infrastructure and government initiatives, among others.”
The current report has also revealed increasing interest from foreign entities to outsource the production of medication in India. The pharma industry is poised to achieve significant growth going forward.
However, the report also revealed the following findings:
- 42 percent of leaders highlighted the integration of emerging technologies as one of the major themes for 2023.
- Additionally, Leaders from India say that despite the impending global recession, they intend to scale their digital transformation budgets in the upcoming year.
- Regarding talent management, finding the right talent represents the biggest challenge 62 percent, and leaders expect skill gaps in the workforce to widen in 2023.
- Moonlighting, which has recently been highlighted as a concern for remote and hybrid businesses, was only seen as a worrying phenomenon by 20 percent of leaders.
84 percent of CXOs confirm their optimism towards growth with leaders from the automotive and industrial manufacturing (77 percent) and pharmaceuticals (85 percent) industries being the most hopeful.
