Businesses in India have identified workforce alignment throughskilling and rewardingand
Skill development, rewarding workforce, and support from government essential to driving innovation among Indian businesses: Microsoft-IDC study
January 27, 2021:Businesses in India have identified workforce alignment throughskilling and rewardingand support from government as winning strategiesfor strengtheninginnovation and business resilience, said a Microsoft-IDC study. According to therecent report, ‘Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific’, 29% of Indian businessesare investing in intensifying enterprise-wide capabilities and skilling initiatives. Per the survey, 28% of organizations in India prioritize and formalize inno vation rewards over traditional performance. Significantly, among the workers surveyed for the report, 55% acknowledged that businesses should formalize innovation-based rewards. The findings also highlighted that 25% of Indian enterprises expect support from government to advance digital and tech skills in the workforce.
The report highlights that while businesses are keen to innovate,long-term, sustained innovation must be driven by a focus on diversity and skilling.The findings point out that organizations with a strong and forward-thinking approach to empowering their peopleare most likely to innovate faster and better. 15% of Indian workersand 13% of business development managers (BDMs) surveyed believe that leaders need to prioritizea culture that embraces innovation. Moreover, 51% workers and 48%leadersacknowledge that in 3 yearsworkforce models should include re-skilling and up-skilling opportunities, so that employees adapt with agility to changing requ irements.Recognizing the necessity of diversity to drive innovation, 30%of organizations have also increased focus on hiring a diverse cross-industry, multicultural, and multigenerational workforce.
Innovation and digitalization need to be supported by the development of people that are digital-rea y. Speci fically, 36% of organizations in India indicated that they would invest in tech skills across the organization as tech -savvy employees are needed to support digital transformation.Over the next 12 months, businesses are looking to focus on Technology (45%) and People (19%) to remain resilient and recover faster. A significant sha re of business leaders surveyed expect the government to support the economy and businesses, particularly in the areas of advancing digital and tech skills in the workforce (25%) and digital technology adoption incentives for businesses (21%)
