Upskilling, talent diversity, and automation to generate $1.4 Trn in business revenue: Report

The report surveyed 2,500 executives from across 6 Countries

February 10, 2023

65% of senior executives agreed that remote work has led to better staff retention

Automation and modernization of digital tools are expected to generate up to US$ 123 billion in profit

Companies that offered wellness initiatives, home office stipends, and reskilling programs seeing an improvement in employee retention

Companies that have adopted a flexible, diverse and digital work model are linked to a 7.7% increase in profit growth and a 6.7% increase in revenue growth

Businesses have the potential to generate up to US$ 1.4 trillion in revenue and US$ 282 billion in new profit by adopting automation of digital tools, diversifying talent, and improving employee skills, according to a report by Infosys. 

The report surveyed 2,500 executives and managers from companies with over US$ 1 billion in annual revenue across six countries including the US, UK, France, Germany, Australia, and New Zealand. The research analyzed the impact of changing trends and pressures on the workforce, workplace, and work styles on revenue growth, profitability, and employee retention.

According to the report, companies that have adopted a flexible, diverse, and digital work model are linked to a 7.7% increase in profit growth and a 6.7% increase in revenue growth. 

Employee retention

The report also said that employee retention is crucial, as companies that experienced an increase in retention between 2020 and 2022 were nearly 20% more likely to see increased revenue and profit compared to those that saw a decrease in retention. 

Remote work

Regarding remote work, nearly two-thirds of senior executives prefer it over working in an office and expect flexible or remote work options to continue to grow in the future. Additionally, 65% of senior executives agreed that remote work has led to better staff retention, with companies that offered wellness initiatives, home office stipends, and reskilling programs seeing an improvement in employee retention.

Experts said that organizations have come to realize that remote work is here to stay and that there is a pressing need to diversify and upskill their employees to drive business growth.

Automation

Automation and modernization of digital tools are expected to be the top investment priority for companies in the next two years and generate up to US$ 123 billion in profit. The report also said that the modernization and automation of digital tools, wage increases, and bring-your-own-device policies also had a positive effect on retention for companies.

Source: Moneycontrol

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