Effective Reskilling, Talent Diversity, and Digital Tool Automation Can Drive $1.4 Trillion of Revenue and $282 Billion in Profit: Infosys Study
Flexible, diverse, and digital: Infosys research report titled 'Future of Work 2023' finds the levers that drive revenue, profit growth and retention for businesses
BENGALURU, India, Feb. 9, 2023 /CNW/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today unveiled a global research report titled 'Future of Work 2023'. According to the report, up to $1.4 trillion in revenue and $282 billion in new profit could be generated through digital tools automation, diversifying talent pool, and improving skills development amongst employees. It highlights how the workplace of the 21st century will see more hybrid working and digital engagement, enabling firms to build more diverse and creative teams.
The survey was conducted by the Infosys Knowledge Institute (IKI), the research arm of Infosys, and surveyed 2,500 senior executives and managers involved in workplace and workforce planning for large companies with more than $1 billion in annual revenue. The survey covered 12 industries across the US, UK, France, Germany, Australia, and New Zealand. The study focused on how shifting trends and pressures on workforce, workplace, and workstyles relate to revenue growth, profitability, and employee retention.
The key findings from the survey are as follows:
Shifting to a flexible, diverse, and digital work model is correlated with 7.7 percentage points higher profit growth and 6.7 percentage points higher revenue growth.
Retention of employees is critical. Companies that increased their staff retention between 2020 and 2022 were almost a fifth more likely to see increased revenue and profit compared with those that saw retention fall during this period.
Almost two-thirds of senior executives practice remote working rather than in-office working and expect flexible or remote workspaces to grow in the future.
65% of senior executives concurred that incorporating remote working resulted in better staff retention. Companies that incorporated wellness initiatives, home office stipends, and reskilling programs saw an increase in staff retention. Modernization and automation of digital tools, compensation rise, and bring-your-own-device strategies were also impactful on retention.
Automation and modernization of digital tools are set to become the top investment priority for firms in the next two years and expected to bring in up to $123 billion in profit.
Successful businesses of the future are likely to focus less on the employees' work location and more on the mix of people who are working and how well they are supported.
Respondents cited collaboration, change management, and a constant evolution of future of work approaches as the top challenges faced by companies in implementing workplace transformation strategies.
Rajesh Varrier, EVP, Head of Digital Experience & Microsoft Business, Infosys, said, "Organizations have realized that remote work is here to stay and that there is a pressing need to diversify and upskill their employees to boost business growth. The findings from the Future of Work 2023 report also showcase how businesses can drive growth, productivity, and profitability through the automation of digital tools and create more inclusive workplaces."
To read the full report, visit here:
Infosys used an anonymous format to conduct an online survey of 2,500 senior executives and managers involved in workplace and workforce planning for large companies across 12 industries across the US, UK, France, Germany, Australia, and New Zealand.
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY) can help your enterprise navigate your next.
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India and the US, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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