Future of work, workplace undergoing a sea change: PwC

Future of work and that of the workplace is changing and making way for greater flexibility than an average job today allows, and employees are likely to focus more on corporate value than on pay in 5 years, says a PwC study.
According to the PwC study, two-thirds of employees agree that future career paths will be determined by workers themselves and not by their companies.
Around 63 per cent respondents believe that the 8-hour workday will become obsolete and 68 per cent say that work will be done remotely rather than at a traditional office.
"It is clear that the future of work and that of the workplace is changing rapidly. While there is still a sizeable segment of workforce which prefers to operate in traditional models, many others are opting for entrepreneurial and network based models which engage with an ecosystem of partners and collaborators," Padmaja Alaganandan, Leader - People and Organisation, PwC India, said.

The survey further noted that 86 per cent those surveyed have a strong desire to work independently as independent work is perceived to allow greater flexibility in schedule and control over work environment, the opportunity to earn more, and a better work-life balance.
"Successful organisations will be those that create ways to engage with all these segments in a way that helps them access skill requirements and at the same time manage their economic outlays too," Alaganandan added.

In May this year, PwC conducted two online surveys -- one with workers and the other with executives who are decision makers of or directly influence the "people policy" within their organisations.

"Overall, most of the 1,385 employees we surveyed say they like their jobs, but cracks are deepening beneath the surface," it said.
Three in 10 workers say they expect to change jobs within six months, and 38 per cent expect this change to happen over the next one year.
Younger workers -- Millennials and Gen Z -- are far more likely to have fickle attitude towards their employers than are their Boomer counterparts.
"Nearly one-half of Gen Zers and one-third of Millennials say they are very or somewhat likely to change jobs in the next six months. For Boomers, that figure is comparatively low at 19 per cent," the PwC study noted.

According to PwC's 19th Annual Global CEO survey, 69 per cent of organisations have a purpose focussed on societal value and 67 per cent predict that talent will focus more on corporate value than on pay in 5 years.
"In this context, corporate social responsibility is not just a public relations stunt: it's also an appeal to the demand of consumers and workers -- providing jobs that are vibrant and satisfying, creating a ripple effect of well-being within communities," PwC said.