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 /PRNewswire/ -- 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:
Methodology
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.
About Infosys
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.
Safe Harbor
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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