With the possibility of layoffs hanging over millions of workers as a result of the introduction of Artificial Intelligence (AI), several businesses have chosen an empathic stance toward their staff. According to a survey by an HR consultancy firm, just 22 Indian enterprises let off staff in 2023, compared to a worldwide average of 32%.
According to Mercer | Mettl’s most recent study, most Indian mid-size organizations remained stable and reduced recruiting to a minimum, with 81% reporting no layoffs last year. Companies in the IT services, computer software, and financial services sectors laid off staff in 2023.
According to the research, which included answers from more than 1,500 HR professionals in 20 various sectors throughout the nation, the trend of hiring freelancers will continue into the current calendar year. Last year, 54% of HR professionals reported recruiting remote workers.
Furthermore, the research said that 77% of HR directors believe that rehiring top staff is a viable strategy to reclaim institutional knowledge this year.
Regarding employment patterns in 2024, the research said that AI and automation would continue to alter job positions across sectors.
“This year will set the trend for how Workforce 2.0 develops superior skills and an open mindset to embrace AI making 2024 the watershed year that defines the future of work for good,” the authors of the research stated.
For example, 51% of HR professionals believe that AI will replace the work of content writers, while 46% believe that customer service is in danger of becoming obsolete.
Furthermore, organizations are expected to concentrate on talent this year. According to the survey, inclusive hiring will be the top diversity, equity, and inclusion (DEI) goal, with 68% of organizations prioritizing equitable chances for all genders when developing talent acquisition strategies in the coming years.
“As we navigate an age in which skills are becoming obsolete at unprecedented rates, empowering the workforce is critical. Companies must embrace inclusion more than ever to understand their workforce better and prepare for the future,” stated Siddhartha Gupta, CEO of Mercer | Mettl.
Organizations are increasingly using AI to acquire insights into their data, or, in today’s business jargon, to make “data-driven decisions.” As they do so, they discover that they make better, more accurate judgments than those based on personal prejudices and preferences.
According to Adnan Masood, chief AI architect at UST, a digital transformation solutions business, two more significant advantages of employing AI for enterprises are increased efficiency and productivity.
Executives may utilize AI to expand their business models, according to experts, who note that firms are discovering new possibilities as they integrate data, analytics, and intelligence into the workplace.
