Millennials to seek more pay hikes, promotions compared to older, younger colleagues

• Indian workforce is restless, and 42% express a likelihood to switch jobs within the next year.
  
• As many as 70% of Indians participants are willing to request a promotion.
  
• 62% of respondents acknowledge significant change in the skills necessary for their roles over the next five years.
  

The Indian workforce is not prepared to settle for less. In fact, they are all set to demand a higher salary, request promotions and are also willing to change their jobs.

At the same time, they are aware of the need for upskilling and believe that artificial intelligence (AI) complements their productivity, according to the ‘India Workforce Hopes and Fears Survey 2023’ report by PwC.

Open to requesting promotions and pay raises

The Indian workforce shows a higher level of restlessness, with 42% of employees expressing a likelihood to switch jobs within the next year, mainly driven by expectations of improved pay and promotions.

This percentage is notably higher compared to the global average of 26%. Moreover, 70% of Indian participants are open to requesting promotions, a figure higher than the 35% seen among their global counterparts.

Interestingly, millennials exhibit a stronger inclination toward both pay raises (74%) and promotions (74%) compared to Gen Z, Gen X, and boomers.

Across various job levels, the willingness to ask for a pay raise is noticeable: 73% among senior executives, 70% among managers, and 63% among non-managers. This points toward a positive trend in the workplace regarding aspirations for career advancement and compensation growth.

"Amidst the rising uncertainty and seismic impact of AI, the workforce is demanding more from their employers on all counts. The workforce is not settling with competitive compensation only - which continues to be a hygiene - but also a deeper job satisfaction, and faster growth opportunities to fulfil their aspirations," said Anumeha Singh, Partner, PwC India.

Urgency to upskill predominant

62% of respondents acknowledge a significant change in the skills necessary for their roles over the next five years, a higher proportion than the global average of 36%. Furthermore, 69% of Indian respondents demonstrate awareness regarding these evolving skill requirements.

This urgency to upskill is evident as 53% of Indian employees cite the need for new skill development as a primary reason for taking on a secondary job, a figure notably higher than the 36% observed among their global counterparts.

AI to enhance productivity, though concerns remain

The predominant sentiment, expressed by 51% of respondents, is that AI will enhance their productivity or efficiency at work, a viewpoint shared by 31% of global respondents.

However, 24% anticipate that AI will have a negative impact on the nature of their work, which is 10% higher than the global average. 21% of Indian participants believe that AI will replace their jobs, a higher percentage than the 13% among global respondents.