The study has found out that businesses in India have identified workforce alignment through skilling and rewarding, and support from the government as the winning strategies for strengthening innovation and business resilience.
While 29% of Indian businesses are investing in intensifying enterprise-wide capabilities and skilling initiatives; 25% businesses in India expect government support in advancing digital and technology skills of the workforce, according to the study report, Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pacific.
Significantly, among the workers surveyed for the report, 55% acknowledged that businesses should formalize innovation-based rewards.
The report has highlighted that organizations with a strong and forward-thinking approach to empowering their people are most likely to innovate faster and better. 15% of Indian workers and 13% of business development managers surveyed believe that leaders need to prioritize a culture that embraces innovation.
At the same time, 51% workers and 48% leaders acknowledge that in three years workforce models should include reskilling and up-skilling opportunities, so that employees adapt with agility to changing requirements. Recognizing the necessity of diversity to drive innovation, 30% of organizations have also increased focus on hiring a diverse cross-industry, multicultural, and multigenerational workforce.
Over the next 12 months, businesses are looking to focus on Technology (45%) and People (19%) to remain resilient and recover faster.
Microsoft and IDC surveyed 439 business decision-makers and 438 workers in India within a 6-month period, before and since COVID-19. The India study was part of a broader survey among 3,312 business decision-makers and 3,495 workers across 15 markets in the Asia Pacific region.
93% of workers believe that a culture of innovation is most important in attracting and retaining people for the workforce alignment, while 72% of organizations reported their main approach is to reskill and retain staff and try to minimize layoffs. The report also states that such a culture should be built into all aspects of an organization – from rewards and performance measures to building trust and good connections. This can be achieved through performance-based rewards and encouraging disruptive ideas.
A significant share of business leaders surveyed expect the government to support the economy and businesses, particularly in the areas of advancing digital and technology skills in the workforce (25%) and digital technology adoption incentives for businesses (21%).
“It is encouraging to see business leaders recognize the importance of skilling & re-skilling to build enterprise-wide capabilities and incentivizing breakthrough ideas to drive long-term innovation. At Microsoft, we believe that enhancing people’s capabilities is critical to building tech intensity – an essential factor in enabling the culture of innovation,” Rajiv Sodhi, COO, Microsoft India, was quoted saying in a press release.