Infosys And WSJ Intelligence Report: Despite Economic Downturn, Employees Still Hold Power in Workplace

Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, and WSJ Intelligence, a leading analytics platform that provides timely, custom research and insights for brands, released a new report — “The New Workplace” — uncovering the biggest trends and priorities that will drive the workplace in 2023 and beyond. The report reveals tangible gains made in productivity, improved employee experiences from hybrid work, and the need for a purpose-driven approach to recruiting, company culture, and business strategy.

Infosys and WSJ Intelligence surveyed more than 1,000 U.S. senior executives to explore workplace trends resulting from the pandemic—from hybrid and remote work to the economy’s impact on the labor market—and how both employees and employers feel about them. The report underscores that employers are facing an inflection point: They must rethink work norms and learn to adapt and derive value from the long-term impact of the pandemic.

The report identified five key findings:

• Productivity does not correlate with remote or in-office work: While 57% of respondents agreed remote work boosts productivity, 53% also agreed productivity is a key benefit of working in-office. However, the study also found that certain industries experienced higher productivity from remote work than others. Of the industries that fared best with remote work, high-tech (63%), telecom (54%), and financial services (51%) reported their industries will likely adopt a “work from anywhere” model going forward.
• There’s no “one-size-fits-all” approach to remote and hybrid work — but leaders still care about visibility: Respondents are torn when it comes to remote and in-office work, agreeing that each company should make policy decisions based on business needs, industry, and work culture. Across industries, nearly half (46%) of leaders agreed office visibility was still important as part of the performance evaluation process.
• Work-life balance is dependent on remote work: 60% of respondents indicated work-life balance improved with remote work, while only 43% were able to achieve this balance pre-pandemic when working in-office.
• Employees value companies that align business strategy with purpose: When it comes to business causes and profits, sustainability and purpose are top of mind for employees, with 75% of respondents noting a purpose strategy is core to talent retention and recruitment.
• Employers determine remote work policies based on skills versus degrees: Employers are reimagining plans to hire, onboard, and upskill workers with a stronger emphasis on skills (64%) vs. degrees (53%), and they must make hybrid or remote work policies based on worker preference and performance abilities in order to survive. This is especially true for employers in the tech, retail, telecom, manufacturing, and energy sectors.

Tan Moorthy, EVP and Head of Delivery for the Americas, Infosys, said, “As ‘The New Workplace’ report shows, the benefits of remote and in-office work vary by job and industry. One model isn’t better than the other, which means gone are the days where location matters. Employers will make the call on who comes into the office and who doesn’t based on what each worker can do. Skills and abilities — not degrees or showing up at an office — will drive post-pandemic workplace norms.”

Elizabeth Nann, Executive Director, WSJ Intelligence, said: “In collaboration with Infosys, our research brings to light the growing need for workplace flexibility and innovation, as employees demand policies that match culture, and employers seek top talent to meet purpose-oriented business needs.”

Source: Infosys