1、THE FUTURE OF WORK 2023External Document 2023 Infosys LimitedTHE FUTURE OF WORK|3ContentsExecutive summary 4Employees are in the(remote)driving seat 5Managers lead the way in flexible working 6Why companies are hiring remote workers 9Remote working as a growth tool 10Closing offices doesnt help 11Th

2、e challenge of change 13Workplace automation is the next big thing 15The shine wears off virtual collaboration tools 15The drive to automate and modernize 16The power of automation 18Digital employee engagement 18 Digitizing tools and metrics for success 20Diversify and develop skills to boost busin

3、ess growth 23The talent diversity blind spot 23The power of proper training 25The shift to gig working 27The case for the human-centric workplace 30Recommendations:Commit to being flexible and diverse 32Continue to provide flexibility in hybrid work balance 33Invest in adequate technology,but change

4、 processes with it 33Observe holistic indicators and keep evolving 34Diversify talent pool to open new growth and avenues 34Experience is everything 35Appendix:Research approach 36References 37Authors 37Contributors 37Analysis and production 37External Document 2023 Infosys Limited4|THE FUTURE OF WO

5、RKExecutive summary The 20th century office model is ending.The 21st century will see more hybrid working and digital engagement,enabling firms to build more diverse and creative teams.Winning firms are focusing on a combination of flexible working,employee wellness,diverse skill sets,and automation

6、 of digital tools to boost talent retention and drive revenue and profit growth.These insights are based on the Infosys Knowledge Institutes survey of 2,500 senior executives and managers involved in workplace and workforce planning for large companies across the UK,US,Australia,New Zealand,France,a

7、nd Germany.The survey used statistical regression methods to link firms future of work strategies to revenue and profit outcomes.We found that the fastest growing companies have been rushing to automate their tools and modernize their technology,while hiring more diverse talent,and focusing on reski

8、lling.Together these initiatives are estimated to add 7.7 percentage points to profit growth and 6.7 percentage points to revenue growth,according to our analysis.In the current market environment,growth is clearly linked to staff retention.Companies that increased their staff retention between 2020

9、 and 2022 were almost a fifth more likely to increase revenues and profits than those that saw retention fall during this period.This has boosted remote working,with 65%of senior executives saying they are increasing remote working to attract or retain talent.While employee preference is a driving f

10、orce for increased remote working across all businesses,it is those that also have added wellness initiatives,home office stipends,and reskilling programs that are most likely to improve staff retention.Modernization and automation of digital tools,compensation increases,and bring your own device(BY

11、OD)initiatives also have a noticeable positive impact,according to our data.Of course,the type of work,along with cultural and economic factors,plays a big role in deciding remote or office working.Our sample shows 20%of employees work from home on average though,with the UK at the highest of 22%and

12、 France at the lowest of 17%.It is clear then that successful businesses of the future will focus less on the employees work location,and more on the mix of people who are working,and how well they are supported to have great experiences at work to achieve their best.Five actionable recommendations

13、emerge from our research.First,continue to provide flexibility in hybrid work balance.Second,invest in adequate technology to support hybrid work but change processes around it to achieve the best outcomes.Third,measure holistic productivity metrics,and evolve them as your workplace changes.Fourth,d

14、iversify talent sourcing for new growth opportunities.And fifth,invest in a strong digital experience.External Document 2023 Infosys LimitedTHE FUTURE OF WORK|5More broadly,41%of companies plan to increase remote working hires in the next two years,compared to 37%who did since the start of the pande

15、mic in 2020.The need here is to hire strong talent that is driving this shift and it looks like its here to stay.All of this contradicts those who have been suggesting that remote working is a short-term fad,brought on by the pandemic,and which may fade just as quickly as it arrived.However,shifting

16、 to remote working involves its own set of challenges.Our respondents listed collaboration,change management,and a decline of social capital in the workplace as the top ones.Our research,carried out over the summer of 2022,has found that remote work is here to stay,and its growth is driven by employ

17、ee preference and not corporate cost cutting.Its important to recognize that remote work is not just about working from home,it includes a range of flexible working options such as working from alternative desks,branch offices,home,or while traveling.According to our research,almost two-thirds of se

18、nior executives spend their time working flexibly or away from their main office(Figure 1).This could be due to the nature of their roles which requires them to meet clients outside office,or actively partake in business travel.Our data shows companies that are reducing office space and increasing c

19、oworking are more likely to improve staff retention and,in turn,revenue.Employees are in the(remote)driving seat External Document 2023 Infosys Limited6|THE FUTURE OF WORKManagers lead the way in flexible workingwho is regularly going to office but hot desking(35%of our sample),to someone who is onl

20、y going to office for collaboration(13%),or to someone permanently working from home(11%).The former group will broadly not come under the remote working category,but still forms part of hybrid working,due to similar technology systems and security policies required to enable colleagues to work from

21、 home or any office location.Also,the autonomy granted to employees in this model,and the fact that their location could change from day to day,implies such employees cannot be categorized along with those who permanently work from a fixed desk mostly.Our survey shows that managers and senior execut

22、ives have opted for flexible working at a large scale rather than working in a set office on a set schedule.Around two-thirds(59%)of our respondents,from mid-managers to the C-suite,work primarily in a flexible or remote space currently(Figure 1).When asked which work arrangements they expect will g

23、row in the future,73%listed flexible or remote workspaces.Its worth distinguishing between flexible and remote working,the two workstyles that make up hybrid working.Flexible working is the flexibility in deciding the work location(office/home),work hours(number of working hours each day),the choice

24、 of tools/devices(BYOD).So,this could range from someone?Figure 1.Respondents work arrangementsSource:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|7Figure 2.More than a third of staff work away from a corporate settingSource:Infosys Knowledge Institute?Contrary

25、 to expectations,our data shows that the shift to remote working has taken hold among the top levels of organizations.In fact,senior executives and managers tend to work more flexibly and remotely than most of their staff.When asked,these executives revealed that 38%of their staff also work away fro

26、m the office(Figure 2).This number comprises individuals who work from home,or are involved in field services,such as repair engineers,sales executives,delivery drivers,etc.About 15%of these employees work in specialist facilities,such as factories,laboratories,hospitals,and logistics centers.In the

27、se areas,physical presence is a must,and remote or flexible working may never take hold given the need to attend to specific equipment or physical goods.This leaves almost half of employees(47%)currently based in central or branch offices.However,given more executives expect flexible and remote work

28、ing to grow(Figure 1),the pool of remaining roles will significantly decline over the coming years.The employee proportions in various work settings corporate,noncorporate,or specialized facility differ by region.Australia,New Zealand,France,Germany,and the US have parallel proportions,possibly due

29、to similarities in their economies.The UKs larger proportion of employees in a corporate setting could be due to its service-oriented economy.Conversely,the considerably low proportion of employees in noncorporate setups in France could be influenced by work culture.Most industry sectors display sim

30、ilar patterns in the proportion of employees working from a corporate setting(45%-48%),noncorporate setting(37%-39%),or a specialized facility(14%-18%).However,certain industries stand out(Figure 3).For instance,manufacturing and retail/hospitality have the lowest proportions of employees working fr

31、om home(34%),given the nature of the work.Conversely,life sciences and insurance industries have more employees in a noncorporate setting than in a corporate.Many employees in life sciences also remain in the field,most likely in sales roles.Life sciences,insurance,and financial services have high p

32、roportions of home working employees.This is most likely related to the type of work that is undertaken and that highly qualified professionals carry it out.Not only can these be trusted to work from home,but they have much more negotiating power,given the scarcity of their skills.External Document

33、2023 Infosys Limited8|THE FUTURE OF WORKFigure 3.Work locations across industries?Note:Rounding errors mean that percentages for some industries may not add up to 100%.Source:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|9Why companies are hiring remote workersr

34、emote working because candidates prefer that.Financial services sector was another outlier,where a higher proportion(22%)stated the change in operating model as a driver for remote working.In both cases,the rise of digital tools is enabling or accelerating this change.In healthcare,doctors,administr

35、ators,and nursing staff are increasingly utilizing new digital tools to engage with patients and colleagues.Also,the rise of digital banking has led to an ongoing reduction of branch locations and staff that attend them.From a regional perspective,the UK had 32%of respondents claiming remote working

36、 growth was due to new candidates preference,followed by Germany with 29%,France with 26%,and then the US and Australia and New Zealand(ANZ)with 25%each.Conversely,the US and ANZ had above average respondents(18%for both regions)that cited the cost of hire as a driving factor,France and Germany both

37、 had 16%,whereas the UK only had 14%.Increasing retention was the most important factor cited by the US respondents(22%),followed by Australia(21%),and the UK(20%).Only 18%saw retention as a driver in France or Germany.Figure 4.Talent attraction and retention drive remote hiring?Skills attraction an

38、d retention are the biggest drivers for increasing remote work,in a time when hiring and keeping talent is tough.1 Much has been written about how employees are preferring remote working and looking for this option in new jobs.Our data reveals that organizations are waking up to this truth.When aske

39、d why they are hiring remote workers,65%of respondents cited the need to attract or retain talent and skills(Figure 4).Initially,remote working was feared to lead to lower pay and stagnant career for employees.It was also viewed cynically as a cost-cutting measure by companies that embraced it.But o

40、ur findings revealed another viewpoint.Only respondents from the logistics sector rated lower hiring cost as a significant driver(21%vs.an average of 16%)for remote working.But this can be an outlier,as logistics has been among the least likely sectors to grow remote working in the past two years.Th

41、is is similar to other sectors such as retail and hospitality,manufacturing,and energy,mining,and utilities,where work location,physical presence,and specialist facilities take precedence.In general,most industries match the pattern displayed in Figure 4.The most prominent difference is in healthcar

42、e,where 35%of respondents facilitate Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited10|THE FUTURE OF WORKRemote working as a growth tool?Figure 5.Companies with higher retention grew moreFigure 6.Hiring remote workers will grow for most,but not all?Surprisingly,remote workin

43、g was just as likely to be practiced by those companies whose retention declined as grew over the period(Figure 7).The most utilized initiatives that positively affected retention were investments in reskilling staff,home office stipends,and wellness initiatives.The modernization and automation of d

44、igital tools,BYOD schemes,and compensation increases were less commonly utilized but just as impactful on retention.Among all,compensation rise has the smallest impact on increasing staff retention.Meanwhile,far more targeted compensation increases,in the form of home office stipends,have the bigges

45、t impact.According to our statistical regressions,of all these initiatives,only two reskilling and digital automation and modernization have some correspondence with revenue and profit growth.We have explored both factors further in this report.Our analysis reveals that remote working should be char

46、acterized more as a growth driver than a cost saving tool.Organizations are increasing remote working because they believe it drives talent and skills retention.And in turn,this should provide a competitive edge to businesses to grow in a talent constrained market.Companies that increased retention

47、in the two years leading up to 2022 were almost a fifth more likely to have grown revenue and profits than those that witnessed retention decrease(Figure 5).This association between retention and growth is likely the reason that 41%of respondents expect to hire more remote workers(Figure 6).This com

48、pares to 37%in the previous two years,during the start of the pandemic.But not all companies are increasing the hiring of remote workers.Almost an equal proportion of respondents stated they would hire fewer remote as those who stated they would hire more.For some,this may be because their companies

49、 have reached the limit of their remote hiring strategy.But for others it is likely because they are not seeing the benefits of higher staff attraction and retention from this strategy.This is because,while new hires and existing staff are demanding flexible working,our analysis reveals that on its

50、own,this strategy has no significant impact on retention.We compared a variety of workplace initiatives added by respondents since 2020 and discovered the top six that had a clear correlation with increased retention.Source:Infosys Knowledge InstituteSource:Infosys Knowledge InstituteExternal Docume

51、nt 2023 Infosys LimitedTHE FUTURE OF WORK|11But for those who did see a retention change,there is a clear improvement with more office space options such as coworking.The worst decision seems to have been decreasing the number of offices,an initiative linked to the highest number of firms with decli

52、ning employee retention.?Figure 7.Remote working alone does not drive talent retentionClosing offices doesnt helpChanges to the mix of physical office space also seem to have some links to retention levels.The operative word here is“mix”because overall,most respondents had no change in their employe

53、e retention regardless of the office space initiatives(Figure 8).Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited12|THE FUTURE OF WORKFigure 8.Firms with higher retention have increased their coworking spaces“The purpose of the office needs to be reinvented.People are going i

54、nto the office to socialize to meet colleagues in person,allowing them to connect emotionally.Not because it is more efficient,and not always because it is critical to their work activities,”explains Marika Arvelid,Head of Digital Empowerment Strategy&Engagement at E.ON.“Were coming from an era wher

55、e we tried to fit as many desks as possible to maximize the efficiency of a space.The key metric used to be employees per square meter.I strongly believe were moving toward a world where we value experience per square meter in the workplace.”?That said,companies should strategize to enrich their off

56、ice estates rather than simply closing,relocating,or redesigning them.Although employees increasingly demand remote working,they are still keen on having offices available.The challenge for corporate property managers is to identify the right mix within their estate to optimize both utilization and

57、strategic value.And that value must consider customer needs,business operations,and employee preferences.It is not easy because the current workplace model is now experiential and emotional,rather than just productive.The purpose of the office needs to be reinvented.People are going into the office

58、to socialize to meet colleagues in person,allowing them to connect emotionally.Not because it is more efficient,and not always because it is critical to their work activities.Marika Arvelid Head of Digital Empowerment Strategy&Engagement at E.ONSource:Infosys Knowledge InstituteExternal Document 202

59、3 Infosys LimitedTHE FUTURE OF WORK|13This view is echoed by Richard Donaldson,VP of Digital Transformation at Duke Energy Corporation,when he spoke to the Infosys Knowledge Institute as part of the Ahead in the Cloud podcast series.“Thats really the ingredient were trying to figure out what does co

60、llaboration look like now when you may have half of your team at the Innovation Center or in one of the offices and then the other half can be in multiple locations depending on where theyre working from home.”The challenge of changeThis ongoing rapid embrace of remote and flexible working involves

61、difficulties too.When asked to rank challenges with implementing their future work transformations,43%of respondents listed the constant evolution(19%)and difficulty of managing change(24%)as their biggest issues(Figure 9).Change management is clearly going to be more difficult to achieve remotely o

62、r in a hybrid environment.Not least because collaboration and the ability to influence colleagues are diminished.As such,22%of respondents cite collaboration as a challenge with their future of work strategies,while 15%state that hybrid work is depleting social capital in their workplace.Yet,there i

63、s hope.The challenges of today are akin to the teething pains of an organization moving to a different operating model.The tools and modes of change management and collaboration need to be updated and modernized for this new hybrid work environment.The good news is that our respondents seem aware of

64、 this.The next section of this report will show respondents are shifting their investment to align with the future.Figure 9.Issues related to implementing future of work transformations?Source:Infosys Knowledge InstituteThats really the ingredient were trying to figure out what does collaboration lo

65、ok like now when you may have half of your team at the Innovation Center or in one of the offices and then the other half can be in multiple locations depending on where theyre working from home.Richard Donaldson VP of Digital Transformation at Duke Energy CorporationExternal Document 2023 Infosys L

66、imited14|THE FUTURE OF WORKExternal Document 2023 Infosys Limited14|THE FUTURE OF WORKExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|15The past two years have been about remote working,and the next two will be about automating and modernizing digital tools in the workplace.The firms now fo

67、cus more on digital tools and modernized systems to better manage and improve remote working outcomes.The pandemic enabled a rapid expansion and adoption of cutting-edge virtual technologies in the workspace.But that does not mean that all of these tools are reliable and effective or delivering best

68、 outcomes.Our data reveals these challenges and how companies are turning to even more digital technologies to solve them.The shine wears off virtual collaboration tools Hybrid working relies on new virtual workplace tools,but not all is bright in the digital workplace.Virtual collaboration tools an

69、d video conferencing were a savior of the early pandemic years.These enabled employees and teams to connect,communicate,and collaborate while apart physically.And they remain crucial,as more people work from home or flexibly.However,the concern is that this doesnt always translate into productivity.

70、As cited by many observers,virtualization of the workplace can overburden or distract colleagues,while disengaging and frustrating others.2 We asked our respondents to rank collaboration methods most used,now and in the future(Figure 10).Unsurprisingly,video calls,virtual collaboration tools(such as

71、 Microsoft Teams,Zoom,or Google Workspace),and emails,were the three most popular currently.The surprise comes when we look at their intentions for the future.While email shoots ahead,both video calling and virtual collaboration tools show a significant decline.It is wrong to assume that this shift

72、represents an across-the-board rejection of new technology.In fact,respondents cited more interest in the future in conversation-based tools(such as Slack or MS Teams),chat-based tools(such as WhatsApp),which could be the preference of the new generation.“We have all had hybrid meetings that are not

73、 too great,”says Marika Arvelid,Head of Digital Empowerment Strategy&Engagement at E.ON,“How many times do the people who are online get Workplace automation is the next big thingExternal Document 2023 Infosys Limited16|THE FUTURE OF WORKforgotten in the conversation because others in the meeting ar

74、e in a physical space.The design of the office is going to have to change to meet these needs.Just having a Jabra or surface hub is not going to be enough.”Such views are perhaps the reason that a small,but growing number of respondents are interested in virtual or augmented reality tools in the fut

75、ure.In fact,metaverse has its biggest opportunity in a hybrid workspace either to enable training and support in the field,or to enable hybrid teams to connect physically and digitally.Our Metaverse Insider Guide,published in August 2022,provides more information on the metaverse and its development

76、.3Our assessment says that employees are frustrated with the tools that require significant technology resources and personal focus to use effectively.Video calls and virtual collaboration tools are memory and processor intensive and require significant layers of authorization to work effectively.Th

77、ey also can be more complex to learn,in the case of collaboration tools;or they can create personal anxiety or weariness,in the case of video calls.In comparison to the conversation or chat-based tools which are familiar from the consumer sphere and are not resource intensive virtual collaboration a

78、nd video calls can often seem to be hindering productivity rather than enhancing it.The conclusion is that companies need to focus more on enhancing their virtual and digital rollouts particularly by providing the right hardware and infrastructure for these tools to work seamlessly and quickly.Compa

79、nies should also be more aware of the different preferences that staff may have due to their personal work style,age,or expertise.As more people choose to work remotely,companies talent attraction and retention will increasingly be based on their effectiveness in delivering working technology that b

80、oosts productivity rather than holds it back.The drive to automate and modernize Given the need to ensure hybrid working delivers strong business outcomes,investment in workplace automation and modernization of digital tools is expected to grow.In the next two years,this is a top investment priority

81、(Figure 11)and the biggest growth Figure 11.Automation and modernization-a top future investment Figure 10.Video and virtual collaboration will decrease going ahead?Source:Infosys Knowledge InstituteSource:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|17Figure 1

82、2.Organizations aim to increase automation and modernization area in the number of new workplace initiatives launched(Figure 12).In both cases,this comes at the expense of remote or flexible working investments or initiatives.These findings are backed by our Digital Radar report published in Februar

83、y 2022.4 The report surveyed nearly 2,700 digital transformation leaders from 1,300 companies across the US,Europe,Asia,and Australia.It found that spending on digital shows no signs of decreasing,with 62%of respondents saying they plan to increase their tech spending by 5%or more,and 28%saying they

84、 will spend about the same amount.Our Modernization Radar report,published in May 2022,further supports this view.5 This survey included 1,500 senior technology leaders and executives across the US,Europe,Australia,and New Zealand.It found that in the next two years companies plan to modernize 50%of

85、 their legacy technology estate,which will increase to 80%to 90%in the next five years.While most legacy technologies are not considered to be directly relevant to the typical office work,it is still relevant because such modernization enables organizations to access exponential technologies.These i

86、nclude advanced data and analytics capabilities,application programming interfaces(APIs)and microservices architectures,and artificial intelligence(AI)tools.These tools can provide significant productivity and employee engagement benefits when working well but are difficult,if not impossible,to achi

87、eve at scale and speed unless legacy systems are migrated or rewritten to utilize modern cloud architecture and applications.?Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited18|THE FUTURE OF WORKThe power of automationTo understand the impact of digital tool automation and mo

88、dernization on business outcomes,we asked respondents to indicate their level of adoption of each of these strategies on a four-point scale.This scale went from having“No”automation or modernization,through“Some”,“Mostly”,and at the top end,“Completely”automated or modernized.Automation is significa

89、ntly more widespread among respondents than modernization.Only 15%of the sample claimed to be completely modernized compared to 25%of those that said they were completely automated.When these two strategies are combined,we found that only 9%of respondents claimed to have both fully automated and mod

90、ernized their underlying technology.To determine the business impact of these strategies,we used linear regression to isolate the link that either automation or modernization had on revenue and profit growth in our respondent base.For modernization,there was no clear result,and this is likely becaus

91、e few companies have pursued full modernization,and the results of such a move take longer to flow to the business.However,for automation,we discovered a strong correlation with revenue and profits.Indeed,moving a firms digital tools from“no automation”to“completely automated”is correlated with a 3.

92、4 percentage point increase in profit change and a 3.9 percentage point revenue change.This may seem like only incremental improvements.But if we extrapolate this profit or revenue boost across our surveyed markets(US,UK,France,Germany,Australia and New Zealand),it equates to$808 billion in incremen

93、tal revenues and$123 billion in incremental pretax profit(Figure 13).Digital employee engagement While digital tool automation links closely with revenue and profit growth,and therefore productivity,digital technology usage is also connected with improved employee engagement.As shown in Figure 7,mod

94、ernization and automation link to improved retention as does BYOD strategies.This is reasonable,given the historic and expected increase in hybrid working.Digital technology enables employees to work effectively from anywhere.Virtual meetings,collaboration tools,instant messaging,and employee self-s

95、ervice portals and apps together,or individually,automate more processes,to make employees more self-sufficient and connected.The ability to mix ones own personal devices into the corporate sphere has also accelerated and eased this transition.But our data also shows that organizations seek to expan

96、d the use of digital technologies to engage with employees and track success.When asked to Figure 13.The business impact of extreme automationExtreme AutomationAnd a3.9 percentage pointrevenue uplift(Moving a companys digital tools from zero automation to completely automated)across large firms in t

97、he US,UK,France,Germany,Australia and New Zealand.$123 billion in profit*uplift$808 billion in revenue uplift*pre-tax profitLinks to a3.4 percentage pointprofit*upliftSource:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|19rank the techniques used to engage with

98、employees,respondents indicated a clear shift toward digital tools to engage with and understand employees(Figure 14).Employee surveys have been the most common method to engage employees to date.However,in the next two years,we expect surveys and town halls to lose their place to service desk and I

99、T service management(ITSM)tools.These are effectively the digital employee support systems that record,and document all queries and resolutions for employee issues.“Enterprise Service Management tools and processes have evolved to transform business functions through automated business workflows and

100、 streamlined processes,thus delivering a superior employee experience,”explains Tarang Puranik,SVP,Figure 14.Digital employee engagement set to increaseEmployee surveysService deskand IT servicemanagement toolsPercentage of respondentsTown hallsOrganizationalnetwork analysisWorkplace analyticsNet pr

101、omoterscore(NPS)trackingEmployee-managerone-on-one meetings Digital experiencemanagement tools?Employee surveysService deskand IT servicemanagement toolsTown hallsPercentage of respondentsOrganizationalnetwork analysisWorkplace analyticsNet promoterscore(NPS)trackingEmployee-managerone-on-one meetin

102、gs Digital experiencemanagement tools?Employee surveysService desk and ITservice managementtoolsPercentage of respondentsTown hallsOrganizationalnetwork analysisWorkplace analyticsNet promoterscore(NPS)trackingEmployee-managerone-on-one meetings Digital experiencemanagement tools?Service Offering He

103、ad for Infosys Cloud Infrastructure Services.“It is important now to evolve the operating model built around these tools and processes,so that they can deliver employee engagement and productivity outcomes successfully.”Use of complex analytics is also on the rise to understand how employees engage

104、with each other and their work.Organizational network analysis identifies the links and information flow between employees,while workplace analytics tracks and monitors behaviors and productivity.Both techniques benefit from a high level of digitization of the workplace,using email,collaboration too

105、ls,digital monitoring and self-service tools as their data sources.Enterprise Service Management tools and processes have evolved to transform business functions through automated business workflows and streamlined processes,thus delivering a superior employee experience.It is important now to evolv

106、e the operating model built around these tools and processes,so that they can deliver employee engagement and productivity outcomes successfully.Tarang Puranik SVP,Service Offering Head for Infosys Cloud Infrastructure Services Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited

107、20|THE FUTURE OF WORKDigitizing tools and metrics for success The increased use of digital tools to improve employee engagement is connected to another trend:The rise in the use of tools that support digital adoption,and the use of metrics to track their success.As shown in Figure 9,change managemen

108、t is one the biggest challenges listed by respondents in regard to their future of work strategies.But when asked how companies were going to optimize the adoption of digital tools within their organizations,respondents showed reduced focus on traditional techniques such as change management and tra

109、ining(Figure 15).Instead,they focus more on digital adoption tools such as Whatfix and WalkMe.This is despite respondents saying that these traditional methods are just as if not more effective than digital adoption tools.Companies are not shifting away from change management and training because th

110、ey feel it is ineffective.On the contrary,when we asked respondents to rank the effectiveness of the different techniques,almost all were ranked as equally effective,with only training coming in significantly(10 percentage points)higher.Figure 15.Digital adoption is being digitized?Change management

111、Using championsProviding trainingProgress trackingDigital adoption toolsPercentage of respondentsCurrentFuturePercentage of respondents?UsedNot usedFigure 16.Metrics that companies are interested in tracking?Employee productivityAmount of remote workDigital adoptionEmployee experienceHealth and well

112、 beingDEI metrics:diversity,equality,and inclusionDigital skillingEmployeedata compliance?Percentage of respondents to track metricNo increase in remote work hiresIncrease in remote work hiresSource:Infosys Knowledge InstituteSource:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTH

113、E FUTURE OF WORK|21Figure 17.The three waves of workplace digitizationWave 1:2000 to 2020Wave 2:2020 to 2022Wave 3:2022 to 2024EstablishingdigitalVirtualizingworkplaceHumancentricEarly cloud adoptionAdvancement of email and collaborative toolsIntegration of mobile and BYODEarly steps in video confer

114、encingRapid expansion of video conferencing and virtual collaborationConsumer apps adopted for commsScaled hybrid workingFocus on the efectiveness of and adoption of digital toolsExpansion of metrics focused on productivity,usage and experienceIncreased tool automation and investment in modernizatio

115、nThe shift then is likely linked to the increase in remote and flexible working.This is because it is difficult to deploy traditional face-to face change management practices in a physically distributed workforce.Also,thanks to the pandemic,most employees are already utilizing digital and virtual to

116、ols for a significant part of their work.Although,as well see further in this report,that may not always be that effective for them.Remote working is also driving an increase in tracking metrics.Figure 16 shows that companies increasing remote working are also prioritizing workplace metrics at much

117、higher rates.Notably,remote work volumes,employee experience,and employee data compliance.In summary,our data suggests that the shift to hybrid working will result in a new wave of digital tool automation in the workplace.The first wave,over the past two decades,has been to provide basic digital too

118、ls for office work.The pandemic brought this ongoing second wave,where the emphasis is to enable scaled virtual,remote,and hybrid working.The next wave will focus on digital engagement and adoption tools as well as success metrics.The focus has shifted from enablement of employees and toward effecti

119、veness and productivity.Digital technologies are imperative to both monitor and assess employees performance as well as keep them engaged with colleagues,despite lack of physical proximity.Used correctly,they can foster an environment of personal responsibility and trust,that improves both employee

120、satisfaction and productivity,”says Gopikrishnan Konnanath,Senior Vice President and Global Head,Engineering Services and Blockchain,Infosys.“They also help create a connected workplace be it a smarter office or an ecosystem that gives employees access to the organizations network and enables effort

121、less interaction with the workplace environment no matter where they may be workingfrom.But there is a word of warning.Employee tracking and surveillance is not always welcomed by employees-especially if it is overly intrusive or does not seem to support or enable employees to improve themselves.Giv

122、en we are in a sellers market when it comes to talent and skills,its important that companies are above board with their surveillance,and use such tools with the full buy-in and support of their employees.Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited22|THE FUTURE OF WORKEx

123、ternal Document 2023 Infosys Limited22|THE FUTURE OF WORKExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|23With employees still resigning at an alarming rate,organizations need to deploy several tactics to ensure they get access to and can retain the best talent.6 We now know how the need f

124、or talent is driving the expansion of remote working,in turn increasing digital tool automation of workplaces.Our data reveals another strategy that has been successful in this environment.Expanding and diversifying the sources of new talent,as well as focusing on reskilling existing talent,is corre

125、lated with stronger profits than extreme automation.In the case of reskilling,the better you are at training,the better your growth.In other words,focusing on hiring a wider range of skillsets,and using training effectively to give them the skills they need,is linked to faster growth and competitive

126、ness.The talent diversity blind spotTo understand how organizations plan to build up their talent pools,we asked respondents which sources of talent had they increased or decreased focus on in the past two years.We also asked the same for the coming two years(Figure 18).The most consistent focus has

127、 been on internal skills marketplaces that help source talent from across an organization.This was the largest growth area in the past two years and expected to be the second largest for the next two years.Yet,using linear regressions,we found no correlation between a focus on internal skills market

128、places and revenue or profit growth.This suggests that the benefits from this source are yet to feed through to the top or bottom line,or they may not actually be linked to business growth.Diversify and develop skills to boost business growthExternal Document 2023 Infosys Limited24|THE FUTURE OF WOR

129、KFigure 18.Community colleges drive most growth,but are being overlooked?Proportion?Community colleges polytechnic programs vocational programs?Digital reskilling program?External skills marketplace or gig platform?Internal skills marketplace?UniversitiesPastFuturePastFuturePastFuturePastFuturePastF

130、utureLinked to 1.5 percentage point revenue uplift,and 1.2 percentage point proft upliftLinked to 0.8 percentage point revenue uplift and 1.3 percentage point proft upliftLinked to 1.4 percentage point proft upliftIncreased useDecreased useNo change?In fact,we only found three talent sources linked

131、to growth:the use of external skills marketplaces,universities,and community colleges(including Polytechnics or vocational programs).Together,these sources are associated with a 3.9 percentage point profit increase and a 2.4 percentage point revenue increase.When extrapolated across our surveyed mar

132、kets,this is equivalent to an additional$503 billion in revenue and$145 billion in pretax profit(Figure 19).But the growth from each of these was unevenly distributed.For instance,all sources have a similar impact on boosting profit.External skills or gig marketplaces correlated with a 1.4 percentag

133、e point boost,while universities and community colleges added 1.3 and 1.2 percentage points,respectively.Revenue growth was a different story,however.Skills marketplaces had no correlation with revenue,while universities input to topline growth was only 0.8 percentage points.Community colleges,howev

134、er,are linked with a whopping 1.5 percentage point increase in revenue growth.Perhaps,diversifying skills enables new perspectives,ideas,and a better awareness about new target markets,providing organizations that topline growth edge.Despite talent from community colleges having a strong correlation

135、 with top-and bottom-line growth,our surveyed companies are decreasing their use of this source faster than those increasing it.Source:Infosys Knowledge InstituteExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|25This is clearly a blind spot for organizations at a time when good talent is cr

136、itical.Companies that do not increase the mix of candidates sourced from community colleges,polytechnics,or vocational programs are missing a trick.Not only do these sources increase the pool of potentially cheaper candidates,but we have proven a link between the use of these candidates and revenue

137、growth.Diversity of skills should not just be a paid lip service it can also boost your business.The power of proper trainingThroughout this research,weve seen the importance of training and reskilling.Its an important tool for increasing retention of employees(see Figure 7).And digital reskilling i

138、n particular is a big focus for companies increasing remote working hires(see Figure 16),as well as being one of the growing initiative areas for companies in general(Figure 12).This is also backed by research from Infosys Knowledge Institutes Agile Radar 2021,which found that human-centric levers,s

139、uch as upskilling,self-organizing,and using advanced collaboration platforms,can increase business growth by as much as 63%.7Figure 19.The business impact of diversifying skills sourcingDiverse Skills SourcingAnd a2.4 percentage pointrevenue uplift(Hiring talent from a mix of Vocational,Universities

140、 and external skills marketplaces)Across large firms in the US,UK,France,Germany,Australia and New Zealand.$145 billion in profit*uplift$503 billion in revenue uplift*Pre-tax profitLinks to a3.9 percentage pointprofit*upliftMore than two-thirds of respondents indicated that training was“completely”o

141、r“very”effective at driving digital adoption(Figure 20).This is significantly higher than other methods such as use of digital adoption tools,internal champions and change management though still considered highly effective.Figure 20.Training seen as most effective for digital adoption?Source:Infosy

142、s Knowledge InstituteSource:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited26|THE FUTURE OF WORKBut we also found that training from external sources was more effective and that the effectiveness of training links to revenue and profit growth.First,we asked respondents to share the

143、 proportion of employees who are trained inhouse,or by an external training provider or platform.Then,to understand the effectiveness of these techniques,we asked what percentage of retrained employees use these new skills in their current roles.External training providers and platforms came out as

144、the most preferred sources for training.These were the most effective in terms of results,as they delivered the highest rate new skills usage(Figure 21).Using linear regression,we discovered the impact of training on revenue and profit growth.We found that every 10%improvement in the proportion of n

145、ew skills being used in the workplace correlated with a 0.3 percentage point uplift in revenue and pretax profit.This is equivalent to$66 billion more revenues and$14 billion more profit in the past two years by large companies in the markets we surveyed(Figure 22).These numbers may seem small.But w

146、hen one considers that on average only 66%of new skills are being used in the workplace,there is clearly headroom to improve.Its conceivable that an average firm could improve its training curriculum so that more than 86%of new skills being learned are used in the workplace.This 20%increase in skill

147、s application could double the revenue and profit uplift to 0.6 percentage points.For firms that are lagging the average,this uplift could be significantly higher.“Digital Learning platforms enable Anytime,Anywhere and on Any Device learning for our employees.This allows uninterrupted access to enha

148、nced and immersive learning and its relevance has only been amplified with the prevalence of flexible working,”says Thirumala Arohi,Senior Vice President and Head-Education,Training&Assessments,Infosys.External TrainingProviderExternal TrainingPlatformInhouse?Figure 21.Skills gained from external tr

149、aining tend to be used moreSource:Infosys Knowledge InstituteDigital Learning platforms enable Anytime,Anywhere and on Any Device learning for our employees.This allows uninterrupted access to enhanced and immersive learning and its relevance has only been amplified with the prevalence of flexible w

150、orking.Thirumala Arohi Senior Vice President and Head-Education,Training&Assessments,InfosysExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|27Figure 22.Training will help increase digital adoptionEffective Training(Measured by the proportion of new skills being applied in the workplaces)acr

151、oss large firms in the US,UK,France,Germany,Australia and New Zealand.*pre-tax profitLinks to a0.3 percentage pointprofit*upliftAnd a0.3 percentage pointrevenue uplift$66 billion in revenue uplift$14 billion in profit*upliftFor every 10%increase in skillsused in the workplacecompany E.ON.“Its not so

152、 much about the hours that people are willing to work,it is the contractual and legal set up.People want to feel free and have the flexibility to decide what to work on and when to work.I believe that the younger generation wants to have a personalized working experiencing,fitting to their needs and

153、 offering them the maximum flexibility to achieve their desired lifestyle,which they are purposing at that point in time.”The most dramatic changes have been in France and Germany,where the percentage of gig workers is expected to surge to 26%and 20%of the total workforce,respectively,in the next tw

154、o years(Figure 23).This is compared to gig worker levels of 13%for both countries two years ago.In the UK,gig working has jumped to 16%from 9%two years ago.However,this seems to be cooling as respondents do not expect any further increase in gig working in the UK in the next two years.However,the US

155、 and ANZ will not see much change.Both regions had high levels of gig working to start with.ANZ having the highest proportion at 16%,and the US with 13%two years ago.However,this has remained flat and is expected to remain that way for some time.In fact,both countries expect a slight increase in ful

156、l-time working.The shift to gig working Gig working,or the practice of using independent contractors or individuals as needed,certainly took the limelight in the past two year.Companies such as Uber and Deliveroo,who used such workers to increase home delivery capacity rapidly over the pandemic,are

157、seen as pioneers of the concept.Yet,gig working goes beyond logistics and manual jobs,and platforms such as Amazon Mechanical Turk,Airtasker,and Upwork(among many others)focus on providing short term labor for knowledge,legal,financial,or creative services.Certainly,our data reveals that gig working

158、 is becoming popular.But its adoption differs by industry and region.We also find that an increase in gig working usually comes at the expense of other contingent worker models.So,rather than reducing the number of full-time workers,a surge in gig working seems often to be from a shift of part-time

159、and contract workers into a gig model.“I strongly believe we will continue to work in a flexible and hybrid format.Also,the format in which we will legally engage in work in the future is changing,as more people are working independently from a formal employer,”says Marika Arvelid,Head of Digital Em

160、powerment Strategy&Engagement at energy Source:Infosys Knowledge InstituteExternal Document 2023 Infosys Limited28|THE FUTURE OF WORKFigure 23.European countries are adopting gig working fasterDifferent experiences of the pandemic likely played a big role here.European countries spent the pandemic c

161、oming in and out of repeated lockdowns,and controlling the virus was challenging.In the US,different states took mixed approaches,implying the data overall likely shows no change.Meanwhile,in ANZ,the regions highly effective isolation strategy likely meant there was no need to increase gig working b

162、eyond its already high levels.From an industry perspective,healthcare and manufacturing are planning the biggest growth in gig workers at the expense of full-time staff(Figure 24).This is no surprise,as demographic and skills challenges could be forcing this.The surprises come from traditional indus

163、tries such as automotive and high-tech that are planning significant growth of gig workers,at the cost of full-time staff.This is despite facing relatively stable or growing market conditions.Gig workers are expected to grow in retail while part-time workers will decline significantly.Conversely,gig

164、 workers in financial services and telecom are expected to fall,while contract workers and full-time workers are expected to grow respectively.Source:Infosys Knowledge InstituteFull timePart timeContractorsGig workers?4?r?r?r?r?r?ANZGermanyUKUSFrance?External Document 2023 Infosys LimitedTHE FUTURE

165、OF WORK|29Figure 24.Gig working to grow while full-time shrinksFull timePart timeContractGig workersAutomotiveEnergy,mining,or utilitiesFinancial ServiceHealthcareHigh techInsuranceLife scienceLife scienceLogisticsManufacturingRetail or hospitalityConsumer package goods?5?Source:Infosys Knowledge In

166、stituteExternal Document 2023 Infosys Limited30|THE FUTURE OF WORKAs we approach the end of 2022,its clear that workplace trends sparked by the global pandemic are not going away.If anything,they are accelerating.Technology has decoupled the historical tether between work,worker,and workplace.Howeve

167、r,the employer-worker relationship has fallen behind.Job market trends,attrition rates,and continued lack of workforce participation suggest something is missing in the future of work conversation.To keep pace with their employees,companies should reexamine their employee relationships with fresh,em

168、phatic eyes while maintaining financial performance during uncertain and disruptive times.As Infosys Knowledge Institutes Tech Navigator Report emphasizes,organizations need to create digital experiences that are not merely efficient and user-friendly but those that connect and engage employees on a

169、n emotional level.8Good intentions alone are not enough.While ESG has become a catchall buzzword,trust is the coin of the realm for employee engagement and its most visible metric,retention.Contrary to conventional wisdom,trust is far from a soft skill.Our research shows employees respond predictabl

170、y and positively when companies implement initiatives that serve employee needs.However,traditional approaches to develop trust and engagement are no longer sufficient in the age of distributed,always-on cloud and AI.Its time to give a radical makeover to the employee value proposition and to deploy

171、 new tools,in a new way,to manage and succeed in this new environment.Technology can be used to recouple and reconnect that tether between employee purpose,performance,and productivity.And this will have to work across a hybrid of physical,virtual,and remote locations.But we see a bigger prize than

172、just retention and engagement.Our research reveals that diversity of employees can bring new strength and resilience to businesses.Combined with the proven benefits of reskilling,the increase of automation,and the flexibility of The case for the human-centric workplaceExternal Document 2023 Infosys

173、LimitedTHE FUTURE OF WORK|31contract types and locations the future workplace is on course to become more inclusive to a wider demographic of people.“Automation is about removing standardized and monotonous tasks the hallmark of the 20th century workplace.But by doing this it can usher in a new era

174、of diversity in the workplace,by making space not only for more creative thinking,but for a new demography in the workplace.Those groups who may previously have been excluded,either due to available working hours,educational attainment,technical knowledge,or physical ability could thrive in this fut

175、ure,”says Rajesh Varrier.This is the vision of the 21st century work that we should all aim for.One that creates more opportunity and participation for more types of people.Digitally enabled hybrid work is just the first step.Automation is about removing standardized and monotonous tasks the hallmar

176、k of the 20th century workplace.But by doing this it can usher in a new era of diversity in the workplace,by making space not only for more creative thinking,but for a new demography in the workplace.Those groups who may previously have been excluded,either due to available working hours,educational

177、 attainment,technical knowledge,or physical ability could thrive in this future.Rajesh Varrier EVP,Head of Digital Experience&Microsoft Business,InfosysExternal Document 2023 Infosys Limited32|THE FUTURE OF WORKThe future of work is all about flexibility.But this does not only apply for physical wor

178、k location.In this talent market,skilled candidates are in the driving seat.Successful organizations will be those that cater to their employees needs to get the best out of them.Leaders need to get better at understanding the mix of personalities and workstyles within their teams and how they can o

179、ptimize their approach and supporting infrastructure to achieve the best outcomes.To successfully step in the future of work,we suggest the following strategies for organizations to overcome their challenges in this tough environment and capture the benefits of high retention and profit and revenue

180、growth:Recommendations:Commit to being flexible and diverseExternal Document 2023 Infosys LimitedTHE FUTURE OF WORK|33Theres absolutely this empowerment theme and trust theme as well,that we trust you to be able to work out whats the best thing for your team and the most effective thing.And it varie

181、s because we have so many different roles developers to front office salespeople to Finance people,and customer service agents.They all have very different day-to-day experiences and for some persons,its hugely valuable(to be in the office),and for others,its not.So,were leaving it with the teams to

182、 determine.Rachel McShaneCFO of Digital Wallets for Paysafe GroupAs Rachel McShane,CFO of Digital Wallets for Paysafe Group,explains,“Theres absolutely this empowerment theme and trust theme as well,that we trust you to be able to work out whats the best thing for your team and the most effective th

183、ing.And it varies because we have so many different roles developers to front office salespeople to Finance people,and customer service agents.They all have very different day-to-day experiences and for some persons,its hugely valuable(to be in the office),and for others,its not.So,were leaving it w

184、ith the teams to determine.”9Invest in adequate technology,but change processes with itProductivity can be achieved in a hybrid and flexible work environment,but it is not a given.Employees need their tools to perform at their utmost.Those tools rely on high performing devices,networks,as well as cl

185、oud processing,storage,and software.But the downside of this increased digitalization is that more of employees time is now spent administering their technology.And the power of digital tools has made everyone a generalist.10 Senior executives now complete their own expenses,book their flights,desig

186、n their power points,and wait in virtual queues to fix any of this when it fails.Continue to provide flexibility in hybrid work balance Debates around what is the right hybrid model are not over Is it two or three days in the office?Should it be Mondays,Wednesdays,and Fridays,or the days in between?

187、But this misses the point.The future of work is not about working from home or the office.It is about having the flexibility to work effectively wherever,whenever,and however,you choose.Technology has been driving us to this point for the past decade or more.It is only the pandemic that forced so ma

188、ny to take the plunge.Whether managers agree is a moot point.Employees are voting with their feet.Organizations that dont provide an adequate work infrastructure will not get the best out of their staff and will struggle to keep the best performers.Mandating days or hours spent in certain locations

189、will only build resentment,especially with those high value employees that thrive on autonomy.But it is a balance.Its wrong to assume everyone thrives away from the office,or that all work benefits from time at home.The challenge for todays leaders is to build the architecture for successful flexibl

190、e teamwork.That involves providing the right mix of physical,virtual,and personal space.And to get everything working for everyone,organizations need to rely on technology more than ever.External Document 2023 Infosys Limited34|THE FUTURE OF WORKBuilding digital tools and investing in high performin

191、g infrastructure is not enough.Organizational processes and support mechanisms need to be modernized and designed around them so that the next generation workplace gets next generation support.Employees need to be freed to work,not held back by their tools and the ever-growing list of responsibiliti

192、es that come with them.“Digitization is the cornerstone of the 21st century business model,and one that supersedes many of the operating and business models developed after the Industrial revolution and exploited throughout the 20th century,”says Rajesh Varrier,EVP,Head of Digital Experience&Microso

193、ft Business,Infosys.“But to fully benefit from it,organizations not only need to keep investing in the technology itself,but shift their work processes,culture and metrics to realize its full potential,”he adds.Observe holistic indicators and keep evolvingThe future workplace also needs a flexible a

194、nd digitally driven system to measure whats working and what to change when its not.Respondents to our survey are shifting more toward ITSM and support tools to better engage with employees.And why not?When most work now touches digital in some way,gathering and understanding those signals can help

195、leaders provide the best environment for their employees to ensure success.But this is less about monitoring individuals and more about learning to design the work experience around different personas in an organization.And many of the techniques can be transplanted from the consumer digital world.F

196、or instance,monitoring clicks or time spent on applications to understand if they deliver to expectations.Instead of seeing technology as a way for employees to report problems,organizations need to move to proactively identifying and fixing blockages that can throttle productivity due to poor techn

197、ology,or badly designed processes.Of course,this will require significant investment in analytics and metrics tools.But these techniques are increasingly being productized and easily available to organizations willing to use them.“To meet the expectation of the new-generation employee,organizations

198、are creating flexibility and offering choices for employees instead of drawing up strict mandates.They are adopting service management principles that measure performance in terms of values or experiences delivered to their employees instead of focusing on operations or outcomes alone.In other words

199、,the focus is on Experience Level Agreement(or XLA),”explains Lax Gopisetty,Vice President,Global Practice Head for Microsoft Business Applications&Digital Workplace Services,Infosys.11Diversify talent pool to open new growth avenues Too little attention is given to employees in the workplace who do

200、nt fit inside a box.Indeed,the 20th century workplace has been designed for a particular demographic:male,able,middle-aged,and unburdened by the need to care for relatives.Todays workplace is much more diverse,but the forms of yesteryear still restrict it.This is a problem because,as technology chip

201、s away at the standardized,mundane,or highly complex structure tasks,the gap humans need to fill is evolving.Creativity,innovation,lateral thinking,problem solving,relationship building,and empathy are all part of the new package of characteristics that businesses seek in high performing individuals

202、.But as weve mentioned previously,these are often restricted by poorly designed and implemented workplace technologies.Diversity of thought is not the only thing though.Diversity of background,educational qualifications,age,ethnicity,and gender can all External Document 2023 Infosys LimitedTHE FUTUR

203、E OF WORK|35help make an organization more resilient and more importantly,faster growing.Groups made of diverse personalities can be more resilient,spot opportunities faster,and execute on them more effectively.Experience is everythingAs digital tools increasingly become critical for employees work,

204、productivity and engagement hinge ever more on the quality of the digital experiences these tools provide.Technology alone will not build the future of work.Successful organizations will be those that see digital tools as one element of a holistic package of initiatives that serve to engage,enthrall

205、,and attract staff and new candidates.The design and implementation of digital tools should concert with a firms wider employee engagement strategy.“Organizations should adopt a human-centric approach to experience design and reimagine the ways of working,that can show employees not only how their n

206、eeds are understood but also how their potential is amplified.It is important that employees feel connected,empowered,and motivated to work as individuals and collaborators.This is where immersive collaboration,AI,and automation can make a real difference by digitizing the flow of work,”says Chidamb

207、aram Ganapathi,Associate Vice President and Head-Digital Workplace Services,Infosys.The world of consumer technology can be a good guide here.The principles of user experience,personalization,gamification,and engagement analytics are embedded in the design of todays most popular websites and apps.Th

208、ese must also be thoroughly applied to corporate applications and tools to bring the best out of employees and teams.In a world where attracting and retaining the best talent is critical,and where businesses must provide a mix of hybrid options that cater to all work styles the experience design of

209、digital tools cannot be ignored.Poor tooling makes for poor productivity.And in the future of work,whatever your job is,you will most likely rely on a digital tool.Companies that design these tools effectively will get ahead faster.The future of work is not a problem but an opportunity to rebuild th

210、e workplace for the 21st century.One that can benefit the top and bottom line and make for happier people.External Document 2023 Infosys Limited36|THE FUTURE OF WORKAppendix:Research approachFigure 25.Methodology:Financial benefits of future of work strategiesApplicationApplied model to known fnanci

211、al and economic data on businesses in the regions surveyed,normalized the diferences in the sample distribution Expert analysisInterviewed work,workplace,and workforce experts to interpret the data and identify the most important variables SurveySurveyed 2,500 respondents between July and August 202

212、2 about future of work strategies,representing businesses with more than US$1 billion across 6 countries and 12 industriesInsightIdentifed three variables that increased proftability and revenue increases:OutcomeConcluded that up to$1.4 trillion in revenue and$282 billion in profits could be gained

213、through extreme automation($808B revenue,$123B proft),diversifying skills sourcing($503B revenue,$145B proft),and employees using new skills($66B revenue,$14B proft)ModelBuilt linear regression model that identifed correlations between the following variables and both revenue and proft:Extreme autom

214、ation was associated with a 3.4 percentage point increase in proft growth and a 3.9 percentage point increase in revenue growth.Diversifying skills sourcing was associated with a 3.9 percentage point increase in proft growth and a 2.4 percentage point increase in revenue growth.For a 10 percentage p

215、oint increase in employees using new skills,revenue and proft growth were about 0.3 percentage points higher.Use of gig,contract,and part-time workers Levels of using new skills in current or new role MethodHybrid working:Ofce arrangementLevel of digital tool automation Level of digital tool moderni

216、zation Methods to optimize adoption of digital tools Which employee metrics companies use Hiring sources External Document 2023 Infosys LimitedTHE FUTURE OF WORK|371.Staffing shortages in America are a glimpse into its future,January 22,2022,2.Technology has turned back the clock on productivity,Tim

217、 Harford,March 12,2021,3.The Metaverse Insider Guide,Kate Bevan,August 22,2022,Infosys Knowledge Institute4.Digital Radar,Jeff Kavanaugh,Chad Watt,and Nikki Seifert,February 8,2022,Infosys Knowledge Institute5.Modernization Radar,Harry Keir Hughes,May 6,2022,Infosys Knowledge Institute6.The Great Re

218、signation is not over:A fifth of workers plan to quit in 2022,Stefan Ellerbeck,June 24,2022,weforum.org7.Agile Radar 2021,July 28,2021,Infosys Knowledge Institute8.Tech Navigator:Building the human-centric future,April 6,2022,Infosys Knowledge Institute9.View from the C-Suite:Hybrid Work,hosted by S

219、kyler Mattson,September 28,2022,WONGDOODY10.Technology has turned back the clock on productivity,Tim Harford,March 12,2021,11.XLA:A pillar of sustainable digital workplace,Lax Gopisetty and DQINDIA ONLINE,September 15,2022,ReferencesContributorsNikki Seifert|Infosys Knowledge Institute,DallasAuthors

220、Samad Masood|Infosys Knowledge Institute,LondonPriyanka Haldipur|Infosys Knowledge Institute,BangaloreAnalysis and ProductionIsaac LaBauve|Infosys Knowledge Institute,DallasSubhangkar Das|Infosys Knowledge Institute,BangalorePragya Rai|Infosys Knowledge Institute,BangaloreExternal Document 2023 Info

221、sys Limited38|THE FUTURE OF WORKAbout Infosys Knowledge InstituteThe Infosys Knowledge Institute helps industry leaders develop a deeper understanding of business and technology trends through compelling thought leadership.Our researchers and subject matter experts provide a fact base that aids deci

222、sion-making on critical business and technology issues.To view our research,visit Infosys Knowledge Institute at or email us at .2023 Infosys Limited,Bengaluru,India.All Rights Reserved.Infosys believes the information in this document is accurate as of its publication date;such information is subje

223、ct to change without notice.Infosys acknowledges the proprietary rights of other companies to the trademarks,product names and such other intellectual property rights mentioned in this document.Except as expressly permitted,neither this documentation nor any part of it may be reproduced,stored in a

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