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Despite Economic Downturn Employees Still Hold Power In Workplace: Infosys and WSJ Survey Report

The report claims to deliver insight into the future of work and what employers need to know in 2023

Despite Economic Downturn Employees Still Hold Power In Workplace: Infosys and WSJ Survey Report
POSTED ON December 18, 2022 4:42 PM

Infosys and WSJ Intelligence released a new report called “The New Workplace”, which claims to uncover the trends and priorities that will drive the workplace in 2023 and beyond. According to a statement by Infosys, 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.

Both companies claimed to survey more than 1,000 US senior executives to explore workplace trends resulting from the pandemic—from hybrid and remote work to the economy’s impact on the labour market—and how both employees and employers feel about them. Additionally, it emphasises that employers must rethink work norms and learn to adapt and derive value from the long-term impact of the pandemic. 

The report contains five key findings.

Productivity Does Not Correlate with Remote Or In-Office Work

While 57 per cent of respondents agreed remote work boosts productivity, 53 per cent also agreed productivity is a significant benefit of working in the office. However, the study also found that some fields experienced higher productivity from remote work than others. Of the industries that fared best with remote work, high-tech (63 per cent), telecom (54 per cent), and financial services (51 per cent) reported their sectors would likely adopt a “work from anywhere” model going forward.

There’s No “One-Size-Fits-All” Approach To Remote And Hybrid Work 

The report found that the respondents are torn in the case of remote and in-office work, agreeing that each company should make policy decisions based on business needs, industry, and work culture. Across sectors, nearly half (46 per cent) of the leaders agreed that office visibility is a significant part of the performance evaluation process.

Work-Life Balance Is Dependent On Remote Work

According to the report, 60 per cent of respondents indicated work-life balance improved with remote work, while only 43 per cent achieved this balance pre-pandemic when working in the office.

Employees Value Companies That Align Business Strategy With Purpose

In the case of business, causes and profits, sustainability and purpose are on the top of the mind for employees, with 75 per cent of respondents noting a purpose strategy is a 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 per cent vs. degrees 53 per cent. The report also stated that they must make hybrid or remote work policies based on worker preference and performance abilities to survive. This is especially true for employers working 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 when location matters.”

Elizabeth Nann, the executive director of 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.”

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