With the fear of recession having gripped organizations worldwide, the focus on hiring freezes has increased. In fact, 33 percent of CEOs in India and 39 percent of CEOs globally have already imposed a hiring freeze. About 47 percent of CEOs in India compared to 46 percent worldwide are thinking of reducing their workforce over the next six months.
Chief executive officers around the world, across sectors, continue to invest in their present employees. In fact, about 34 percent of CEOs in India and 50 percent of CEOs globally are looking at ways to improve and enhance the productivity of their workforces.
How do the CEOs plan to deal with the recession, if it hits?
About 75 percent of CEOs worldwide and about 70 percent in India have either imposed a hiring freeze or plan to do so in the next six months. A whopping 80 percent of CEOs around the world and 75 percent in India have either seriously thought of reducing headcount or will downsize their workforce in the next six months.
Worldwide, 40 percent of CEOs have taken steps to pause or reduce digital transformation strategies to prepare for an anticipated recession. About 37 percent plan to do so in the next six months, but 22 percent have no action planned yet. In India, 28 percent have taken action, while 50 percent are planning to take action in the next six months and 22 percent have yet to plan what to do.
By 2025, two percent of CEOs in India feel that the workforce will be working 100 percent remotely. About 34 percent feel the hybrid model will be embraced over the next three years, while 65 percent believe it will be back to in-office work.
There is the awareness that diverse teams perform better, but this is limited to environments of psychological safety alone says the report. About 62 percent of CEOs in the country feel they are responsible for driving greater social mobility in their organizations. That means they are accountable for how the organization is structured and the kind of people invited to the organization.