91% Indian CEOs want to link rewards, promotions to office attendance: KPMG
New Delhi, Oct 3, 2024
CEOs in India are confident about the benefits of generative AI, but concerned about the pace of progress on regulations: KPMG 2024 India CEO Outlook
A new survey by consultancy KPMG India, released on Thursday, showed that Indian chief executive officers (CEOs) are taking firm steps to bring their employees back to offices.
It said that as many as 91 per cent of Indian CEOs "are considering incentivising office attendance by linking rewards, raises, or promotions to it". This is slightly higher than the global average of 87 per cent.
These findings were revealed in the KPMG 2024 India CEO Outlook, based on responses from 125 Indian CEOs. The companies of all respondents had an annual revenue of over $500 million.
"Seventy-eight per cent of CEOs in India expect the 'return to office' of the overall workforce, underscoring the importance of personal interaction in work culture," the survey said.
Reflecting on the impact of generative AI on skill development, the survey also found that 50 per cent of CEOs in India are equally emphasising the importance of developing workforce skills and capabilities alongside technological investments.
Moreover, the CEOs in India are confident about the benefits of generative AI but are concerned about the pace of progress on regulations.
According to the survey, 71 per cent of CEOs in India, compared to 76 per cent of CEOs globally, reported having a "solid understanding" of how generative AI can enhance their organisations' performance and secure a competitive edge.
"At the same time, they are also apprehensive about the pace of progress on generative AI regulations, with 77 per cent of CEOs in India, as opposed to 69 per cent globally, agreeing with this sentiment," it said.
"While the tool [AI] itself has the potential to rapidly evolve and self-learn, the need for humans to remain central to AI advancements will hold the crux. An ethical approach in using the tool, by safeguarding against all vulnerabilities, will be extremely imperative," said Akhilesh Tuteja, Partner and Head, Clients and Markets, KPMG in India.
[The Business Standard]
