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Asia Pacific is known as an economic powerhouse. Home to both advanced and rapidly emerging economies, its growth rate has seen the region play a pivotal role in shaping the global economy. But how it has grown to date, is not how it will grow in the future.
As we identified in our 2022 report, Asia Pacific’s Time: Responding to the new reality, while the economy has rebounded from the pandemic lows, we continue to see financial, environmental and social pressures converge to create new and more complex challenges. Businesses in the region must reshape uncertainty into opportunity, complexity into clarity and problems into potential. Now, in our 2023 Asia Pacific Workforce Hopes and Fears survey, this need is amplified.
Our survey of 19,500 Asia Pacific employees – as part of the annual Global Workforce Hopes and Fears Survey – shows, for the first time, a striking similarity between employees and employers on the critical need to transform to survive. 39% of employees believe their organisation is unlikely to survive more than 10 years if it continues on the same path. This chimes with our 2023 Asia Pacific CEO Survey, with 53% of CEOs expressing the same concern.
What will this mean for the workforce? Change. Organisations will only succeed in their reinvention if their people are fully engaged, motivated and eager to contribute. So, are they ready for what lies ahead?
Our survey identifies six factors impacting their readiness to evolve. They are business viability, employee sentiment, workforce skills, emerging technology, work environment, and climate action.
Partner, Workforce Transformation, South East Asia Consulting, PwC Malaysia
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