HR Honchos' Expectations From Lok Sabha Elections 2024

As India approaches the 2024 general elections, voters are not only concerned about the immediate political landscape but also the broader socio-economic implications of their choices. This election, a significant focus is on the human resources sector, with voters emphasising women empowerment, employability and youth skilling. 

Women Empowerment: A Crucial Agenda

Women empowerment remains a pivotal issue for voters, reflecting the ongoing struggle for gender equality in the workplace. According to the National Sample Survey Office (NSSO), the female labor force participation rate in India was a mere 23.3 per cent in 2019-2020. This is alarmingly low compared to the global average of 47 per cent. The government has introduced various schemes like the Beti Bachao Beti Padhao and the Mahila Shakti Kendra to address gender disparity, but implementation and societal change remain slow.

“As a CHRO, my decision to vote stems from a deep commitment to fostering a thriving and inclusive workplace that reflects the broader society. Voting is a fundamental right and responsibility, crucial for shaping policies that impact not only our personal lives but also the business environment. I expect the government to prioritize initiatives that enhance economic stability, support technological innovation, and promote education and skill development,” says Amit Sahoo, VP & Global Head of HR, Strategy, Business Operations. 

A recent report by the McKinsey Global Institute suggests that advancing women’s equality in India could add $770 billion to the GDP by 2025. 

Employability: Bridging the Skills Gap

The employability of graduates continues to be a major concern. A report by Aspiring Minds reveals that 80 per cent of Indian engineers are unfit for any job in the knowledge economy. This skills gap is a critical issue that voters want the new government to address through improved educational infrastructure and curriculum reforms. 

“A strong centre with strategic forward looking policy disposition is key to keeping India’s growth momentum. The new government must focus on strong job creation, not just government jobs, to ensure the youth get positively challenged. The skills agenda must get turbocharged with a huge focus on skill universities rather just academic degrees. The quality of training for skills needs a major focus. These are the two very strong expectations I have,” comments Prabir Jha, Founder & CEO, Prabir Jha People Advisory. 

Budget 2023-2024 allocated ₹1.12 lakh crore to the education sector, a 4.8 per cent increase from the previous year. Despite this, experts argue that much more needs to be done. 

Youth Skilling: Preparing for the Future

With 65 per cent of India’s population under the age of 35, the importance of youth skilling cannot be overstated. The National Policy for Skill Development and Entrepreneurship aims to train over 400 million people by 2022. However, the current infrastructure and training programmes have not met these ambitious targets.

“The vote given this year was for ensuring we continue our growth journey and move up the ladder to become the startup capital of the world. We should aspire to be exporter of skilled workforce for the world. Performance matrix like power of Indian passport, focus on MSME and our focus on empowering Bharat were critical indicators,” shares Vinay Kaushik Trivedi, Global Head HR, TerraPay. 

The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has been a flagship scheme in this area, yet its reach and effectiveness have been questioned. 

Voting Trends and Budget Allocations

The 2019 general elections saw a voter turnout of 67.11 per cent, the highest ever recorded in the history of Indian elections. This indicates a growing political engagement among the populace, driven by an increased awareness of socio-economic issues. The Economic Survey 2021-2022 highlighted the need for strategic investments in human capital to sustain India’s economic growth.

“The election results may bring changes in labor laws and regulations. We are keenly observing party manifestos for proposals on minimum wage adjustments, work hours, employee benefits, and workplace safety standards. These changes could affect hiring practices and compliance requirements. A stable and supportive political environment that facilitates business growth and enhances the overall well-being of the workforce. The corporate sector remains hopeful that the election outcomes will lead to a prosperous and equitable future for all,” highlights Abhishek Tiwary, Senior Vice President & Global Head - HR (BPS), Tech Mahindra.

In the 2023-2024 budget, ₹2.87 lakh crore was allocated for the Ministry of Skill Development and Entrepreneurship, reflecting the government's recognition of the need to enhance employability and skill development. However, experts argue that effective utilisation and targeted implementation are critical.

As India heads to the polls, the electorate’s expectations from the new government are clear: policies that promote women empowerment, enhance employability, and focus on youth skilling are paramount. The insights from leading CHROs highlight the critical areas that need attention and the potential impact of these policies on the nation's economic and social fabric. With strategic investments and collaborative efforts between the government and the private sector, India can pave the way for a more inclusive and skilled workforce, driving sustained economic growth and development.

In the end, the 2024 elections present an opportunity for transformative change. Voters are keenly aware of the challenges and the potential solutions, and they are looking to the new leadership to deliver on these crucial fronts. The future of India's workforce hangs in the balance, and the choices made today will shape the nation for decades to come.