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Our recent report on India’s Best Employers Among Nation Builders highlights impressive economic strides India has made and its projected future growth. Best Employers among Nation-Builders have set an indelible mark by contributing a global annual revenue of Rs. 18,00,000Cr.+, boosting an employee headcount of 10L. These exemplary employers have collectively generated an astounding global annual revenue of Rs. 18,00,000 crore and boosted employment with a workforce exceeding 10 lakh. From export growth and global economic contributions to sectoral advancements in manufacturing, financial services, biotechnology, healthcare, information technology, and construction, we’ll dive into the extraordinary impact of these organizations.
India’s Growth Story
India’s economic progress in recent years has been remarkable. Substantial growth in various sectors has been driven by the contributions of the nation’s leading employers, who are recognized as India’s Best Employers Among Nation – Builders. These organizations play a pivotal role in this economic transformation.
Export Growth
- Electronic Goods Exports: In October 2023, India registered a 28.23% growth in electronic goods exports, reaching USD 2.38 billion, up from USD 1.85 billion in October 2022. This surge reflects the enhanced capabilities and global competitiveness of India’s manufacturing sector, which is bolstered by innovative practices and investments from leading employers.
- Overall Exports: India’s overall exports in October 2023 were estimated at USD 62.26 billion, marking a 9.43% increase from USD 56.90 billion in October 2022. This growth underscores the diverse and dynamic nature of India’s export sectors, including textiles, pharmaceuticals, and IT services, driven by companies that foster a culture of excellence and innovation.
Global Economic Contribution
- Key Growth Engine: On the global stage, India contributed 16% to global growth in 2023. This significant contribution highlights India’s role as a major player in the global economy, supported by the strategic initiatives and robust performances of its leading corporations.
- Future Economic Projections: India is predicted to become the third-largest economy by FY28, overtaking both Japan and Germany, with an estimated GDP of USD 5.2 trillion. This projection is a testament to the strategic foresight and sustainable practices adopted by the nation’s top employers, which are instrumental in driving long-term economic growth.
Domestic Economic Strength
- Growth Rate: In fiscal year 2022-2023, India achieved a growth rate of 7.2%, the second-highest among G20 countries and nearly double the average for emerging market economies. This impressive growth rate is reflective of the effective leadership, resilient business strategies, and innovative approaches of the nation’s best employers.
- Economic Foundations: India is now the fifth-largest economy in the world, thanks to its strong economic foundations, thriving domestic demand, careful financial management, high saving rates, and favorable demographic trends. The report highlights how leading organizations contribute to these foundations through their commitment to sustainable growth, employee development, and community engagement.
Sectoral Contributions
- Contributing around 17% to the GDP, the manufacturing sector is poised to grow to 21% in the next 6-7 years. This growth showcases India’s potential to strengthen its position in global supply chains, supported by companies that invest in cutting-edge technologies and workforce skills development.
Manufacturing & Production
- The Indian fintech industry is projected to have a total addressable market of $13 trillion by 2025. By 2030, assets under management are expected to reach $1 trillion, with revenue estimated at $200 billion.
Financial Services & Insurance
- India is the largest vaccine producer globally, accounting for 60% of the world’s vaccine production.
Biotechnology & Pharmaceuticals
- The Indian medical tourism market, valued at $7.69 billion in 2024, is anticipated to grow to $14.31 billion by 2029.
Health Care
- Over the past decade, the health care industry has seen substantial revenue growth. Its contribution to India’s GDP stood at around 7% in FY2023-24.
Information Technology
- The Indian construction industry is projected to reach a market size of $1.4 trillion by 2025.
Construction, Infrastructure & Real Estate
- The construction industry in India is forecasted to achieve a market value of $1.4 trillion by 2025.
These organizations are recognized not only for their economic contributions but also for their leadership in creating positive workplace cultures, fostering innovation, and driving social change. They are pivotal in shaping a prosperous future for India by setting benchmarks for excellence and inspiring other businesses to follow suit.
Driving Economic and Social Impact
The Ministry of Corporate Affairs reports that there are more than 1.6 million active companies in India as of November last year. However, very few of these companies make a significant impact on the Indian economy. Recognized by Great Place To Work®, the Best Employers among Nation-Builders distinguish themselves by driving the country’s GDP growth, exports, and employment far more effectively than their peers. These organizations are steadfast in their vision of making India a great place to work for all, proactively contributing to social change and environmental sustainability.
Our research finds that employees at the Best Employers among Nation-Builders take immense pride in their work and its contribution to society. These companies actively provide their employees with opportunities for growth and development, ensuring a safe and meaningful work environment.
Employee Pride and Trust
A remarkable 84% of employees at the Best Employers among Nation-Builders take pride in their work, their job, and their organization. In 2024, the Trust Index Grand Mean at these organizations rose by 1%, reaching an impressive 79%. Additionally, 83% of employees believe that, considering everything, their workplace is great for them. These figures highlight the strong sense of pride and trust that employees feel, underscoring the positive work environments fostered by these leading employers.
Workplace Satisfaction Among Female Employees
In 2024, the Best Employers among Nation-Builders employ over 200,000 female employees, with 78% of them reporting that, considering everything, it’s a great workplace. This satisfaction rate is 5% lower than that of male employees. Our research highlights that a reliable, fun, and agile workplace are key drivers of satisfaction for female employees at these leading organizations.
However, areas of improvement for female employees remain fairness in pay, fair share and workplace politics compared to male peers.
Gen Z Workplace Satisfaction
In 2024, the Best Employers among Nation-Builders employ over 190,000 employees who are 25 years old or younger, with 79% of them stating that, taking everything into account, it’s a great workplace. Our research indicates that an agile work environment, authentic connections, and egalitarian treatment are key drivers of workplace satisfaction for Gen Z employees at these leading organizations.
Additionally, compared to others, Gen Z employees feel less positive about staying in the organization for a long time, making a difference, and being in a psychologically and emotionally healthy workplace.
Employee Pride and Perception Improvements at Best Employers Among Nation-Builders
In 2024, 88% of employees at the Best Employers among Nation-Builders are proud to tell others where they work. Employee perceptions have improved by 1-3% compared to 2023 in areas such as career opportunities, training and development, and resource availability.
Furthermore, training and development initiatives play a crucial role for Best Employers among Nation-Builders, where, on an average, every employee experiences 100+ hours of training per year.
The Best Employers among Nation-Builders are not just driving India’s economic growth but are also setting new benchmarks for workplace excellence. Through innovative practices and strategic foresight, these organizations foster a sense of pride and trust among their employees, ensuring that they feel valued and engaged. Their exemplary practices serve as an inspiration for other businesses, highlighting the importance of aligning economic success with employee well-being and societal impact. Visit us here to learn more.