Despite the number of job openings across all sectors,
Indian companies are finding it harder to fill mission-critical positions to
due to severe lack of talent. It is becoming more and more difficult to find a
suitable person to fill in positions in all the sectors starting from
e-commerce, R&D, sales, IT, Outsourcing industries to even the government
bodies like; the Indian healthcare system and the Indian diamond
processing industry. The companies are willing to pay boosting
wages, however, the skill shortage has led to a vacuum in the companies.
India Inc, as a whole,
is experiencing explosive growth but finding the correct manpower is becoming a hurdle in the path of
this growth. The main reasons for talent crunch in India are suggested to be
lack of talent availability and high level of attrition. Companies across the
globe are looking at India as the source of cheap and abundant labour
force creating unprecedented demand for workers with the
right leadership and technical skills giving them the opportunities to work
abroad. This, in turn, is affecting our domestic
growth as the lack of skilled workforce has fuelled an explosion in wages,
especially in tech and outsourcing sectors.
Most of the recruiters find it very challenging to
find talent with relevant experience who fit in the rigid job requirement
category. Business standard research for the e-commerce industry says that some
of the top executives are
spending over 40% work hours on recruitment. It is also mentioned that firms
like FutureBazaar have to go through
interviewing over 150 software engineer candidates to hire one that suits the
bill. It is observed that finding man-power with relevant
internet experience is growing to be a major challenge.
The
Indian Outsourcing industry is facing a grave threat of attrition along with
the shortage of skilled and educated workers. The attrition rate has seen a
phenomenal increase of 55%, of which there is a significant relocating
occurring in the mid and senior management levels. However,
it is also observed that Indian organizations are adopting a global way of working,
which in turn has made them more competitive and has changed the pattern of
work and skill set required for a certain job role. This has created a serious
gap of knowledge, information and skills amongst the workforce already in place in these industries.
The sixth
annual talent shortage survey by global human resource, consultancy and
staffing firm Manpower Group claimed that 67% of the employers are struggling to
attain the critical-level hiring target. In India, Talent scarcity is
increasing and the reason behind the same is considered to be the lack of skill
set required for a certain leadership role. Across companies, positions for
research and development, sales manager and IT staff are found to be facing
maximum difficulty while recruiting. Whereas, the 5th report had
suggested that the industry faced lack of talent in cleaners, domestic staff,
insurance segment, including qualified brokers, technicians, customer service
representatives, customer support and quality controllers.
