Talent acquisition the biggest challenge
The rapid growth and evolution of India’s economy has put its employment market under stress. According to a PBN-MetLife report titled Employee Benefit Trends Study (EBTS), massive demand in key sectors, such as information technology, and the drive to deliver ever-higher quality levels of staff to meet global requirements have created severe competition for its best and brightest. The companies are taking a hard look at what it takes to retain, motivate and attract talent.
DEMAND FOR TALENT India is the world’s largest producer of graduates, but there’s an acute shortage of talent to meet the demand of the largest hirers, IT, ITES and financial services. This deficit has pushed salaries to levels where companies are facing the risk of losing the cost leverage that made them successful in the first place.
According to the EBTS report, 46% of the employers in India said that shortage of talent will affect their business in the next 12 months.
ATTRACT AND RETAIN TALENT
When employers were asked about the main challenges they face, the top answers were: being competitive; hiring and retention of skills and talent; and employee feedback on benefits. Large enterprises are more focused on being competitive, while talent is by far the biggest issue for the IT industry, the survey suggests. Today’s skilled employees are asking employers to look toward the broader “employee value proposition.” Workplace health and wellbeing need to be addressed immediately.
46% OF THE
EMPLOYERS IN INDIA SAID THAT SHORTAGE OF TALENT WILL AFFECT THEIR BUSINESS IN THE NEXT 12 MONTHS.
REMEDY
The study suggests that employers will be rewarded by providing: a range of benefits (specifically life insurance), to give employees a sense of control, financial planning and wellness programmes, to improve employees’ perceptions of their physical and emotional health, voluntary benefits, which work well across the board. Companies also need to turn to technological solutions – webinars, testimonials, social networks – as well as face-to-face interactions to effectively communicate these benefits.