Effectively managing talent in India is a challenge that has perpetually concerned executives of multinational and Indian companies; the country suffers from extremely high levels of attrition, lacks the supply of top quality talent, and has witnessed double-digit annualized wage growth for over a decade.
Unfortunately, not only is the situation unlikely to improve in the short run, but executives of multinationals should prepare for an even more challenging market in the short to medium term. India is expected to have one of the highest employee turnovers in the world at 26.9% for 2014. As the country begins to recover from its decade-low growth, retaining top quality talent will become more difficult because employees are presented with more opportunities in the market and many of these opportunities in the market are going to presented by your competition.
FSG believes that companies do understand what they need to achieve in terms of managing their talent but often struggle to achieve results due to implementation of practices that are not relevant to the domestic market, absence of adequate planning ahead of time, and a lack of evidence-based decision-making. As corporate headquarters are going to mandate more focus on profitability, regional HR teams need step-up as strategic partners and implement practices that are able to offer the highest return on investment.
In FSG’s latest report on Effectively Managing Talent in India, we focus on three key areas:
- Immediate need for effectively managing talent in India
- Debunking the myths of the domestic talent market
- Tools and action steps for executive to manage talent more effectively
FSG’s clients can access the full report here
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