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The majority of Indian companies are facing challenges in attracting and retaining talent with key skills, according to a new report by Tower Watson. This found that 92% of firms in the country are affected by such recruitment challenges.
At the same time, 75% of organisations have difficulties retaining high performing talent. The attrition rate in India lies at 14%, marginally higher than the global and Asia Pacific average which stand at 11.2% and 13.8% respectively.
Indian employers rank 'career advancement opportunities' and 'challenging work environment' as the main attraction drivers while employees count on 'job security' and 'career advancement opportunities'.
Over 45% of companies in India inform employees who have been identified as high potential with 85% of Indian employers having adopted formal ways to identify top talent, compared to 72% globally.
When asked about working as part of a cross-cultural team, the survey found that 74% of the employers in India feel their employees are actively engaged with colleagues who are in different countries. This compares to 65% employers globally.
“A vast majority of companies in the developing world continue to struggle with attracting and retaining high-potential and critical-skill employees necessary to increase their global competitiveness,” said Subeer Bakshi from Towers Watson India.
“Part of the solution, for companies and workers alike, lies in the articulation and execution of a strategically designed employee value proposition EVP). In the high-stakes quest to find, keep and engage the right workforce, the EVP can be an effective tool in creating the right balance between employee preferences and employer needs — leading to stronger overall performance and improved financial outcomes. Organisations willing to drive the design, delivery and differentiation of their EVP forward can create a successful future for both the organisation and its employees.”