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Indian companies are facing challenges in not just attracting skilled talent, but also retaining high-performing talent. A survey by global human resource firm Towers Watson said that 92% organisations in India experience challenges in attracting talent with critical skills and over 75% in retaining high performing talent.
Indian employers ranked career advancement opportunities’ followed by ‘challenging work environment’ as the top two attraction drivers, whereas employees rank ‘job security’ and ‘career advancement opportunities. "On working as part of a cross-cultural team, the survey found that 74% of the employers in India feel that their employees are actively engaged with colleagues who are in different countries as compared to 65% employers globally.
The survey further said that employees have been expected to work longer and rest less. It added that this trend seems likely to continue with over half the respondents globally agreeing that employees have been working more hours than normal during the past three years. Over a quarter of the Indian employers expect employees will work more hours than normal during the next three years.
Subeer Bakshi, Director, Talent & Rewards Practice, Towers Watson India, said that 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," he said.
The survey said that attrition stood at 14% in India, marginally higher than global (11.2%) and Asia Pacific (13.8%) counterparts.
The Towers Watson Global Talent Management and Rewards Survey includes responses from 1,605 companies worldwide, including 796 from Asia Pacific. (Press Release attached)
