In a sort of testimony to hard times being faced by India Inc in getting the right talent, the country's top private sector lender ICICI Bank's chief KV Kamath has said that the bank had to sift through over 42 résumés on an average to find one qualified candidate.
ICICI Bank scanned through about 750,000 résumés to find 17,500 qualified candidates last year, Kamath said in a survey of CEOs at companies listed at the New York Stock Exchange (NYSE).
In India, a large number of people enter the job market, but "many lack the skill set to success," ICICI Bank CEO noted.
Advocating for increasing the skilled employee base to keep attrition under control, Kamath said this could make employees realise that they have competition for jobs.
"It also helps keep wages in check as employers have a bigger pool of qualified workers from which to choose," the NYSE survey quoted Kamath as saying.
The fourth annual survey of CEOs of NYSE-listed companies was conducted from February 29 through March 31 and 254 chief executives participated in the study.
About 72 per cent of the CEOs surveyed are based in the US, while 28 per cent are from non-US companies.
Talking about the challenges faced by businesses in BRIC (Brazil, Russia, India and China) countries, Kamath said that many companies "steeped in past success are going to find it difficult to compete in BRIC countries." Going by the survey conclusions, about two-third of the chief executives view the BRIC nations as an opportunity.
Pointing out that "sensible acquisitions and expansions are targeted in BRIC countries", the report said that out of the chief executives from non-US firms, nearly eight in 10 see these nations as an opportunity.
