With the availability of a diverse labour pool, 9 out of 10 organisations surveyed globally, including those in India, feel that competition for talent will increase this year and one-third expect growth to be significant, according to a study.
Mercer's 2016 Global Talent Trends study found that leveraging an increasingly diverse labour pool is the third most important workforce trend impacting business, following the rising competition for talent from emerging economies and a talent shortage.
Some 9 out of 10 organisations took the line that the competition for talent will increase in 2016, and over one-third expect this increase to be significant.
The study incorporated views of both employers and employees on key workplace issues and priorities and is based on perspectives of over 1,730 human resource leaders and more than 4,500 employees in all industries across 17 countries.
Surprisingly, 85 per cent of organisations reported that their talent management programmes and policies need an overhaul.
The survey revealed that despite 70 per cent of organisations confident of filling critical roles with internal candidates, 28 per cent of employees said they plan to leave in the next 12 months even though they are satisfied with their current role.
While 66 per cent of companies in Asia feel confident about filling roles internally, 29 per cent of employees plan to leave this year, even if they are satisfied, primarily due to lack of career progression opportunities, it added.
"In India, our clients are increasingly talking about a build versus buy strategy to both create a talent pipeline, and provide employees a compelling career value proposition," Mercer India Business Leader, Talent Consulting and Information Solutions, Shanthi Naresh said.
"However, creating the right infrastructure to identify the right workforce numbers and capabilities required to support a dynamic business environment, and then to invest in building the talent pool is a 2-4 year process," Naresh added.
Organisations have to identify tactics to hold on to critical talent while this infrastructure is being created, she said.
In today's global environment, the report pointed out that
successful talent strategies depend on an organisation's ability to engage, inspire and retain employees of different genders, ages, races and backgrounds.
"Employers are experiencing an ever-growing competition for labour. At the same time, unemployment remains high in many countries around the world. The issue goes well beyond lack of available talent," Mercer Talent Business Senior Partner and President Ilya Bonic said.
While 73 per cent of companies are working towards diverse leadership teams, only 54 per cent of employees say their organisation has effective programmes in place to do so, the survey found out.
