India Risks Corporate Talent Deficit

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Aug. 25 – Major auditing firm, Deloitte LLP, warned in a report that Indian companies may be headed for a talent deficit because the country is not producing enough graduates that meets corporate needs.

The comment appeared in the report, ‘The New India Manager.’ Deloitte suggested that the new talent management model in companies should shift its outlook to the paradigm of scarcity of jobs to a scarcity of talent.

“Talent deficit is likely to grow significantly in the coming years as universities and educational centers are not providing the adequate skills for the country to produce required number of talented managers,” Deloitte Vice President for Strategy & Innovation Manish Agrawal was quoted by the Press Trust of India.

He added:”Not many managers in the country have required soft skills, like communication abilities for operating in a global environment among others. We need to build such skill sets to enhance our talent pools.”

“If the shift is made it will take five to ten years to generate a good quantity of employable talent,” Agrawal said.

Indian corporate managers will also need to add global outlook and mobility as local corporations expand overseas. Moreover, Indian managers can also fill positions in more developed economies because of their ageing population and decreasing talent pool. The report also said that there was increasing recognition of the quality of Indian managers and this trend is forecast to accelerate further. According to a UBS survey, Indian managers are among the lowest paid in the region with their Chinese counterparts earning up to two and a half times the salary for similar positions.

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