Attracting and retaining talent is one of the serious problems faced by the corporate world today. Lack of time and attention from top executives is one of the key barrier of managing talent. These developments reiterate the need of the organizations to make suitable initiatives to retain talent in their annual agenda. Information Technology (IT) companies are facing severe talent crunch than traditional companies. Talent war is threatening the competitive position of many corporates across industries and the situation is worsening. According to estimates, the demand for talented people will far exceed the accessibility of skilled workers from top to bottom across industries in the coming decade. Besides, the jobs from the US are moving to low-cost countries such as China, India and Eastern Europe. The war for talent is heating up in these countries. Even after this, there is high potential for a significant shortage of workers in the US. It may lead to a crisis in the coming decade. According to reports, by 2010 the US will face a shortage of 10,033,000 workers. Over the next 15 years, around 70 million of working people are expected to retire and only 40 million of workforce is expected to enter the job market.
Against
this background, shortage of workforce and consequent talent war is looming, Irrespective
of the economic position, which may affect the job market for the time being,
many corporates are forming strategies to minimize the effects of talent war.
It is because who have not labeled "employer-of-choice", and who have
not developed the capabilities and infrastructure to compete efficiently to obtain
and retain limited talent workforce. With opportunities at home turning dry, the
hunt for talent has gone global. Over the last decade, MNCs have reoriented their
back-office and IT operations to the developing world. They even started moving
top-end offshore jobs to capitalize on high-grade workers with local knowledge.
However, they are now concerned with talent crunch in the developing world too. |
