India Inc to Increase Hiring Budgets 34 in 2019: Mercer-Mettl Survey
Companies in India are expected to increase recruitment budgets 34% this year from those in 2018, according to the ‘State of Talent Acquisition-2019’ report by talent assessment platform Mercer-Mettl based on a survey of more than 900 decision-makers across the country.
As the business landscape evolves, finding and hiring the best candidates for various roles, especially those that involve in-demand skills, has become a more difficult, expensive and time-consuming process, the report said.
“While the competition to attract the ‘top’ talent is getting increasingly intense, the only way for companies to ensure their success is through the use of technology to augment these processes. Business leaders need to stay on top of evolving talent acquisition trends and technologies if they are to win the talent war,” said Ketan Kapoor, CEO, Mercer-Mettl.
While as many as 76% respondents said that talent acquisition will be a challenge for companies in 2019, this still marks an improvement from last year when 86% respondents felt that way. This indicates that business leaders are proactively adopting new strategies to address the challenge.
The situation is better for larger organisations, as 67% respondents from the category said that they face the least resistance in talent acquisition, although the challenge persists in certain aspects of the process.
Nine in 10 companies in BFSI (banking, financial services and insurance) sector said they will face a challenge in talent acquisition this year as well, specifically in finding skilled talent for new roles. In addition, companies from across sectors such as healthcare and pharmaceuticals, manufacturing, retail and consumer durables, and technology, Internet and electronics listed assessing candidate job fit and low offers to joining ratio among their biggest challenges.
When asked about the specific challenges in recruitment, 78% organisations said “attracting quality talent” is one of the biggest challenges for them while 38% said “managing hiring drives” is what they struggle with the most.
The respondents also said that technology will be a critical driver for achieving better outcomes as well as for adapting to the rapid changes in the job market and the hiring environment.