Talent crisis is pushing up the hiring and retention costs

Talent crisis is pushing up the hiring and retention costs
Companies have to focus on performance and productivity when they deal with talent crisis. This means, they will have to deploy great rigour in identifying the critical talent that they want to retain.

After much hyped global Great resignation, do you feel it has affected India also? If so, how and to what extent? Is it limited to tech talent or spread to all sectors?

SC Great Resignation in India has manifested in different sectors differently. However, there are some common themes that have emerged. During the pandemic, most of the employers froze the recruitment. Some badly affected sectors (airline, hospitalized) had to downsize to survive. From an employee perspective, they had to hold on to the current job rather than ambitiously looking out for career enhancement during the pandemic.

As the economy is returning to pre COVID level, employers have brought back their growth and expansion plans to the table. This has created sudden demand for experienced and talented resources in every industry. At the same time, employees are also looking out aggressively aiming to fulfill their career aspirations.

A combination of these two factors has created a crisis in talent demand and supply. While the gap is acute in tech...

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Salil Chinchore

is the Chief Human Resources Officer in Elasticrun. With over 26 years of rich and diverse experience in Human Resources Function as well as in General Management with reputed organizations, he has been Consistently rated high and rewarded challenging assignments throughout the career.

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Author

Salil Chinchore

is the Chief Human Resources Officer in Elasticrun. With over 26 years of rich and diverse experience in Human Resources Function as well as in General Management with reputed organizations, he has been Consistently rated high and rewarded challenging assignments throughout the career.

May 2024

Managing Talent - May 2024

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