The economic growth of India – hampered by rising inflation, high interest rates and lack of substantial policy decisions over the two or three years – seems to have made no real impact on talent availability. As a matter of fact, Indian CEOs are quite optimistic when it comes to talent accessibility.
According to a recent survey of PwC, around 66% of CEOs in India were confident about having access to talent despite the widely acknowledged skill gaps, as against 38% in China and 30% globally. However, 41% of the CEOs surveyed in India are of the view that they cancelled or delayed a key strategic initiative because of skill shortage as against 31% in China and 24% globally.
Taking into consideration the current scenario, it is quite clear that India has not felt the rub-off effect of the sluggishness in the economy on its talent pool yet. Globally, CEOs are still positive regarding India and have ranked the country as the fourth most favourable nation for overall growth prospects in the next 12 months, just behind China, USA and Brazil. CEOs in India, in particular, are quite positive when it comes to the growth prospects of the their companies.
More than 80% of CEOs in India were willing to invest in improving the overall living and working conditions of the workforce as compared to 55% globally. Furthermore, investment in skills and capability building remains a key requirement for the corporate world, the survey found. This is likely to motivate even more global talent mobility which will, in turn, impact business talent management strategies. Around 34% of CEOs surveyed in India said developing and fostering a skilled workforce should be the main priority of the government.