According to human resources firm Korn Ferry, talent is very much needed by companies in the future. Thus India has a major advantage as talent and skills are becoming more profound day by day.
Employees in demand could face serious price hikes with many company’s having to make room for them in their budgets. Therefore since there is a talent crunch it could cost a total of $2.5 trillion.
Looking at statistics the United States has such low talent that it can expect to pay a premium of more than $531 billion by 2030. Japan too will pay $468 billion by 2030 as not many are skillful and talented in the range needed by companies.
Since Indians are overall more talented and skillful, the supply of talent being high means that the wage increase won’t be substantially as large as other nations.
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Bhavna Sud, client partner at Korn Ferry said,
“The surplus of extra manpower is driven by a growing, younger working population with the country’s median age expected to be just 31 years by 2030. This is a huge supply of talent compared to the ageing population in China, Japan or the US. Beyond the growing population, India’s emphasis on affordable and accessible education will generate armies of college level talent.”
Dhtitiman Chakrabarti, Head of Rewards and Benefits for the APAC region of Korn ferry said, “The new era of work is one of scarcity in abundance: there are plenty of people, but not enough with the skills their organizations will need to survive. While overall wage increases are just keeping pace with inflation, salaries for in-demand workers will skyrocket, if companies choose to compete for the best and brightest on salary alone.”
India is gaining skillful individuals in the financial sector, technological industry, media and manufacturing.
Sud continued by stating that “India’s government has been working towards making the nation a global economic powerhouse through several job creation and skill development initiatives”.