India, with its growing economy and young workforce (the median age of India's 422 million workers is 25), is projected to become the world's third-largest economy by 2035. In point, 34 Indian companies were already listed in the Forbes Global 2000 ranking in 2008. However, India is facing a sizable shortage of talented workers that will threaten its own growth and the success of multinational companies reliant on young Indian talent. Here's why:
- India's literacy rate is less than 60% (the rate in the U.S. is 99% by comparison)
- Less than 12% of India's workforce has a college degree
- 50% of India's working women will opt out of the workforce by the age of 30
- Good benefits and high salaries rank as top priorities for young Indians, resulting in highly mercenary behavior toward employment opportunities
In recent years, employers in India have seen attrition rates as high as 70% in some industries. The situation poses a significant challenge to executives in India and abroad tasked with finding and keeping top global talent and magnifies the need for strategic workforce planning. Are you prepared?
For more information on this research and for insight into the recruitment and management challenges of a global workforce, join us for our May 28 online seminar,
"Millennials in a Global Context: Workforce Planning for an International Talent Marketplace".
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