Finding and attracting the right talent to drive success and achieve their business objectives has become a persistent challenge for employers.
The findings of the ManpowerGroup Employment Outlook Survey, nearly 4 in 5 employers report difficulty finding the talent they need in 2024. While this represents a marginal increase of -1 percentage point year-over-year, it remains nearly double compared to 2021 (43%), highlighting a sustained struggle in talent acquisition. India ranks 7th among nations facing talent shortages, with 81% of employers reporting difficulty finding skilled talent.
Industries such as Transport, Logistics, and Automotive (88%), followed closely by the Information Technology sector (87%), are among the most affected by talent shortages.
Globally, the talent shortage in a decade since 2024, has increased by more than two-fold from 36% in 2014 to 75% in the first quarter of 2024.
Industry-wise talent shortage
Employers in Transport, Logistics and Automotive (87%), Information Technology (86%), consumer goods and service (80%), financials and real estate (79%), and energy and utilities (80%) report the greatest difficulty finding the talent they need in 2024. Irrespective of the company size, the talent shortage remains at 82%.
Ways to tackle talent shortage
The shrinking talent pool has made employers adopt various strategies including reconfigure benefits offered to secure top talent. To attract and retain talent, employers are offering increased work flexibility (86%), exploring new talent avenues (47%), and raising wages (36%). As the talent pool continues to shrink, organizations are re-evaluating their benefits packages to remain competitive. However, amidst these challenges, employers are also grappling with the need to adapt to emerging trends and technologies.
Other perks offered to employees are increased wages, joining bonuses, holding on to talent even when they are not needed, automation for select tasks or processes, reducing qualification requirements, and hiring internationally.
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