Corporate India Will Spend 34% More on Recruitment Budgets in 2019: Mercer-Mettl Report
Corporate India will be hiring more than it did in 2018 according to a report by talent assessment platform Mercer-Mettl. Mercer-Mettl published the good news in a report called ‘State of Talent Acquisition-2019’, following a survey of over 900 decision-makers throughout the country, in which it came to the conclusion that recruitment budgets will see a 34% rise in 2019.
According to the report, with the changing landscape of the business sector in India, finding the correct employee-skill fit is becoming difficult, time consuming, and costly, especially for roles that need in-demand skills.
“While the competition to attract the ‘top’ talent is getting increasingly intense, the only way for companies to ensure their success is through the use of technology to augment these processes. Business leaders need to stay on top of evolving talent acquisition trends and technologies if they are to win the talent war,” ET quoted Ketan Kapoor, CEO, Mercer-Mettl.
The report revealed that 76% of the respondents said that talent acquisition will pose to be a challenge for companies in 2019. This number, however, is an improvement from last year, when 86% respondents felt this way. This goes to show that business leaders are proactively seeking and finding different ways to solve the problem.
Larger organisations were found to be facing lesser problems in this regard, although the challenge remains in some parts of the hiring process. 67% of respondents from the category revealed that they experience the minimum problems in talent acquisition.
Respondents from the BFSI (banking, financial services and insurance) sector pointedly expressed concern about the challenges of hiring right. 9 out of 10 respondents in this category said they will face the specific problem of finding skilled talent for new roles in 2019. Respondents in categories, such as healthcare and pharmaceuticals, manufacturing, retail and consumer durables, and technology, Internet and electronics, counted evaluating candidate job fit and low offers to joining ratio as their major challenges
“Attracting quality talent” was found to be a daunting task by 78% organisations when asked about the specific challenges in recruitment. At the same time, 38% responded with “managing hiring drives” as a task that they struggle with the most.
The report has also come to the conclusion that technology will be a significant catalyst for bringing about improved results. It also said that technology will also spearhead swift changes in the job market and the hiring environment.
India’s blockchain industry is already experiencing a lack of talent, resulting in higher salaries for the available blockchain developers. IT giant Wipro also recently revealed plans for doubling its campus hiring in 2019 from 10,000, last year, in order to be ready with a talented workforce for customer orders that are on the rise as well as to contain attrition. Looks like the Indian business sector will have to pull up their shirt sleeves and hone their hiring processes in 2019 in order to find the right talent.
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