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So the question arises “Why Talent is required?” Talent is required for the
economic prosperity of any country. E.g. USA, Singapore – they always try to
attract talent which in turn boosts the economic growth engine of a country.
Organizations require talent for achieving organizational goals, objectives and help
the organizations to grow and expand.
The global talent crunch is going to happen, and there’s nothing anyone can
do to stop it – Delotte’s Diotte
Shortage in talent in turn makes the job of human resource managers more difficult
i.e. Difficult in terms of retaining talent, finding new talent etc. shortage of talent
makes the employee the boss of the company i.e. if the specific employee is very
vital for the company then to retain it the company will agree to whatever the
employees want.
4. DIFFERENTIAL WAGE RATES: for the same job/task different wages are
paid.
7. BABY BOOMERS: the average age of workforce is more than 40+ because
more people were born in the 1980’s era.
8. JOB MISFIT: wrong person is put in a job i.e. every job requires a separate
skillset and the person not having that is put on the job which leads to
inefficiency and fall in growth of the employee and the organization.
Every industry is facing talent shortage:
• REDUCING DEMAND
OR
• INCREASING SUPPLY
• GOVERNMENT
• ROLE OF EMPLOYERS
• ROLE OF EMPLOYEE
ROLE OF GOVERNMENT:
ROLE OF EMPLOYERS:
• Train and generate a talent pool.
• The organization that lack good educational and training facilities should
have to turn them into learning organizations.
ROLE OF EMPLOYEE:
• Update skills in accordance to the profile.
REFERENCES:
• TALENT CRUNCH ISBN:81-314-0796-9