The HR space is a very nascent space in the Indian domestic market. What appears to be happening slowly is that people capital is coming along. We have a vibrant market for recruitment of specialized skills or senior executives. But you don’t have the same government regulation as we have in the US and hence the need for a robust people management from that perspective is less.
With businesses becoming more and more competitive, there is a huge demand for talent and skills. However, businesses are also faced with the unenviable prospect of choosing the right talent for the right job and that is something that has not changed over the years.
What’s happening is that the workforce is maturing and demanding more, especially in emerging markets. The number of skills that are scarce is growing in the marketplace. I believe we have a potentially gold market coming in the Indian HR space. As we look at the developed world, you have a whole bunch of well-defined offers that HR can choose.
Some of those offers are going to be attracted to India and some of them are different. Temporary labour is an area that will see more traction from the industry as companies across the spectrum realize the benefits of using temporary workforce, a sign of increased market maturity.
For example, every mature economy uses temporary labour for white-collar jobs and the way it works in India is different from the way it works in the UK or Germany. We are likely to see a pretty great market and we have a lot of room for Indian start-ups to grab a significant market share, which is different from strategy consultants who look for international brands.