News: Employers reconfigure benefits to secure top talent amid the crisis: Manpower survey

Strategic HR

Employers reconfigure benefits to secure top talent amid the crisis: Manpower survey

India ranks 7th globally in talent shortages, with industries like Transport, Logistics, Automotive, and Information Technology among the hardest hit.
Employers reconfigure benefits to secure top talent amid the crisis: Manpower survey

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.

Sandeep Gulati, Managing Director of ManpowerGroup India and Middle East, underscores the significance of these findings, stating, "The survey reflects the changing world of work where companies are in the transformational phase. Employers' shift towards flexible work arrangements and exploration of new talent pools reflects a commitment to creating dynamic, inclusive, and adaptive workplaces for the future." 

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Topics: Strategic HR, Recruitment, Talent Management, #HRCommunity

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