The talent crunch is real - you might have felt it already.

The?talent?crunch?is real - you might have felt it already.?

Job Candidates are asking for 50% hike over existing and during notice period, getting someone else who is offering even 30% higher on?the?1.5X

KPMG's 'Keeping us up at night:?The?Big Issues Facing Business Leaders in 2022' report showed that 69% of leaders believe?talent?acquisition, retention and re/upskilling will be their number #1 challenge this year.

Even in India, taking to Twitter, Wipro Chairman Rishad Premji wrote, "The?technology industry in India now employs over 5 million people and added 45 lakh new jobs this year.?And yet?the?talent?crunch?is real! What a great opportunity this presents for new job creation!"

Triggers are?rising wages, lack of skilled staff and?the?much?trumpeted ‘Great Resignation’ (however impact in India is limited, it is more a phenomenon?in?the?West)?

This could be attributable to 200+ unicorns and ‘soonicorns’ (soon to be unicorns) and thousands of smaller startups too on a hiring spree.?Since most of these startups are well funded and scaling rapidly, it has become extremely difficult for traditional companies to compete—both to hire as well as to retain?talent.

As CXOs/ CHROs, your ability to retain and develop?talent?will be a critical success factor in preventing?talent?from being your biggest challenge this year.

What are your views on this

Regards

Anurag/Sonia