The Hindu Business Line : Indian businesses focussed on retaining talent: Study

INDIAN businesses are emerging as among the most focussed on retaining staff, as compared to most of their peers around the world, according to the Grant Thornton's 2005 International Business Owners Survey (IBOS).

Nearly 80 per cent of the Indian business owners included in the survey admitted to being focussed on attracting and retaining staff last year, mainly due to tightening of the labour markets and shortage of skilled workers.

While Philippines was the only country that ranked higher than India, with 92 per cent of business owners saying they were more focused on the aspect of retaining staff, Mexico (75 per cent) and South Africa (71 per cent) came right behind India. In other countries too where skill shortages are acute, like Australia and New Zealand, there has been a greater focus on attracting and retaining staff with 65 per cent and 66 per cent respectively, according to the survey.

"The lack of availability of a skilled workforce reflects strengthening demand and a tightening labour market in many countries, consistent with the upward phase of the economic cycle. It is not surprising in this climate that we are also seeing a renewed vigour in attracting and retaining staff. In India and South Africa, where there is a healthy economic environment, this need is particularly acute," said Mr Andrew Godfrey, Head of International and European Services, Grant Thornton.

In Singapore, Italy, France and Germany where the lack of workforce skills is not seen as a serious constraint, the proportion of respondents focusing more on attraction and retention of staff is quite low.

The survey, which covered over 6,000 business owners in 24 countries whether they had increased or decreased their workforce in the past year, reflected a surge in employment figures with business owners in India and Australia reporting among the biggest increase in their workforce.

IBOS 2005 also asked business owners about factors they thought were important in attracting and retaining staff. A good corporate reputation tops the list with 84 per cent believing it was a very important factor, followed by an understanding of core values, mission and goals (77 per cent) and training (69 per cent).

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Nagarjuna Const bags Rs 450-cr NHAI order

Merven board meet on share allotment

Mother Teresa award for TVS Motor

Om Bioplast gets patent design trademark

Indian businesses focussed on retaining talent: Study

RK Marble to invest Rs 25 cr on expansion, new facility

Rothenberger sets up subsidiary in India

Macneill Engg floats joint venture in Sri Lanka

NTC banking on Mumbai mill land sale to retire debts

ONGC mulls hiking capacity at proposed Tripura plant

VBC Ferro may incur more power expenses

Satluj Jal Vidyut bullish

Linc Pen hopes to double sales