Lack of access to the right talent is driving up the cost of recruitment for employers today as it is taking longer for them to find the right candidates.
Poor talent management is resulting in businesses wasting about ₹2,330 crore on recruitment costs, according to a joint survey by LinkedIn and PwC.
The survey, Adapt to Survive, has been done across 11 markets, including India.
It reveals that the inability of people to upgrade for new skills or switch industries would be costing as much as $150 billion globally. In India it is about ₹53,300 crore.Right opportunities
About 277 million professionals across these markets, including 24 million in India, have been surveyed on LinkedIn.
The research found a strong correlation between the adaptability of talent in a particular country and the performance of its companies.
It said that if India was better at matching talent with the right opportunities, this could unlock as much as ₹50,800 crore in increased productivity.
Lack of access to the right talent is driving up the cost of recruitment for employers today as it is taking longer for them to find the right candidates combined with the increased likelihood of mismatched talent leaving jobs, the survey added.
Each market has been assigned a Talent Adaptability Score based on five key behavioural factors — the average number of time professionals in that market switch industries, the average number of different positions held in a professional’s career, the average number of internal promotions in that market, the average number of employers a professional has had in each market and the average number of open vacancies divided by the market’s population.Talent adaptability
While India ranks tenth with a talent-adaptability score of 34, China is at the 23rd position.
The Netherlands tops the chart. Emerging markets such as India and China have lower scores because they have fewer mature sectors and their geographic size limits talent mobility.