Bangalore, Jun 19 (UNI) With India's GDP surging annually by an average of seven per cent since 1994, companies are struggling to find the talent required for key positions, according to a global study conducted by the Boston Consulting Group (BCG).
Local companies have added to the competition for talent along with global companies that were entering the market. Also many recruits were moving to the Persian Gulf, where companies were offering double wages for talented candidates, it said.
Briefing on the latest study, Mr Vikram Bhalla, Partner and Director of BCG, said India, however, does not face the problem of demographics like many other countries.
''Indian companies are focussed on managing work-life balance for its young work force. These professionals have many career options, both in India and abroad, and their expectations are rapidly changing,'' he said.
Executives in India expect their companies to respond by offering sabbaticals and 'teleworking' options. Retaining employees was becoming increasingly difficult in India, which saw the average attrition rate going up from seven per cent in 1998 to 23 per cent this year, he said.
The report, 'Creating People Advantage: How to Address HR Challenges Worldwide Through 2015', was based on a global survey of 4,741 executives in 83 countries, including the third largest 174 responses in India. In India, it was done in partnership with CII.
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