A staggering 94 per cent of white-collar professionals are open to exploring new job roles in 2024, according to a recent report by Michael Page India. The recruitment firm’s Talent Trends 2024 report, titled "The Expectation Gap," surveyed nearly 50,000 skilled white-collar professionals across 37 countries, including over 3,000 respondents from India. The findings highlight a growing interest among Indian professionals in seeking new opportunities amid evolving workplace dynamics.
Talent Acquisition and Retention Challenges
The report reveals that 34 per cent of Indian organisations face difficulties in finding suitable talent, with nearly one in three companies struggling to retain their current workforce. This underscores the intense competition within the talent market, fueled by the ongoing global economic recovery.
Globally, 28 per cent of organisations report similar retention challenges, indicating that Indian companies are under increased pressure to hold onto their talent.
Workplace Discrimination
For the first time, India has set a new benchmark in the APAC region, with 47 per cent of employees reporting workplace discrimination, significantly higher than the APAC average of 31 per cent. Despite this, 45 per cent of the workforce still encounters barriers when attempting to formally report such incidents.
Sector-Specific Insights
Technology and Telecom: In this sector, 26 per cent of Indian employers report recruitment challenges, while 25 per cent face difficulties in retention. The rising dependence on digital infrastructure and rapid technological advancements are intensifying competition for skilled professionals. To address these challenges, companies are focusing on upskilling initiatives and offering flexible work arrangements.
Healthcare: The healthcare sector sees 31 per cent of organisations struggling with recruitment and 30 per cent with retention. Increased healthcare awareness and the expansion of services have led to a surge in demand for healthcare professionals. The growth of telemedicine and digital health platforms is also driving the need for tech-savvy healthcare workers.
Industrial/Manufacturing: This sector faces the highest recruitment and retention challenges, with 37 per cent and 40 per cent of companies respectively reporting difficulties. The push towards automation and Industry 4.0 technologies is creating a skill gap, with companies seeking workers proficient in advanced manufacturing technologies and data analytics.
FMCG: The FMCG sector in India reports the highest retention issues, with 54 per cent of companies indicating difficulties in keeping their talent. The rise of e-commerce and shifting consumer preferences are prompting FMCG companies to adapt quickly, leading to a high demand for professionals with expertise in digital marketing, supply chain management, and consumer insights.
As the job market evolves, Indian companies are being urged to address these challenges by implementing strategic talent management practices and fostering an inclusive workplace culture.