Private cos increase focus on retention policies: Thornton
Privately-held firms in emerging economies such as India, China and Vietnam have increased their focus on recruitment and retention policies, which is evident from the higher staff costs.
By PTI |
NEW DELHI: Privately-held firms in emerging economies such as India, China and Vietnam have increased their focus on recruitment and retention policies, which is evident from the higher staff costs incurred this year, a report says.
According to a report by global consultancy firm Grant Thornton, "Businesses across the globe, particularly in Vietnam, mainland China, Botswana, India and Mexico appear to be more focused on recruitment and retention of their staff, than they were 12 months ago".
Vietnam has topped the list with over 84 per cent of the business houses focusing on recruitment and retention policies, followed by China at 81 per cent and India at 79 per cent.
"India's rapid economic growth has forced a demand-supply mismatch for senior management talent. The pace of creation of new leadership roles far outstrips the availability of talent for those roles," Grant Thornton India Staff Partner Vinamra Shastri said.
With high recruitment costs, it is of critical importance that privately-held businesses articulate their employer brand clearly; focus on designing competency frameworks for enhancing role fitment and identify and develop high performers within their own organisations, Shastri added.
The report found that 59 per cent of Privately-Held Businesses (PHB) are more focused on finding and retaining employees than they were a year ago.
According to a report by global consultancy firm Grant Thornton, "Businesses across the globe, particularly in Vietnam, mainland China, Botswana, India and Mexico appear to be more focused on recruitment and retention of their staff, than they were 12 months ago".
Vietnam has topped the list with over 84 per cent of the business houses focusing on recruitment and retention policies, followed by China at 81 per cent and India at 79 per cent.
"India's rapid economic growth has forced a demand-supply mismatch for senior management talent. The pace of creation of new leadership roles far outstrips the availability of talent for those roles," Grant Thornton India Staff Partner Vinamra Shastri said.
With high recruitment costs, it is of critical importance that privately-held businesses articulate their employer brand clearly; focus on designing competency frameworks for enhancing role fitment and identify and develop high performers within their own organisations, Shastri added.
The report found that 59 per cent of Privately-Held Businesses (PHB) are more focused on finding and retaining employees than they were a year ago.
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