Mumbai: Most Indian organisations miss out on business and talent benefits as they find it challenging to engage, retain and lead a global workforce, according to a report by Bersin by Deloitte.
The research findings found that 29 per cent of all the organisations surveyed globally have mature talent strategies and processes in place versus just 21 per cent of surveyed companies in India.
“Organisations today face challenges in engaging, retaining and leading a global workforce. This is particularly true in growth markets like India.
“Our research shows that 80 per cent of Indian organisations are missing out on the identified substantial financial, business and talent benefits of creating a clear, more mature talent strategy,” said Stacia Sherman Garr, Vice President, Talent and HR Research, Bersin by Deloitte, Deloitte Consulting LLP.
The research findings identified the talent practices that organisations with strong business and talent outcomes use most effectively for companies operating in India and for ‘Global 2000′ organisations.
Global 2000 organisations are defined as the 454 companies in the Bersin by Deloitte survey population with more than $750 million in annual revenue.
The research also included 269 Indian organisations with more than 100 employees.
The research found that many Indian organisations have strong talent acquisition, performance management and formal skills-based learning activities for employees.
“Although these are important investments, the next steps to consider are building a culture of leadership and more aggressively communicating the organisation’s talent strategy,” it opined.
The survey said that to reach the highest level of maturity, organisations should also provide a more customised and engaging employee experience that embraces employees’ diverse backgrounds.
The survey found that Indian companies have lower levels of maturity overall as only 3 per cent of domestic organisations are at the lowest level of maturity, but a full 76 per cent of them are at the second-lowest level of maturity.
Indian organisations, it said, typically understand that talent is a strategic asset that requires investment in the relationship to drive enhanced performance.
These organisations know their key talent from a quantitative and qualitative perspective and have processes that enable them to respond to that information.
The survey also said that Indian companies maintain less integrated leadership development practices as organisations tend to lack a systemic approach that integrates leadership development activities with other talent management activities.