How to manage the talent crunch
The so called „talent crunch“ is a pervasive issue that companies nowadays are encountering in the developed western economies. A survey by the German Chambers of Industry and Commerce (DIHK) found 32 percent of companies viewed labor shortages as the single greatest risk to their future prosperity – double the 16 percent that expressed that concern a year ago. German companies have increasing difficulties in filling open jobs with skilled people. It’s an issue that in the mid to long-term poses a serious impediment to an organization’s ability to innovate and grow. The lack of highly qualified and skilled workers is especially severe and impactful for economies whose growth is fuelled by high-value and high-end manufacturers in engineering, automotive, chemicals and IT. It is an established fact that people drive an organization’s success. Especially the German economy, with its multitude of world-leading high-end manufacturing companies, is crucially dependent on skilled workers, in order to maintain its innovative and competitive lead. As companies face increasing difficulties to draw the highly-skilled from a dwindling domestic labor pool, companies inevitably need to tap the global labor market and search for qualified candidates from abroad.
India’s large pool of talents
With over 15 million students, India is one of the largest talent pools in the world. India boasts an abundance of highly-skilled and trained young professionals, having received a first-class education and training from India’s Institutes of Technology (IITs) and Indian Institutes of Management (IIMs). Around 300,000 highly talented Indians compete for just 5000 university places each year. At almost 400 universities and technical colleges over 15 million young Indians get an excellent college education thereafter being equipped with outstanding qualifications for the labor market. The most popular degrees are currently in the fields of technology, science and medicine – all of which experience severe shortages of skilled professionals in Germany. In attracting Indian talent German companies hereby greatly benefit from the fact that Germany in general and German brands in particular enjoy an excellent reputation among India’s middle and upper-classes.
Through our strong ties with the Indian market, Helm & Company is able to draw on a labor market that boasts an abundance of young, well-educated professionals, especially in the engineering, manufacturing and IT fields. Crucial for the successful integration of a foreign employee is a structured process of integration and intercultural training. We have profound experience in the issues that revolve around immigration, relocation and cultural integration and therefore are a valuable support in helping you make the transition of a foreign employee a successful undertaking.