Not Getting Right Talent Costing Indian Eco 53k Cr: Study

NEW DELHI: India is likely losing 53,000 crore from its economy as companies are unable to hire people with right talent for the job and are incurring high recruitment costs, says a study.

Done jointly by professional networking site LinkedIn and consultancy PwC, the study said: "If India was better at matching talent with the right opportunities, this could unlock as much as 508 billion (50,800 crore) in increased productivity."

This is resulting in lost opportunity to generate Rs 508 billion in additional productivity, it added.

The study further said: "Longer time taken to find the right candidates combined with the increased likelihood of mismatched talent leaving jobs sooner are costing Indian companies 22.3 billion (2,230 crore) in avoidable recruitment cost..."

Together these costs are resulting in India "likely losing approximately 530.31 billion from its economy", it noted.

The study which is based on analysis of 11 countries, has placed India at the bottom two with a score of 34, just above China (with a score of 23), in terms of talent adaptability.

Netherland emerged at the top on this parameter followed United Kingdom (2nd), Canada (3rd), Singapore (4th), United States (5th), Australia (6th), France (7th), Germany (8th) and Brazil (9th).

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