More than 500,000 people lost their jobs only in India in the recent economic set back. Let us take a few moment to Analyze the root cause of layoffs during the down turn of the economy. Proper Talent Management process at each organization could help avoid such situations hence forth.
Now some of the most common problems with the existing Talent Industry:
- No proper talent Management systems available with the Corporates
- Failure in identifying the talent within the organization
- The large and enormous amount of talent pool available in India
- Fraudulent Resumes, certifications and qualifications
- Look alike resumes
- Qualifying a talent based only on academic credentials
- High level of Human interventions leading to inconsistencies in the hiring process
- Non standardized assessments
- Non availability of a global assessment platform
High time that any company avoid a bad hire. A bad hire could lead you to a humongous Loss and intangible to be identified in an early stage if not taken care during the recruitment process. Where and how does it affect?
- Cost to the Company
- Effects the morale of the rest of the employees
- Time and effort
- High level of attrition
- Lay Offs during the down turn
This calls for corporates implementing good Talent Management and nurturing systems to reduce Lay offs.