Talent Shortage #1 Business Challenge This Year: Survey

87% of the 5,000 professionals who took part in the State of Talent study said they may be looking to outside opportunities in 2022, indicating a further increase in attrition

87% of the 5,000 professionals who took part in the State of Talent study said they may be looking to outside opportunities in 2022, indicating a further increase in attrition

Bengaluru

About 74% of companies that took part in a recent study said that the skills shortage was the biggest challenge they faced this year.

The survey also found that 87% of the 5,000 professionals who took part in the study will be looking for external opportunities in 2022, indicating a further increase in attrition.

Along with compensation and benefits, flexibility and organizational culture were top priorities for job seekers in a post-pandemic market, State of Talent revealed on Wednesday, a study by Talent500, an AI-based platform that helps companies build and manage a global one workforce.

According to the study, the war for talent has already engulfed all companies worldwide. In a highly competitive market, this has meant an unprecedented rush to retain talent and an intense battle for top performers across companies.

Talent500 co-founder Vikram Ahuja said: “The pandemic has changed everything we know and understand about work. The market has never been better for professionals to find career-changing opportunities, and as remote work becomes mainstream, professionals today are choosing to prioritize their next job based on the flexibility it gives them in planning their lives.”

Experts also voiced the clear need for companies to reassess their hiring processes in a highly competitive market, the study found.

“Gone are the days of time-consuming job interviews and lengthy hiring processes. Today, professionals with multiple offers expect quick, decisive interactions and aren’t afraid to decline offers if they don’t find engagement during the process,” the study reads.

Hybrid and flexible working models would persist post-pandemic, with professionals showing a strong preference for flexibility and choice, it said.

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