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The ‘animal spirits’ have finally been unleashed. A slew of decisions, including increasing the investment cap, have been taken to attract foreign capital. India Inc. is upbeat and hopes thatthe much-awaited policy reforms will start showing positive results in 18-24 months.

Talent, undoubtedly, will play a pivotal role. It is time for a conversation on FDI in the sectors benefitting from the reforms and its implication for people strategy. After all, the war for talent is about to begin anew. Is India Inc. ready?

The reform measures will invariably lead to economic growth which in turn will result in more number of job opportunities at all levels.

Increased opportunities for people at all levels of the wage distribution in the absence of cadres to fill those positions will result in a churn in complimentary industries.

The immediate need for skilled manpower must be addressed by companies themselves to build a talent pipeline that can be utilized in 24-36 months.

THE FDI PROMISE

By Gyanendra Kashyap & Deepshikha Thakur

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www.peoplematters.in

www.peoplematters.in

The size of the total retail market is $400 billion, and estimates say that it will go up to $650 billion in the next ten years.

“The bottom-line is that the size of the pie is going to increase and organized retail is barely going to increase its slice from 6 percent to 12 percent, still 88 percent (it is an offhand number) will be with the unorganized retail sector.”

If we look at retail, despite the statutory compliances which are applicable to unorganized store as well, do you think that the millions of mom & pop stores follow these compliances? Of course not.

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Santosh Mehrotra, Director-General,Institute of Applied Manpower Research, Planning Commission

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With the recent policy announcements coming into effect, companies need to be prepared for an all-out war for talent. Paucity of talent in retail specific functions will be one of the key challenges confronting global retailers looking to set up shop in India and Indian retailers looking to compete with the best across the world in their industry.

“With a vast majority of Indian retailers still new to the game, bringing on board seasoned retail professionals with the requisite vision, strategic foresight and global experience would be necessary.”

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Shailja Dutt, Managing Director,Stellar Search

Relying exclusively on expatriate professionals to bring in key competencies is not a viable proposition. Development of local talent will be the key for sustained success over the long term.

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We will have to tap into talent pools that we have never looked at before. We are looking at retaining and attracting women at different stages of their career and life. In addition to that, we are looking at getting more people from other industries; finally we are now more open to look at people from different age-profiles.

Typically we look at not just the top tier talent or top 10 percent but also the next 20 percent. So, more programs would be targeting this top 30 percent.

“The top talent, the top 30 percent will be in major demand. That is where the costs will also rise and they will be able to drive the market. So there will be an implication from this level of talent.”

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Anuraag Maini,Executive Vice President, HR and Training,DLF Pramerica Life Insurance,

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The reforms will result in expansion which will further result in increased demand for talent. The point to be noted is, with international players coming in, quality of products and services will be of paramount importance. To gain an edge, companies need to hire quality talent.

“People will be the differentiator and HR needs to be aligned to the business to ensure that optimum productivity is achieved for every buck that is spent.”

HR needs to play a critical role, and will be seen as a business driver because the chances of failure will be high if the people strategy does not match up to the demands of the business.

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Ashit Ranjan, Vice President HR,Technova

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Reforms in FDI is a boon for Indian retail, both for the consumer and the potential employees, because it will bring much needed cash flow for the industry, increased choices for consumers, and more opportunities for potential employees.

While we are very good in the retail market in India, we do not have multi-brand retail management system and therefore, we need overseas operational expertise, with respect to people who have worked in countries where multi brand retailing is prevalent.

“Further, the value chain of India will undergo a quantum change and the retail organizations need to invest in systematic induction and training processes to ensure effective assimilation of new joiners in the system.”

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P. Dwarakanath, Director Group HumanCapital, Max Group

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In India, we have shortage of talent at every level. Wages would also go up because of the supply-demand situation. Wages are anyways growing at a very fast pace as compared to many countriesof the world. Every year we see a wage increase of 10 percent to 12 percent which is higher than any country, anywhere.

“The problem is that at all levels, the salaries are going up but the productivity is not. Wage increase needs to be justified by increase in productivity else it would not sustain.”

Today we may still put someone on the front line, but tomorrow, with increased competition – the person put on the job will represent your company and your brand. Hiring in terms of quality would get tougher.

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Dr. Arvind Agarwal, President Corporate Development & Group HR, RPG

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+91 (124) 4148102info@peoplematters.in

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November 2012

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