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India among countries facing severe manpower shortage
To understand the difficulties employers are facing in acquiring the right talent, ManpowerGroup conducted a survey with over 38,000 employers worldwide.
ManpowerGroup, a US-based company that offers work force solutions, found that world over 38 per cent employers are facing difficulties filling jobs with the right candidate.
The reason for not getting the right talent differs widely. Some feel that candidates do not have the technical competencies, some do not candidate with right experience, and some candidates want more pay than offered.
Let’s look at the countries facing the talent crunch.
Japan
Rank: 1
Percentage of employers unable to find the right talent: 85 per cent
Japan is the third largest mobile manufacturer and has the largest electronics good industry. The country is often ranked as the most innovative country.
According to estimates, the unemployment rate in Japan is 4.6 per cent.
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India among countries facing severe manpower shortage
Brazil
Rank: 2
Percentage of employers unable to find the right talent: 68 per cent
Brazil is expected to become one of the five biggest economies in the world. Service industry is the biggest contributor to Brazil’s GDP.
The unemployment rate in Brazil is 4.6 per cent, according to estimates.
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India among countries facing severe manpower shortage
India
Rank: 3
Percentage of employers unable to find the right talent: 61 per cent
India’s unemployment rate is 3.8 per cent. Some of the biggest sectors contributing to the GDP include services sector (56.4 per cent), industries (26.4 per cent) and agriculture (17.2 per cent).
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India among countries facing severe manpower shortage
Turkey
Rank: 4
Percentage of employers unable to find the right talent: 58 per cent
Turkey's largely free-market economy is increasingly driven by its industry and service sectors.
An aggressive privatisation program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors, according to CIA’s the World Factbook.
Estimates put Turkey’s unemployment at 8.8 per cent.
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India among countries facing severe manpower shortage
Hong Kong
Rank: 5
Percentage of employers unable to find the right talent: 57 per cent
Hong Kong is one of the leading international financial sectors in the world. Hong Kong’s service-oriented economy is characterised by low taxation, near free port trade and well established international financial market, according to Wikipedia.
The estimated unemployment rate in Hong Kong is about 3.4 per cent.
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India among countries facing severe manpower shortage
Bulgaria
Rank: 6
Percentage of employers unable to find the right talent: 54 per cent
World Bank term Bulgaria as an industrialised upper-middle-income country. Main contributors to GDP include services (63.2 per cent), industry (31.2 per cent), and Agriculture (5.6 per cent).
The country has an unemployment rate of 9.9 per cent.
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India among countries facing severe manpower shortage
Romania
Rank: 7
Percentage of employers unable to find the right talent: 54 per cent
The country is a regional leader in many fields such as IT and automobile. It’s capital city Bucharest is one of the biggest financial centres in eastern Europe.
Romania has an unemployment rate of 6.5 per cent.
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India among countries facing severe manpower shortage
New Zealand
Rank: 8
Percentage of employers unable to find the right talent: 51 per cent
New Zealand ranks third in World Bank’s Ease of Doing Business index. Some of the main industries include food processing, textiles, machinery and transportation equipment, finance, and tourism.
The country has an unemployment rate of 6.6 per cent.
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India among countries facing severe manpower shortage
Israel
Rank: 9
Percentage of employers unable to find the right talent: 50 per cent
The economy of Israel is a technologically advanced market economy, including rapidly developing high-tech, agricultural, financial and service sectors, according to Wikipedia.
Some of the major industries in the country include high-technology products, metal products, and electronic and biomedical equipment. Israel’s diamond industry is world renowned and the country is one of the major centres for cutting and polishing diamonds.
Unemployment rate in Israel is about 5.6 per cent.
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India among countries facing severe manpower shortage
Singapore
Rank: 10
Percentage of employers unable to find the right talent: 47 per cent
The country has one of the lowest unemployment rates of 1.9 per cent. It ranks first in the World Bank’s Ease of Doing Business index.
Some of the major industries include electronics, chemicals, financial services, and life sciences.
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India among countries facing severe manpower shortage
Taiwan
Rank: 11
Percentage of employers unable to find the right talent: 46 per cent
Economy of Taiwan is an indispensable partner in the Global Value Chains of Electronics Industry. Electronic components and personal computer are two areas of international strength of Taiwan's Information Technology industry, according to Wikipedia.
Unemployment rate in Taiwan is around 4.18 per cent.
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India among countries facing severe manpower shortage
Australia
Rank: 12
Percentage of employers unable to find the right talent: 45 per cent
The Australian economy is dominated by its service sector, comprising 68 per cent of GDP. The mining sector represents 10 per cent of GDP and the "mining-related economy" represents 9 per cent of GDP.
Other than mining, some of the major industries include wine, wool, brewing and tourism.
Australia’s unemployment rate is 5.6 per cent.
India among countries facing severe manpower shortage
Argentina
Rank: 13
Percentage of employers unable to find the right talent: 41 per cent
The unemployment rate in Argentina is about 7.2 per cent and manufacturing is the largest contributor to its GDP (around 20 per cent of the GDP).
The country has a wide range of industries including food processing and beverages; motor vehicles and auto parts; appliances and electronics; chemicals, petrochemicals, and biodiesel, and tobacco products.
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India among countries facing severe manpower shortage
Austria
Rank: 14
Percentage of employers unable to find the right talent: 41 per cent
Austria is one of the 12 richest countries in the world in terms of GDP per capita and has a well-developed social market economy, and a high standard of living, according to Wikipedia.
Some of the major industries include construction, machinery, vehicles and parts, food, metals, chemicals, and lumber and wood processing.
The unemployment rate in Austria is about 4.4 per cent.
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India among countries facing severe manpower shortage
Costa Rica
Rank: 15
Percentage of employers unable to find the right talent: 40 per cent
The economy of Costa Rica is very stable, and depends essentially on tourism, agriculture, and electronics exports.
Main industries include microprocessors, food processing, medical equipment, textiles and clothing, and fertiliser.
The unemployment rate in Costa Rica is about 7.9 per cent.
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India among countries facing severe manpower shortage
Untied States
Rank: 16
Percentage of employers unable to find the right talent: 39 per cent
The economy of the United States is the world's largest single national economy.
The US also has abundant natural resources, a well-developed infrastructure, and high productivity.
It has highly diversified industries including petroleum, steel, auto, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
US unemployment rate is 7.4 per cent.