The increasing prevalence of job scams and bribery incidents is a growing concern in the country currently. It serves as a stark reminder of the importance of robust people supply chains and the challenge that India faces between demand and supply of talent.
This alarming trend underscores the need for enterprises to see talent supply as a critical differentiator and engage with established validated people supply chain companies. Moreover, it sheds light on the criticality of not relegating this to low priority. To foster growth and development in India's economy, firms must recognise the strategic significance of talent supply chains and invest in nurturing these partnerships to consolidate their growth objectives.
Against India's growing economy and resultant insatiable demand for manpower arises a perilous nexus of compromises and collusion. The relatively low barriers to entry into the recruitment business, coupled with the razor-thin profit margins among fiercely competitive firms have created an environment ripe for malpractices. The consequences are twofold:
a. Compromised integrity of the supply chain
b. An influx of under qualified individuals, exacerbated by the overall scarcity of top-tier talent
Organisations must embrace the urgency of fortifying their people supply chains with unwavering resolve. Meeting minimum requirements cannot be the adopted protocol at this critical juncture of growth. A paradigm shift involving meticulous vetting procedures, coupled with rigorous oversight and proactive engagement with reputable agencies, must form the bedrock of a robust defence against such vulnerabilities. By doing so, enterprises can shield their reputation, avert financial setbacks, and ensure seamless operational continuity.
Workforce management is also key
Workforce management goes beyond hiring and talent acquisition. It encompasses areas such as procurement of contingent workers, compliance with labour laws and regulations, employee well-being, performance management, and succession planning. By relying on the services of trained professionals, enterprises can access and nurture a strong people supply chain to derive mutual benefit for all the stakeholders be it the business or the workforce.
Managing a company's workforce is a multifaceted responsibility that impacts the overall success of the organisation. Effective management requires a collaborative effort involving various stakeholders, including senior executives, procurement professionals, compliance officers, and legal experts. Businesses can thus enhance their ability not only to detect and prevent misconduct but also ensure that the extended workforce is a force multiplier to their business.
Why employment sector a differentiator
With a population of over 1.4 billion and a large, growing, and dynamic workforce of 500mn, to propel India toward a $10 trillion economy, it is necessary to nurture and build the employment sector as a key differentiator for companies. A well-functioning people supply chain can aid businesses in effectively navigating impending changes by assisting them in anticipating and addressing their talent wants.
The burden of sourcing quality talent based on industry requirements is significantly increasing the role of recruitment firms. By strategically aligning their workforce needs with the objectives of the company, enterprises can achieve sustainable growth and secure a strong position in the market.
By identifying needs based on skills, sourcing talent more broadly, and developing responsive employment value propositions, leading talent supply companies have shifted their strategy from replacing to reshaping the workforce and are thus serving as a bridge between employees and employers.
The staffing industry needs to be nurtured and developed as the cornerstone of India's economic growth. This requires concerted efforts from both the government and private sector entities. Government initiatives should focus on creating a conducive regulatory environment, promoting transparency, and enforcing stricter penalties for unethical practices.
Implementing the new labour codes would go a long way in formalising the supply chain making it more compliant. Simultaneously, companies should prioritise long-term partnerships with reputable agencies, invest in training and upskilling programs, and actively participate in industry associations to foster collaboration and knowledge sharing.
As Theodore Roosevelt said, “far and away the best prize that life offers is the chance to work hard at work worth doing." It is essential for India to provide all its citizens with the opportunity to engage in meaningful work, ensuring a life of dignity for everyone.
— The author, Kartik Narayan, is CEO – Staffing at TeamLease Services. The views expressed are personal.
(Edited by : C H Unnikrishnan)
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