New York: In testimony to the difficulty India companies are facing to find the right talent, the country’s top private sector lender ICICI Bank Ltd’s chief executive officer K.V. Kamath has said the bank had to sift through more than 42 resumes on an average to find one qualified candidate.
ICICI Bank scanned through about 750,000 resumes to find 17,500 candidates last year, Kamath said in a survey of chief executive officers, or CEOs, of companies listed at the New York Stock Exchange, or NYSE.
In India, a large number of people enter the job market, but “many lack the skill set to success,” Kamath said.
Advocating an increase of skilled employee base to check attrition, Kamath said it could make employees realize they have competition for jobs. “It also helps keep wages in check as employers have a bigger pool of workers from which to choose,” he said.
The fourth annual CEO survey of NYSE-listed firms, in which 254 CEOs participated, was conducted from 29 February to 31 March .
About 72% of the CEOs surveyed are based in the US, while 28% are from non-US companies.
Talking about the challenges faced by businesses in Bric ountries (Brazil, Russia, India and China), Kamath said that many companies “steeped in past success are going to find it difficult to compete in Bric countries.” About two-thirds of CEOs polled viewed the Bric nations as an opportunity. Pointing out that “sensible acquisitions and expansions are targeted in BRIC countries”, the report said that out of the CEOs from non-US firms, nearly eight in 10 see these nations as an opportunity.