This is no small task, and will require executives and managers to embrace the idea that training young recruits is an essential part of their routine, and will provide the incentives for them to contribute to the organization. Companies will need to invest in replicating and implementing specific interventions that have been successful at global companies (and a small number of Indian companies), instead of generic initiatives. This means making talent management a key component of HR strategy, and making HR a key participant in the firm’s decision-making processes.
By taking these steps, companies can fill their immediate gaps while building the enterprise capabilities necessary to ensure that they thrive in the long run. But only in companies whose leaders endorse this approach wholeheartedly, and where it can become ingrained in the company’s culture, will such changes take hold. Talent is India’s greatest opportunity, but it is also one of its biggest challenges. The same is true for more and more businesses in other developing regions around the world. In each of them, it falls to today’s executives to ensure strong leadership for generations to come.
Reprint No. 00178
- Gaurav Moda is a principal with Booz & Company’s organization, change, and leadership practice, and is based in New Delhi.
- Anshu Nahar is a senior associate with Booz & Company’s organization, change, and leadership practice, and is based in Mumbai.
- Jai Sinha is the co-head and managing director of Booz & Company in India, and is based in Mumbai.