June 2018

Mohammad Anas Wahaj | 22 jun 2018

According to Korn Ferry's 'The Salary Surge' report, India would be the only economy that will not face an upward revision of wages by 2030, as it has a talent surplus, bucking the global trend of a talent crunch. For organizations around the world lack of highly skilled talent supply will drive up salaries for the most in-demand workers and is expected to add more than US$ 2.5 trillion in annual labour costs by 2030. The Global Talent Crunch analysed global demand for labour at three key milestones, 2020, 2025 and 2030, in 20 markets, including in India, across three sectors, financial and business services, technology, media and telecommunications (TMT) and manufacturing. Wage premiums by 2030 - US (US$ 531 billion); Germany (US$ 176 billion); Japan (US$ 468 billion); China (US$ 342 billion) Asia Pacific (US$ 1 trillion); Singapore and Hong Kong (10% of 2017 GDP). Wage premium per worker per year by 2030 - Asia Pacific (Average US$ 14710); Hong Kong (US$ 40539); Singapore (US$ 29065); Australia (US$ 28625). Dhritiman Chakrabarti, Head of rewards and benefits for the APAC region at Korn Ferry, says, 'The new era of work is one of scarcity in abundance, there are plenty of people, but not enough with the skills their organisations will need to survive. While overall wage increases are just keeping pace with inflation, salaries for in-demand workers will skyrocket if companies choose to compete for the best and brightest on salary alone.' Manufacturing, one of the sector that is a critical driver of growth for emerging economies, may be stalled by the huge impact of the salary surge. Read on...

The Economic Times: India to be lone economy facing suppressed wages by 2030: Study
Author: NA

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