developer of cloud-based talent management applications in 2012. The company is now on its way to offer solutions for the HR challenges faced by Indian companies.
As per Hirak Kayal, vice-president, product management, India & JAPAC at Oracle, employee engagement is a critical driver for success and for that talent management has
become the top priority for the CEOs. Close to 58% of CEOs feel that they are unable to pursue a market opportunity or have had to cancel or delay a strategic initiative because of talent challenges or shortages and 77% of the CEOs anticipate a change in their strategy in terms of how they manage their talent. So in a nutshell, we are in a war for talent. The challenge is to acquire talent as well as retain talent and is spread across HCM space, says Kayal.
The first challenge pertains to low maturity of HR records across geographies and quite low in India. A higher employee engagement and better adoption of the HR system is a key to overcome this challenge. Second is managing the talent supply chain both internal and external. The maturity of internal competency database and the ability to search for key talent internally is poor and this also applies for India. There are large organisations in India who have large pools of unutilised talents while having a large number of open positions for external hires. This is a significant cost and directly impacts the operating margin of these resource intensive organisations. Then comes the the challenge of managing external talent supply chain. It is interesting to note that in next 15 years, 10,000 people will be turning 65 every day.
While the first two challenges are very much applicable in India, the third challenge of external talent supply chain is particularly applicable to certain industries in India. In a professional services industry, the challenge of external talent supply chain is quite high. The third challenge is of talent
retention. This involves effective performance management, talent recognition management, streamlining and normalising the distribution of performance rating, compensation benchmarking and a great deal of actionable insights, he adds.
Globally, Oracle have around 15,000 HCM customers and over 4,500 customers on cloud. And that spreads across industries and adoption rate has been quite exciting across manufacturing, professional services, financial services and healthcare service providers. The company has an enterprise customer of 1.3 lakh employees in India deploying Oracle Talent Recruitment solutions across its many divisions such as metals, chemicals, manufacturing, retail, telecom, financial services and insurance, among others. So, it cuts across industries. In fact, Oracle has a large healthcare service provider in India, deploying HCM and Talent Management solutions for over 35,000 employees.