Among BRIC nations and the US, India is the second largest home market for Small and Medium Sized Enterprises (SMEs). The SME sector contributes more than 60 percent to the Indian GDP and offers employment to over 60 million people. The Indian SME market is valued at $5 billion and there are over 11 million SME units in India that produce more than 8,000 products. Even after witnessing such an unprecedented growth, Indian SMEs face certain challenges pushing them far behind their foreign counterparts. One of such critical challenges is the Human Resource (HR) Challenge, encompassing attraction and retention of the right manpower.
SMEs have niche areas of specialized work and offer interesting job opportunities to both amateurs as well as professionals. Inspite of this, they struggle to attract diverse talent across multiple verticals and find it difficult to maintain a workforce that possesses the right skills to ensure the stability and long term growth of the businesses.
This whitepaper looks into such HR challenges that SMEs face. It also talks about the solutions that companies must execute to deal with growing talent crunch, minimize its impact, create an effective recruitment strategy and hire efficiently, while paving ways for the development of their current as well as future employees.
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