Despite widely differing stories on job creation and economic growth, the U.S. and India share a common problem: skilled worker shortages.
The Indian economy is growing at a 9 percent clip. The U.S. growth hovers around 2.5 to 3.0 percent.
The number of unemployed in the U.S. remains high, reportedly in the neighborhood of 15 million people. If you add the underemployed and those who stopped looking, that number according to some estimates exceeds 25 million.
India on the other hand expects to add as many as 10 to 15 million jobs in 2011.
The shared problem is a shortage of skilled workers. Despite near double-digit unemployment, U.S. employers complain about a lack of qualified candidates. In India, about 75% of new jobs require additional vocational training. If not addressed properly, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) warns of a slowdown in the country's economic growth. Likewise, by 2012, there will be a 3 million skilled worker shortfall in our nation, according to the U.S. Department of Labor.
Because the year 2011 is likely to be a boom for skilled worker engaged in IT biotechnology and services sectors, salaries in India are expected to rise 30 to 40 percent against the 15% in 2010 due to high demand in India. For the U.S. the demand for skilled workers also will increase which means that salaries will rise despite an economy improving slowly and high joblessness. The salary increases however will be much more modest.