The pandemic accelerated digitization in India, causing an upswing in demand for technology and software professionals. So it’s okay for anyone skilled in coding, machine language, arithmetic modeling, or even folks good at operating strategic growth HR tools to confidently walk into any internet café, update their CV/resume, and mail to as many job openings as possible.
Though, before you think of mailing your resume, have this in mind; India is an IT talent powerhouse, meaning almost every folk here knows a thing or two about technology.
Now, imagine the number of resumes and job applications in-house hiring managers deal with daily… Good luck coming to terms with a probable estimate or landing your dream job.
The hiring boom in India’s tech industry is good for the staggering one million people coming into the job market every month, but not so wonderful for hiring managers. To grasp the current hiring situation in India, let’s look at how this hiring boom is ramping up trouble for HR leaders and the probable solutions’ recruitment consultancy services are offering.
Robust demand for tech tools
There is no denying that the tech industry is enjoying whirlwind dominance, sharply higher than most other sectors. But even as they are raking in the ridiculous moolah from this once-in-a-decade opportunity, brace yourself; this robust demand comes at a price.
CHALLENGE
Indeed, the paradoxical reliance on technology led to a hiring boom in India and a spike for top talents. But now, HR leaders have to recruit and skill thousands of professionals monthly in positions where high school and college degrees don’t certify competence; what are the odds of an in-house team succeeding?
SOLUTION
Hiring managers need to understand that operating in a traditional cocoon is no longer an option. HR leaders need to evolve from everyday CV/Resume filterers to skilled professionals capable of providing guidance and strategic insights to reshape the future of work. Currently, most in-house HR teams lack the tools and expertise to keep up with this robust demand environment. So forward-thinking tech companies are better off working with recruitment consultancy service providers.
The demand and supply mismatch
Nowadays, we spend time with tech devices more often than with our fellows. So it’s no surprise that we interact with our peers mainly through technology. Though, in a post-pandemic world, where over 56% of the populace work from home, this is a good thing – the freedom and flexibility mean you get to do your best work at your own pace.
CHALLENGE
However, what pops the bubble is the lack of talent supply. This paradigm shift can be challenging for HR leaders helping tech companies recruit top talent. The hiring boom for tech experts in India creates a shrinking talent pool. A demand and supply mismatch. So how can hire managers even out this demand and supply mismatch?
SOLUTION
Well, HR leaders need to adopt a mindset shift that the tech industry’s robust demand for top talent sparked a talent war. And in a talent war, strategic planning is crucial. Recruitment consultancy service providers are handling high-level business guidance across decisions relating to recruitment, performance management, talent management, training, compensation, employee experience, etc. It’s best if you hand over your workload.
Finding, recruiting, and retaining the right skills
Hiring is a double-edged sword. Too many employees raise costs and dampen profit margins. In contrast, fewer employees can lead to three straight quarters of sequential decline. Meaning that as the corporate juggernaut limps back to normal and the hiring boom in India continues to make headlines, forward-looking tech companies need a train of reliable employees.
CHALLENGE
The overwhelming demand for top talent has left many employers scrambling to increase their headcount commensurately. Tech companies are becoming more aggressive in talent acquisition, and the top talent accelerators are leading the race by paying top dollar. So, finding, recruiting, and retaining the right skills remains a daunting task even for experienced in-house HR teams.
SOLUTION
Since the only way to stay competitive is by hiring the right people, keeping them happy, motivated, and retained, top recruitment consultancy service providers encourage that HR leaders promote remote-first workplaces or hybrid workforce models and a work-smart company culture employees love. In another thing, the 90-day notice period—determining when an employer may require a new employee to start— is quite inconvenient for hiring managers and small tech start-ups in search of top talents. Modifying the notice period to 15 or 30 days can help HR leaders recruit and retain the right skills.
High rate of change in the tech field
Technology is synonymous with innovation – it’s no surprise that the top talent initiators in India are start-ups, SMEs, and Fortune 500 companies buoyant enough to keep up with the fast pace of change.
CHALLENGE
Most HR leaders are trying to even out the demand and supply mismatch for top talent, but still, have to contend with the dynamics of a constantly evolving tech world. With the hiring boom in India and a shrinking talent pool, what’s the most effective way to brave this digital transformation; how can HR leaders keep up with the high rate of change in the tech field?
SOLUTION
First, change is constant – don’t try to run away or neglect it. Instead, invest in tools that help you understand, differentiate and stay on top of industry shifting changes/one-time trends. Most recruitment consultancy services invest in HR technologies that create exceptional employee experiences, right from onboarding to exit. HR leaders can curb the effect or impact of unforeseen changes by upskilling and training new talents with tools and applications that force candidates to have their skin in the game.
Talent acquisition and retention plans come with a cost -margins.
Recruitment parameters are constantly changing. Talents that once seemed evergreen are fading. Skill-sets are evolving from coding to machine learning, statistical to arithmetic modeling – right about now; it’s safe to say the workforce of yesterday is going extinct. But is this a boon or a bane? It depends on how you look at it.
CHALLENGE
While the hiring boom in India is heightening the desire to learn new skills, the unavailability of skilled people, or maybe a high cost of availability at the moment, is a big challenge. Schools are yet to produce enough technology and software professionals, creating a constant struggle for companies on the margin front.
SOLUTION
Learn to retain top talents. HR leaders must persuade their employers to add salary hikes, skill-based compensation increases, and promotions to their talent acquisition cost and retention plans. While this will create a sequential improvement in margins, note that no recruitment consultancy service provider supports the assumption that margins will improve by 100 BPS or that, by doing this, you will clock double-digit revenue growth this fiscal – best bet, 30-40 BPS increase in margin.
Get Rid Of Your Hiring Challenges With EliteRecruitments
Are you currently encountering the aforementioned challenges in recruiting new talents for your organization?
Get ready to overcome the challenges of the hiring boom. Explore our solutions and streamline your recruitment process with EliteRecruitments.
Conclusion
The current hiring boom is undoubtedly presenting immense opportunities for companies to expand their talent pool. However, it has also brought forth a series of challenges for HR professionals to overcome. While the demand for skilled individuals continues to rise, the availability of qualified candidates remains limited. This situation is creating a competitive talent market that requires HR teams to adopt innovative strategies to attract.
As organizations strive to attract and retain top talent, they must adopt strategies that are needed for efficient hiring processes. Embracing hiring solutions, such as partnering with a recruitment agency like EliteRecruitments, can empower HR teams to navigate the hiring boom successfully.
By hiring a recruitment agency, you can emerge stronger, with a talented workforce that propels you toward sustained success.
