The greatest and most fundamental asset of any organization is its people.
What do businesses do when a scenario like the Great Attrition rolls about, and skilled talent is nowhere to be found any longer? They compete for it- wages and benefits are increased dramatically and job poaching is at an all-time high, effectively worsening the “war for talent” and failing to resolve the underlying structural imbalance.
Talent Crunch: The Indian Perspective
What Indian organizations are currently witnessing is a fundamental mismatch between the demand for talent and the actual supply of it. While we may be making massive strides toward technological advancement and development, it might be time to stop to think about whether or not we have the skill and proficiency within the country to actually advance it at the rate we’re envisioning.
Roles in development and IT witnessed a whopping 166% growth within a year and despite an impressive addition of 4.5 lakh techies to the space in the FY2022, the demand-supply gap is only widening. But Why?
We might have a large workforce, but the harsh truth is that the majority of people do not possess the technical prowess to undertake projects of this magnitude. Expertise is running low, costing organizations precious time, money, and energy as they invest resources to upskill a population that does not want to learn.
According to a recent report by Nasscom-Zinnov, India is projected to face a shortage of upward of 15 lakh tech professionals over the next 4 years, and this number is only expected to increase from hereon.
In times of such severe talent crunches, the market is inevitably driven by candidates with niche skill sets who understand how to leverage the situation in its entirety.
It goes without saying that organizations cannot sit back and give in to these pressure points. There’s a need to re-examine your approach to hiring and re-work it in a way that yields the best possible results.
Recruitment Done Right: The Global Approach
It’s unproductive to be doing the same thing repeatedly and expecting different results from it.
Recruiting locally is not cutting it any longer; a disruptive scenario requires a disruptive approach and it’s time to do things differently. Moreover, it’s time to acknowledge that the right talent exists- you’re just not looking in the right place.
Businesses of all sizes, even start-ups, are recognizing the importance of a global approach to recruitment while mapping and strategizing their company’s growth plans.
Training employees on skills that your business needs could take a very long time, and by that time, your competitors would have a significant lead in the market.
Global talent, sourced from emerging markets around the world, have experience in taking on complex challenges and leading in specialized and advanced roles. Their extensive experience and exposure to the international markets let them “wear several hats” and take charge of their responsibilities head-on.
A team is just as good as its leader.
Workplace Trends conducted a Global Workforce Leadership survey that revealed that only 36% of employees felt that the leadership in their tech organization was strong enough. In turn, this leads to lowered motivation and productivity.
Hiring global talent to fill leadership positions within your organization helps the team benefit from the experience and learnings and hone new skills- hard and soft. They’re able to utilize their exposure to a different work culture and environment and create the perfect “cocktail” for a smooth flow of work processes.
International hires add an element of diversity to the organization, providing a rich exchange of experiences within the team. Their thought processes are likely to be different, which can come in handy during creative brainstorming and problem-solving.
What manifests is an enriched workplace, with employees that are flexible, open-minded, and ready to accept new ideas and challenges.
International scaling approach
Indian tech startups are working to resolve complex problems, which ought to be taken into markets across the globe. It helps to have someone on the team that has an in-depth understanding of the country you’re looking to expand in, and help finetune your product to ensure the best fit to cater to the need in that part of the world.
It also makes it easier for you to establish a brand presence and awareness in different countries- which is helpful from both a growth and sales perspective.
Ideating- Where would India be with the right talent?
India is heading powerfully toward the vision of becoming a developed country, and if we’re able to resolve the challenge of the skill gap (along with a few other hurdles), we’ll be to achieve this goal sooner.
Experienced professionals, especially in niche emerging roles, are key to the success of the different tech innovations that the country is undertaking. The successful implementation of these projects will further empower the population and motivate people to work on themselves and broaden their horizons by undertaking new skills.
The result will be progressive growth for Indian organizations and their employees, which in turn will contribute positively to the GDP of the country.
Global Talent Exchange: The Answer To Your Recruiting Woes
With a next-gen platform in place, the team at GTX goes above and beyond to help companies that struggle to find qualified tech talent connect with candidates that have the potential to accelerate their processes in the way they require.
Save hiring costs and time, and remain one step ahead of your competition.
to learn how we can address your acquisition and retention challenges.