Five trends that have emerged following the talent war in the IT sector
The world’s economy is witnessing a Fourth Industrial Revolution, whereby organizations and their processes have moved online. As we emerge from the impact of the pandemic, the needs and demands of employees & employers and, therefore the future of work, has transformed marginally with an unprecedented hiring boom or what it has been known as - Talent War. The IT sector today presents, a tight job market with countless opportunities and evolved employee expectations such as flexible hours, hiring bonuses, and attractive incentives. The hiring process as well has evolved, right from video interviews and remote onboarding to increased demand for gig laborers and data-driven strategies. Creativity is at its peak when it comes to methods used by organizations to imbibe values and enable new talent to adapt to the company culture including a blend of self-paced learning and instructor-led live classes through video mediums.
Here are five key trends that can have surfaced in the industry which will continue to impact organizational behavior in the days to come.
Higher need for new-age skills
New-age technologies, after a period of experimentation, have evolved into the mainstream for most organizations. Keeping up with this, there has emerged a sudden demand for talent with hot skills. Confirming this, the Indian Staffing Federation (ISF), an apex body of temporary workers industry in the country has highlighted the sudden elevation of demand for digital skills, particularly Artificial Intelligence, Data Science, Cloud Computing, Information Security and Blockchain. In addition, while cybersecurity has always been a critical component for IT organizations, with the increase in remote working, its importance has escalated three-fold to ensure the security of their workforce and data. As a result, cybersecurity skills have become a key parameter while hiring.
Emerging demand for freshers
Since laterals are more expensive to hire, companies are now tilting towards freshers, which would help to addresses the issue of high attrition and the challenge of salary inflation. A recent report by Teamlease Employment Outlook has stated that the growth rate of intent to hire freshers has seen a 32 percentage point rise, with junior-level hiring leading. A major portion of these freshers are sourced from small cities are provided digital training before being deployed on projects.
Increased demand for contingent labor
Following the uncertainty that 2020 brought it, gig workers across the length and breadth of the country are now seeing a ray of sunshine. While before the pandemic, the demand for gig workers was restricted to blue-collar jobs, today this demand has moved to white-collar jobs as well. With growing adaption towards remote working, organizations are identifying with the idea of engaging with a freelance talent for their marquee projects.
The rise of fully remote and hybrid working models
In the pre-covid era, remote working was not sympathetically by organizations as it was expected to cause a loss in productivity and efficiency. However, the one and a half years spent under the large-scale experiment of working remotely proved to organizations that work from home can be even more productive in many cases. Several employees, as well, who have got the taste of working from home while managing their household responsibilities and spending more time with their families are demanding WFH or hybrid working models. A recent survey by Indeed shared that 46 percent of job seekers preferred remote working over a hybrid work model. Employers however preferred a hybrid approach at 42 percent. Therefore, instead of viewing today’s work-from-home world as a temporary phase, many organizations are embracing it as the way of the future. For jobs that demand physical presence at some times, organizations are exploring the idea of hybrid working models which grant employees flexibility as well as experience the physical culture of the workplace.
Hiring beyond geographies
Finally, with remote and hybrid models of working becoming a permanent practice amongst organizations, we see the talent pool for corporations of all sizes, cutting across geographical boundaries that existed earlier. Randstad India revealed a trend of borderless employment opportunities, where employees have been exploring the idea of working for a company abroad but remotely. Therefore, today the world is now the new talent landscape for organizations. As a result, the experience, recommendations, and skill sets that an employee comes with are of prime importance, while the location of where they are based can be overlooked. This largely widens the pool of talent and deeply benefitting both organizations and employees.
Concluding, as organizations continue to venture on the road to digital transformation, a digital mindset is critical to generate a strategic talent supply that is future-ready. Adapting is key to thriving and therefore organizations must stay agile. As it is said, depending on the route you take, you can pivot or perish!