Retaining talent is about to get harder for organisations.
According to a latest survey by Talent500, an AI-based platform to help leading companies build and manage a global workforce, 87% of all tech professionals in India will seek out or consider new opportunities in the current year.
In a highly competitive market, this means a never-before-seen rush to retain talent and intense competition for top performers across all companies.
The ‘State of Talent’ survey with over 5000 respondents, including professionals from leading global companies and start-ups across the country, also reveals changing behaviour of job-seekers in a post-pandemic world.
Flexibility over compensation
In addition to the “Great reshuffle” and its impacts, another insight from the survey was the changing considerations of professionals while choosing their next gig. In addition to compensation and benefits, today, flexibility and culture are top of mind. As a result, hybrid and flexible work models will continue post-pandemic, with professionals displaying a strong preference for flexibility and choice.
Need to re-evaluate hiring processes
Professionals also expressed a clear need for companies to re-evaluate their hiring processes in a highly-competitive market.
“Gone are the days of elaborate interview rounds and long, stretched hiring processes. Today, professionals holding multiple offers expect quick decisive interactions and are not shy of walking away from offers if they don’t find engagement during the process,” says the survey.
The rise of the gig economy is another strong motivator for professionals to reconsider older, conventional employment models and put their independence, learning and flexibility into the spotlight.
“The pandemic changed everything we know and understand about work. For professionals, the market has never been better to find career-changing opportunities and with remote work becoming mainstream, today professionals are choosing to prioritise their next job based on the flexibility it gives them to plan their lives. For businesses, we are waking up to a surge in demand and finding that we will need to rethink how we engage with professionals in a new world,” said Vikram Ahuja, Co-Founder of Talent500.