One of the dominant employment trends in 2022 has to do with a highly candidate-driven market. This is essentially a result of the “great resignation” which has been an imminent threat since the pandemic hit and which is only expected to grow. As employee well-being and work culture become hot topics as organizations seek to hire and new talent seeks to be hired, serious investments in creating an attractive employer brand will play an important role. fundamental role in overcoming the talent shortage across the country. This severe talent shortage is taking a different turn, especially in the IT industry, in light of the startup revolution across the country and the massive digitization push across all businesses that are now on the lookout for skilled professionals. in digital.
In a recent interaction with Michael Page India, Neha Jain, Director and Ankit Agarwala, Managing Director, point out that attrition rates within the IT industry are currently 30% higher than before. They go on to add that among the many reasons that are commonly attributed to a talent shortage that has already been written about at length, an interesting trend has been the eruption of over 200 unicorns and ‘soonicorns’ (soon unicorns) who have been scaling and hiring rapidly leaving little to no room for traditional companies who are now struggling to hire and retain talent. As companies grapple with this wave of talent loss, they are starting to ask themselves hard questions about whether they really need this kind of talent or whether they should seriously lean on their institutional knowledge and settle for stronger process orientation and average people. On the other hand, the Indian IT industry is looking to hire about 450,000 people in the financial year H2FY22 which, among the experienced employees, will include a large number of new recruits.
According to data from Quess, the most in-demand IT skills in FY21 were IT infrastructure (15%), testing (12%), Java (10%), SAP (9%), data and data analysis (8%), among others. In 2022, Vijay Sivaram, CEO of Quess IT Staffing, notes that organizations will increasingly focus on software development (Full Stack engineers), data analytics and data science (Big Data, SQL, languages statistics), cybersecurity, low code and no-code development, machine learning, artificial intelligence, blockchain, IoT, RPA, UI/UX and the technologies used to develop the metaverse.
Trends that will impact IT industry hiring:
Asked about the prevailing trends that will impact the hiring landscape, Giridhar GV, Executive Vice President – Global Human Resources, HGS elaborated on the following points:
- Emphasis on soft skills with IT: While talents skilled in Cloud Computing, Data Analytics, AI, XR will create a strong talent pool, talents with soft skills such as analytical ability, problem-solving mindset, thinking about design, adaptability to change and results-oriented perspectives will become the need of the hour for organizations
- Diversity, Equality and Inclusion: Diversity and inclusion will move from being a “nice to have” to a “must have” vision. As employees become more aware of the factors that build their environment and impact their communities, they will align with organizations that allow them to be fully engaged in the workplace.
- Increased focus on learning and development (L&D): While L&D has always been a critical area for organizations. The pandemic has given new meaning to L&D initiatives in the workplace. The new set of protocols has compelled companies to create innovative metrics, processes, and strategies around how employees learn and grow across industries and sectors. Implementing a comprehensive training and development strategy is the only way for our industry to address the existing skills gap.
Migration of Talents to Tier-2 and Tier-3 cities:
An interesting topic of conversation that has come up when it comes to honing new talent for hiring organizations, several recruiters pointed out that much of the talent shortage can be overcome if the hiring professional level 2 and level 3 cities computing is perfected. by employers or have better access to pre-employment learning opportunities. With remote recruiting processes being a key feature of all organizations these days, expanding the talent pool to include these cities has been a key trend.
‘The pandemic has broken down geographic barriers to hiring, and companies are now looking for talent in smaller towns to address existing talent shortages. State governments have also understood this and are actively working to foster social and economic development. More and more people are moving to cities in search of a better quality of life. The reverse migration trend is definitely here to stay. Additionally, data from the Monster Jobs Index further indicates that hiring activity in Tier 2 and Tier 3 cities has been on a steep slump over the past few months.says Sekhar Garisa, CEO of Monster.com.
Critical Strategies to Overcome Attrition Challenges:
Sivaram outlines five surefire strategies for organizations looking to hire and retain their skilled digital talent:
- Conduct “stay interviews” to avoid attrition: A step ahead of exit interviews, stay interviews take a proactive rather than a reactive approach; it’s a two-way feedback session to let key talent know that the company appreciates and values them.
- Moving from employee engagement to experience management: Outside of the stipulated engagement activities scheduled during the calendar year, every employee touchpoint should be an engaging experience.
- Develop employee programs that revolve around learning, benefits and culture: Holistic development programs help employees envision a sustainable future in the organization, rather than just a short-term tenure.
- Talent attraction is always a key strategy: Use the effective 4C approach to attract talent; career, communication, speed and remuneration. Establish well-defined career paths, clearly communicate role and expectations, ensure your “time to hire” is optimized, and offer attractive compensation, both monetary and non-monetary.
- Create a micro-engagement for employees: Personalized engagement activities that relate to the employee have a deeper effect than mass activities planned across the organization. A healthy mix of the two can drive higher engagement and retention rates.
Faced with a candidate-driven market and high attrition rates, talent leaders need to consider the current situation, the skill shortages that need to be filled, and invest accordingly in building an attractive employer brand. which can compete at the level of startups in hiring qualified digital professionals.