The Growing Demand for Tech Talent in India
The demand for qualified technical and software talents are skyrocketing in countries all over the world, including India. The demand for applicants in the IT software and services sector was 55 percent higher in June 2021 than it was in January, according to research by Naukri JobSpeak. The worldwide labour skills shortfall is expected to reach 4.3 million workers and $450 billion in unrealized production in the technology, media, and telecommunications industry alone by 2030, with India being the only country with a talent surplus of about 250 million workers.
So, what's driving the surge in demand for people in this field?
When the rest of the Indian economy has been slow to recover from the effects of the coronavirus, how has Indian tech expertise been in such high demand? Why have corporations all around the world insisted on reinforcing their IT teams with top Indian tech and IT candidates? Our Acara Solutions India team has the newest information.
Pandemic accelerates advancements in tech:
The acceleration of digitization throughout company operations was one of the most significant beneficial outcomes of the COVID-19 epidemic. Companies all throughout the world have embraced a more strategic and imaginative approach to solving challenges and improving process efficiency, regardless of industry. In the Asia-Pacific area, for example, in July 2020, 53% of customer interactions were considered digital, compared to only 32% in December 2019. Taking advantage of ground-breaking software and technology has benefited these businesses. However, there are prospects for further progress, and firms are keen to hire qualified tech people to realize this significant value.
Heightened demand for IT candidates:
It's no surprise that IT security and full-stack developers roles are expected to grow by 166 percent and 110 percent, respectively, between October 2020 and March 2021. Companies have encountered increased pressures to keep up with the business world's evolution over the last year and a half, as it has welcomed the digital wave. Organizations have sought candidates who are nimble, creative, and well-equipped to increase their technology capabilities in order to modernize IT and business operations. Many business and technology leaders are now focused on capabilities such as big data analytics, artificial intelligence, machine learning, and cybersecurity. Our team is seeing an increase in the number of organizations in the United States outsourcing to India.
Shortage of qualified tech talent:
While the demand for people with digital capabilities is at an all-time high, the number of people who really have these talents is low. Because of the scarcity of suitable candidates, a tremendous fight for tech talent has erupted, forcing firms to engage in all-out recruiting campaigns for these individuals. According to a recent analysis commissioned by Amazon Web Services, India will need to raise the number of people with digital skills ninefold by 2025 to keep up with current demand. Another reason Indian corporations have been so diligent in developing learning and development programs is the increased requirement to upskill or reskill people.
Ongoing talent and retention challenges:
Companies in India will definitely experience issues in not only attracting new applicants but also maintaining current employees as the need for digital skills continues to expand tremendously in the months ahead. Candidates will continue to rule the labor market for the foreseeable future as the gap between supply and demand for competent individuals widens. As a result of the pressure on businesses to fulfill the expectations of potential employees, salaries have risen by as much as 50%. Candidates with specialized IT and IT skills understand that they are in control—and they are taking full advantage of it. If today’s workforce trends continue, it would not be surprising to see the talent acquisition and retention difficulties currently hindering Indian companies remaining pervasive for years to come.