What in your opinion does the current IT job market look like?
We saw the pandemic compel businesses to move online, Indian enterprises somersaulted into their digital transformation plans. The overnight digital pivot propelled the need for tech talent across all categories of companies.
Since the beginning of 2020, the hiring spurt in the tech sector refuses to decline. According to reports, the IT services industry created over 5,00,000 new jobs in the FY 2021-22. And even as the Indian IT industry fights against all time high attrition, the sector is keen on finding resources to meet the demands for tech talent making it a paradigm shift of tech hiring instead of bringing in disruption.
With the changing technology trends towards Cloud, AI, MLM, Embedded etc, there is also a large resource gap between the talent available and the talent required leading to a skills gap in the organisations.
As a result, with limited talent available, companies are waging a war for talent and resorting to talent poaching. With a constant demand for talent, the market is ruled by Talent instead of the traditional Brands. The HR Budgets are skyrocketing due to the retention by Increments & hiring with Joining Bonuses leading to margin pressures at the businesses.
Another challenge is that increased number of companies are looking for talent to return to offices either fully or in a hybrid mode. However, there is a huge push from talent against this trend. With a large number of talent having moved to their hometowns and moving back to their parental homes, the cost savings leading to increased spending money in their hands is causing them to refuse to return to offices.
The IT industry has warmed to the idea of expanding its geographical footprint in pursuit of skilled talent from smaller cities, across countries or even hiring on contract, freelancing, and remote staffing are witnessing an uptrend. Additionally, diversity-first, second careers hiring is making inroads into the IT industry.
Growel Softech Private Limited