There is a huge uptick in the demand for tech talent, not just in India but globally. Even before the pandemic hit us, there was a global shortage of tech talent. However, with the rising digitization, and the rapid technological evolution, the demand for tech talent has only deepened. Consequently, the sudden supply shortage and mediocre IT staffing strategies has prompted high basic salaries and attractive benefits packages. Sectors that are not traditionally tech-heavy such as services, healthcare, government, education have recognized the importance of technology and are increasing their tech workforce. Hiring and retaining remote developers has become the top priority for HR Managers across the globe. Companies are implementing innovative hiring strategies and offering benefits such as flexible working hours to appeal to potential candidates.

Why have companies started bolstering their IT teams?

Advancement in Tech: Covid-19 has accelerated digitization within business operations regardless of industry. Companies from across the globe are taking a more strategic and innovative route to solve complex problems and have realized the potential of technology. With the vast scope of advancement in tech, companies want to onboard more and more qualified tech talent to keep pace.

Rising competition and cost: When the demand rises, then so does the cost. Not only experienced individuals, but even entry-level engineers are also expecting high remuneration and bonuses. Tech giants are giving lucrative packages and unique offers to attract potential candidates and retain their existing employees.

Ways to hire and retain IT talent

Build your company culture: Company culture is where everything starts and ends. Today, employees are no longer looking for just a place of work, instead, they seek a place where they can grow both personally and professionally. Today it is imperative for companies to prioritize people and value them before anyone else to make them stay. Companies with good company culture tend to attract top talent and also retain the existing ones.

Encourage out-of-the-box thinking: Tech enthusiasts usually love to explore new technologies. A company that encourages its employees to think out of the box and bring in innovation usually attracts developers with tech skills.

Remote work: One of the most sought-after benefits these days is flexible work hours and remote work. The pandemic has made everyone realize the value of relationships and thus, work-life balance has become a top priority for employees.

Upskill your existing employees: To stay competitive, businesses need to upskill their people. Educating your employees with new marketable skills will make them feel appreciated and motivated.

Industry-academia connect: By bridging the gap between the skills sought by the industry and the skills being imparted by educational institutions, the future workforce can be prepared to overcome the existing tech talent shortage.

Source

With companies hiring tech talent to build and manage their businesses, the demand for tech talent is here to stay and will increase over time. Tech recruiters are at the forefront of this battle and are investing a lot of time and money into hiring. However, companies that specialize in recruiting dedicate years and work in niche areas to develop their market knowledge and network of skilled candidates. This means that they have candidates with specialized skills ready to fill a gap before it even exists.

Companies are constantly rethinking their approach to finding the right talent. They are embracing more flexible working models, wherein they can expand or contract their workforce as and when needed. With the proliferation of digital platforms, companies are experimenting with their strategies by hiring highly skilled freelance workers, and also creating an on-demand workforce model. They have learnt through these efforts what works for them and what does not. The pandemic has only accelerated this shift from traditional recruiting model to embracing on-demand talent.

Companies looking for candidates with digital skills are facing the severest shortage, posing a serious problem, one that has the potential of becoming a significant bottleneck. Finding the right people, doing the right thing at the right time is the hardest part and the equation of success in today’s marketplace. Companies have now realized that by building an elastic team or working with freelancers, they can use resources as per their need without increasing their permanent headcount.

To help companies address the challenge of traditional recruiting, various new-age online talent platforms have emerged which are providing the right talent at the right cost.

Benefits of on-demand recruitment: A new-age solution to hiring tech talent

Source

On-demand recruitment means a more strategic partner, with efficiency, effectiveness, timeliness, and pace at the core of their approach. The benefits of on-demand recruitment are discussed in more detail below:

1  Address urgent needs of hiring: With on-demandhiring, companies get the required recruitment support without indulging into long-term contracts as done with traditional staffing agencies. Moreover, you can leverage the expertise of seasoned recruitment professionals as and when required and experience a seamless and quick hiring process.

2  Access to talent technology tools: On-demand recruiters not only come with years of expertise but are also equipped with talent technology tools. These tools help companies make informed decisions by expanding their reach and providing greater insights into the talent market.

3  Get a specialized skill set: Traditional workers usually have a varied skillset that allows them to take up various tasks within their companies. However, when you hire on-demand talent, you recruit a workforce with specialized skills or expertise. Hiring a workforce with specialized skills means getting a job done faster rather than training someone from the start.

4  Never miss an opportunity: Waiting for the traditional hiring process means losing on significant opportunities. There are times when clients expect quick turnarounds and are a source of huge revenue for your company. In such cases, you might not have time to train your own personnel or follow the traditional process to hire a new candidate. Having access to on-demand talent is a savior in such circumstances to help you meet stringent deadlines.

5  Seek flexible recruiting solutions: With different products and business models, the recruiting needs and requirements keep changing fast. Instead of spending huge amounts of money in recruiting and convincing them to become permanent members of your organization, an easy way out is to hire on-demand talent.

§  Hire talent for short durations: There are instances when employees leave companies temporarily due to personal reasons or pregnancies. Some of these positions are critical for companies to function effectively. In such scenarios, it is best to hire on-demand talent for specific timelines to solve this problem.

Not only the ones listed above, but there are innumerable reasons why you should be ditching traditional recruiting and embracing on-demand talent.

Importance of Reskilling and Upskilling Employees: Using talent mobilization as a way of retaining employees

To bridge any skill gaps and add value to the business, now is the time for companies to double their learning budgets and commit to reskilling and upskilling employees and providing flexible development opportunities to them. Upskilling means providing employees with new skills and training to better prepare them for their current role while Reskilling is training employees for entirely new jobs. It is another way to maximize the potential of the workforce in their current position and make them ready to take on any new tasks. Some of the wide range of potential rewards offered by reskilling and upskilling, include:

a.   Improves productivity: When employees are provided with new skills and training, they take up additional responsibilities and even find innovative ways of doing the task at hand. It not only improves their productivity but also adds value to the business.

b.   Building loyalty: When companies invest in training their employees and making them future-ready, it helps in building a more loyal and united workforce. If you show the employees that they are valued, they will go an extra mile in achieving the desired goals.

c.   Attracting and retaining top talent: In today’s fierce job market, Gen Z expects flexibility, choice, and efficiency in how they engage with professional development and the ability to move quickly up the ladder. Millennials prefer to work for businesses with training and development programmes. So, upskilling and reskilling offers a great chance to attract and retain top talent.

d.   Creates a culture of innovation and learning: A company is only as innovative as its people. Showing the workforce that training and agility are priorities displays strong leadership skills. It also encourages employees to reimagine their value and how they might better contribute to the business.

e.   Helps in employee engagement: Many upskilling and reskilling strategies are aimed at collaborative learning and nurturing efficiency. Such knowledge sharing platforms are a good way to improve employee engagement. Remember that an engaged workforce is an effective workforce.

Companies that launch successful reskilling programs are better able to address skill gaps caused by technological disruptions or to implement new business models or strategies. With umpteen transformative changes already shaking up the business landscape, companies need to be as prepared and agile as possible. Communicate business challenges with transparency and empower workforce to problem solve in creative ways, directing their own reskilling and upskilling to meet organizational needs. The future of work is coming rapidly, and companies that reach their full potential will be able to face it head-on.

Companies like TalentOnLease help you hire the best IT talent based on your requirements for both contractual and permanent positions. The shortage of tech talent is forcing IT leaders to find more creative ways to hire, including consulting, contracting, and outsourcing.