The last 2 years have proven to be change agents in talent management, world over. The pandemic has forced people to adopt new ways of working, which seems to be the probable blueprint for future.
The Covid 19 disaster forced organisations to change the way they work overnight, which led to a lot of uncertainty and job loss, in the initial 2 quarters, as survival seemed challenging. However, with companies globally realizing the need to go digital, demand for technology professionals has risen dramatically.
For IT professionals in India, the pandemic has emerged as a boon. Statistics state that in June, hiring demand by the IT software and services sector was 55 percent higher than it was in January 2021, and 51 percent higher than it was in June 2019 (according to Naukri JobSpeak, an index of hiring activity across a range of industries in India). There are various predictions stating that there will be more technology jobs created this year than ever before.
If we were to look at reasons for this upsurge, we could find few formidable answers.
- The gap between supply and demand is huge, which translates to a candidate driven market. Job seekers have an upper hand, who are accumulating 3-4 offers with salary increments from 30%-50% + perks.
- Adding to this, start-ups with huge capital inflow make all attempts to retain their talent, thus completely shifting the salary benchmark. For e.g. BharatPe CEO & Co-founder Ashneer Grover recently announced hiring of 100 new resources in their tech team, especially for the ICC T20 World Cup scheduled to be held in Dubai between October 17th and November 14th. This announcement offers market leading salaries and life-changing equity, with perks such as BMW Superbike, in-vogue gadgets for WFH Life.
- Digitalization has been fast tracked and so has reliance on tech solutions, across all businesses. For instance, there has been an increase in tech hiring across Pharma companies as they need to support the “remote work” environment for their employees.
- The “work from home” model works for the tech employees as they can be sitting anywhere across the world and set their jobs done. They have benefitted as it saves them rentals and the need to move to Tier 1 cities.
On a lighter not a tech pundit stated:” Going by the recent trends in the IT industry the government must be putting caps on maximum wages to protect employers.” All along, it seems that nothing can stop the technology industry from enjoying a second straight decade of growth.
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