“Hire people smarter than you” – perhaps the most common piece of advice lent to managers, early-stage entrepreneurs, executives, recruiters alike. In light of the prevailing talent crunch in India, this mantra makes all the sense — but what does that entail on the ground?
In well-put words, such hiring calls for:
This hiring process must be adhered to, regardless of the market conditions on a given day. But, here’s the catch. There is no silver bullet for this near-perfect hiring process. If you’ve ever hired or contributed to the hiring process, you can attest that it’s a tough nut to crack.
Customarily, the process becomes a tug-of-war between what the candidate wants and the company needs. It’s riddled with uncertainty, skepticism, and at times, even frustration. And this is true for all the parties – the company, the recruiter, and the candidate.
The Indian tech market, in particular, finds itself in the thick of a talent crunch. Hiring the best of the best requires a thorough and consistent approach that is not only particular in its requirements but also keeps the candidate’s interests and needs at heart.
Indian startup ecosystem produced 46 unicorns in 2021 – up from 10 and 9 in 2020 and 2019, respectively. As of March 2022, the country is already nearing 100 companies worth $1 billion or more, third only to China (#2) and the USA (#1).
Since 2015, 9X more investors have been attracted to the booming ecosystem, paving the way for 7X startup funding and 7X more incubators. And this is just the startup scene. There’s no stopping the evergreen mass hirers and big tech companies.
The Covid-19 pandemic’s influence hasn’t put any breaks on this soaring demand. In fact, the scenario has just been catalyzed. For instance, December 2021 saw 253,000 tech openings on job boards like LinkedIn.
And these jobs spanned the whole gamut across all tech profiles: data scientists, data analysts, DevOps engineers, IoT solutions architects, software engineers, full-stack developers, cloud computing professionals, etc.
According to AWS commissioned study, India’s tech talent (people with digital skills) will have to increase by nine times by 2025 to keep up with the rising demand.
But all considered, the problem remains — there aren’t enough highly qualified, highly-competent, and highly-versatile engineers to meet the demand. And this talent crunch problem plagues startups, SMEs, and big tech companies.
Everyone understands the vitality of differentiating and elevating their company’s tech capabilities to achieve growth in the utterly dynamic Indian market. Therefore, everyone wants to hire the best of the best. But this isn’t easy.
But there’s a limited supply of qualified talent, which means the competition to hire and retain top hires is fierce. And, of course, a myriad of hiring challenges compound the problem. Here’s how:
Comprehending what candidates prefer is critical to making hiring better. In fact, it’s a need before you can ever attempt to improve it. An excellent place to start is looking at the world through the candidate’s eyes, just as you would in any 360-degree feedback process. Not to be exhaustive, but assuredly, here’s what you’ll discover about the candidate’s perspective:
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If there’s one thing that the Covid-19 pandemic and the current talent crunch crisis have taught us, that’s to move fast while catering to candidates’ experiences.
On that note, tapping into the power of AI can help you streamline the hiring process in unprecedented ways. For instance, X0PA AI Recruiter lets you:
Gone are the days when employers had to rely on cumbersome means of sourcing and vetting candidates. X0PA AI Recruiter lets you tap into the power of data-driven and people-focused AI to scale your talent acquisition process, saving you time and money.
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