As Peter Drucker, the famous management consultant, once said, “The only source of sustainable competitive advantage is knowledge.” In today’s global economy, knowledge and skills are more important than ever before. Companies that can attract and retain top talent will be the ones that thrive in the years to come.
“I think India has more promise than any large country in the world,” – Elon Musk, as he discussed his willingness to bring Starlink to India. And indeed, India is on the rise as a global talent superpower. Indian talent is independent, skilled, resilient, agile, and ready to take on the world. They function autonomously without constant supervision. India is poised to become a global talent superpower.
As Steve Jobs once said – “When you have really good people, you don’t have to baby them. By expecting them to do great things, you can get them to do great things. A-plus players like to work together, and they don’t like it if you tolerate B-grade work.”
By 2030, the country is projected to have a talent surplus of 245 million workers, while the world will be facing a shortfall of 85 million skilled workers. This stark contrast presents India with a unique opportunity to become a major source of talent for the global economy.
As the world becomes increasingly interconnected, and while the geographical boundaries fade away, talent is taking center stage. Let us dig a little deeper and find out why India is the answer to the global talent shortage.
India vs The Global Talent Deficit
Post-pandemic the tech and digital landscape has experienced drastic changes. The demand for tech talent has skyrocketed, but the supply has not kept pace. The hiring challenges employers are facing today is not the sharp rise in the demand for tech talent, but the lack of suitable candidates. Only 65 out of 100 open job roles are filled, which is alarming for the future of the industry in the long run.
To overcome the talent shortage amidst the uncertain economic conditions, global employers are now opting for a non-traditionalist approach. The employers are looking at talent-rich regions with highly-skilled and financially-viable candidates.
“The war for talent is over. The talent shortage has begun.” – McKinsey & Company
The tech industry is the engine of economic growth, and it cannot afford to be held back by a shortage of talent. The future of the tech industry depends on our ability to attract and retain the best and brightest tech workers.
India has a vast network of global-ready, skilled, and educated talents, best suited to tackle the impending talent crunch. Naturally, companies all over the world are shifting their gaze towards India. Tech job postings have increased by 25% and global employers are looking to hire even after mass layoffs. The number of white-collar jobs increased significantly by 23% in 2022, and the IT-BPM sector is expected to grow by 7%, creating 300,000 million jobs in 2022-23.
Skill-based Hiring: Why India Is Winning The Global Talent Race
The global IT industry now values skills more than pedigree. Tech companies agree that innovation fuels the talent’s skills and experience, and not necessarily a certificate.
Bill Gates had put it quite beautifully while speaking about Microsoft’s success “If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become a mediocre company.”
The role a Top talent plays in creating a successful business is unfathomable. Hence, 76% of global employers are now moving towards skill-based hiring, where candidates are judged on their knowledge and achievements, and not just education. 50% of these employers have also introduced role-specific tests.
This change is catching up fast across industries, as several professionals do not need a degree to perform their jobs. Apart from skill, cost-effectiveness is another crucial factor. With uncertain economic conditions, employers are more financially cautious, which reflects in their hiring strategies. As they look frantically for skilled talents who fall within their budgets, they arrive in India.
It is well-known that Indian talent is much more cost-effective than US or European talent. In fact, businesses can save up to 40% on employment costs by choosing to hire Indian talents. However, it is very reductionist to look at Indian talents merely as a cost-cutting measure.
Thanks to their versatile qualities, Indian talents are transforming hiring for global tech companies during difficult economic conditions.
India has a vast talent pool in the IT industry with over 4.8 million experienced professionals. Let’s look at some numbers that will blow your mind.
- India ranks 2nd on training and hiring AI talent globally.
- 9.75 million developers in India use GitHub, 2nd largest after the US.
- Over 6 million software developers
- Around 170,000 individuals are focused on AI, robotics, data analytics, and cybersecurity.
Available Across Time Zones
Indian talents are flexible to different time zones and adapt seamlessly. The talent is aligned with the concepts of synchronous & asynchronous working style. The ability to adapt and imbibe the working styles of different work cultures makes Indian talent much more desirable.
A survey by Deloitte found that 59% of companies that outsource to India believe that the time zone difference is an advantage, allowing them to get more work done in a shorter amount of time.
When it comes to remote team communication, individuals from India possess a remarkable talent for understanding non-verbal cues, allowing them to engage in virtual workplace interactions that are both respectful and effective. Their confident and clear expression leaves little room for confusion. Furthermore, they exhibit exceptional responsiveness and articulate communication skills, facilitating seamless interactions via phone and email, and fostering heightened efficiency and collaboration within the team.
India has a 55% share in the global IT outsourcing market, which underlines the global readiness of its talent. The productivity, expertise, and adaptability of Indian talents make them the perfect scouts for global employers looking to hire the best IT minds.
Uplers Is Leading The Way With Data-driven Hiring
Technology is at the core of remote hiring, as it helps in streamlining the entire hiring process and automating menial tasks. Talent analytics, a process of making HR decisions about the workforce needs of an organization, is proving crucial to modern talent acquisition strategies. Employers are also leveraging Artificial Intelligence (AI) and Machine Learning (ML) to fine tune their hiring process and improve their efficiency in spotting the perfect candidate.
Uplers, with its data-driven hiring platform, is facilitating faster, simpler, and more reliable talent acquisition. Our comprehensive vetting process screens candidates by their technical, cultural, communication, and aptitude skills, to ensure the talent is the ideal fit for your organization. We eliminate the dependency on human resources and technical recruiters, so you can simply select your preferred talent profiles and set up an interview.
How Uplers Is Transforming Global Hiring
Hiring is overwhelming if you have to get down to doing it all on your own. Seeking help makes it faster, simpler and more reliable. Uplers is a hiring platform, with access to a well curated pool of Top tech and digital professionals in the country. Uplers has simplified the hiring process into a simple 5 step hiring process.
With Uplers, you can select the right fit from the top 3.5% pre-vetted talents, and onboard the candidate within a 5-day hiring cycle. Our massive network of 500,00+ deeply vetted talents ensures that you find the ideal fit without losing time. We go beyond the traditional paradigms and ensure that the hired talent is indeed the right fit, and extend our support to replace the talent within 30 days if needed. This is how we are transforming hiring for global tech companies.
Look what our clients have to say about us:
“Uplers helped us tap into the global talent pool. Looking beyond geographies makes it easier to find the best talent that fits in with the requirements perfectly.” – Linda Farr, Chief of Staff, Incubeta
“We hired a team of remote developers from Uplers who were completely in sync with our in-house team which made the operations go smoothly. Thanks to Uplers we managed to execute our project successfully.” – Venus Wills, Senior Director of Demand Execution, Tanium
Choose Uplers for a seamless and hassle-free hiring experience.