In 2024, the global tech and digital industries are actively implementing their effective hiring strategies, building on lessons learned from the previous year. Companies have been particularly focused on understanding salary market trends for various roles, especially when recruiting from offshore locations.
In 2023 alone, 49.2% of tech and digital companies in the US chose to hire from India for specific positions. This decision is fueled by the evident advantages of accessing a broader talent pool, promoting diversity, and tapping into the inclination of the younger generation in the country to work in a global setup.
Understanding the salary benchmark for the ‘right fit’ Indian talent, someone considered the ‘top player’ in your organization, is a crucial data point in this context.
The economic downturn in the United States in 2022 and the challenges faced by the European Union in 2023 have led to a need for strategic and flexible hiring approaches, especially for ambitious tech and digital agencies aiming to scale up. This has prompted tech and global companies to go beyond borders when hiring employees in India.
Tech and Digital Companies Hiring Strategy 2024: Overview
In 2022-23, global agencies learned valuable lessons from their hiring experiences, shaping their strategies for 2024. Having aggressively hired local talents post the economic downturn in 2021, they are now more cautious.
While they aim to keep their businesses thriving, the focus is on finding remote tech talent that can cut costs without compromising quality.
Recognizing the global talent shortage, tech and digital companies are increasingly turning to hire employees in India, leveraging its broader talent pool. This approach helps manage finances effectively, ensures role fulfillment, and ensures smooth project execution.
The main lesson is prioritizing outsourcing for roles where timely completion is crucial, and the talent’s location isn’t a make-or-break factor. This way, companies can gain the required expertise for the position while maintaining cost-effectiveness.
How To Hire Top Indian And Tech Digital Talents?
Here’s a checklist for hiring top Indian employees:
Clearly Define the Job Role
Craft a compelling and well-structured job description that not only attracts top talents but also eliminates confusion about the role and responsibilities. Extensive job descriptions, ranging from 700-2,000 characters, have shown a 30% increase in applications. Ensure your job listing stands out by incorporating key points for a lasting impression.
Research the Job Market
Before venturing into tech hiring in India, conduct thorough research. Understand the availability of top talents, pinpoint the optimal time to kickstart recruitment efforts, delve into current salary trends, and determine the expected time-to-hire for the specific role. Strategic timing is crucial, especially considering that software developers in India often graduate between March and May.
Utilize Screening Tools
Simplify the daunting task of identifying the right fit by incorporating digital screening tools. These tools evaluate candidates on multiple parameters, from technical proficiency to cultural adaptability. Streamline the evaluation process and obtain accurate assessment reports to make informed hiring decisions.
Develop a Hiring Strategy
Crafting an effective hiring strategy is paramount for successful recruitment. Consider the source of talent, optimize the hiring process, and determine competitive salary packages. For insights on creating a tailored talent acquisition strategy, explore relevant resources aligned with your business goals.
Understand Remote Recruitment Challenges
Acknowledge the intricacies of remote recruitment. From defining job roles to sifting through applications, identifying suitable candidates, avoiding misfits, and ensuring timely onboarding, each step poses unique challenges. Building a talent network aligned with organizational goals demands careful planning and execution.
What roles should companies offshore from India?
Shifting away from the conventional practice of hiring solely from the local region, it’s now crucial to focus on skill-based hiring from places where you can find digital talents within your budget.
In 2023, salaries in AU, the US, and the UK has gone up by around 20%, pushing the need for a broader perspective to access a bigger talent pool.
To efficiently secure remote tech talent within budget constraints and improve scalability, many agile tech and digital companies are strategically offshoring talent from India.
Here are what roles you can offshore from India:
- Jobs that are hard to fill locally
- Specialized skills that cost a lot to hire locally (like Android and iOS developers, and performance marketing experts)
- Key operations roles (Graphic designer, UI/UX designer, Business analyst)
- Jobs like web analytics, SEO experts, programmatic and paid specialists, web designers, social media managers, data analysts, marketing analysts, UI/UX designers, front-end and back-end developers can be hired from other countries.
- Roles like sales consultants, data miners, business analysts, business development representatives, and marketing development representatives.
- Marketing manager, customer success representative, chat support analyst, development-based roles, campaign manager.
Factors to Consider When Determining the Salary of Top Indian Talent
Salary ranges depend on candidates’ experience, skills, and job market conditions. Before determining the right pay for offshore talent, it’s important to understand several factors before deciding on a fair and competitive salary offer.
Cost
In India, employees usually pay more for their health insurance than in the US, and employers spend less on premiums because healthcare costs are lower. This can save companies 40% to 60% of their costs. Retirement plan contributions in India (8% to 12% of basic salary) are lower, saving 20% to 30% costs. Further, India’s less generous paid leave policies, offering fewer vacation and sick days compared to the US, can contribute to savings of 10% to 20%.
Experience and Skills
High-demand roles with the local talent crunch such as Android and iOS developers can offer substantial savings when offshored. Niche roles like graphic designers, UI/UX designers, and business analysts, often costly locally, are well-suited for offshoring. Similarly, positions in web analytics, SEO, programmatic and paid specialists, web design, social media management, data analysis, marketing, and development benefit from hiring remote workers in India due to high demand and limited local supply of these skills.
Location
Savings also depend on the employer’s location in the US and the employee’s location in India. Different industries in India may have varying average benefits costs, affecting overall savings. Offshoring to India can generally result in savings ranging from 20% to 50% or more, depending on specific circumstances.
Here’s Your Guide to Hire Top Talent from India
Uplers helped global agencies hire 100+ Indian remote tech talent across crucial roles like Python developer, WordPress developer, and many more such roles. But we also witnessed a recurring gap – global companies unsure of talent benchmarks, salaries, and high-demand talent supply.
Our expert-curated Salary Guide 2024 bridges this gap! Plus, it clarifies salary ranges, defines top talent, highlights their value, and guides you in hiring employees in India who are culturally-fit for your company.
