Creating Talent Demand & Supply Balance in Tech Sector

While the pandemic struck a blow to employment in most sectors, if there’s one industry that benefited from this global crisis, it is the tech industry. Businesses have had to re-evaluate their priorities, working and execution habits, from finding their bearings in extremely unpredictable times to changing the sails to fit the prevailing winds. A lot of the shift can be attributed to the storm of change that technology has brought with it. This magnified demand for technology has given rise to a greater demand for tech skilled resources. World-class companies are now re-focussing their IT improvement plans to streamline processes and hire the best in the market.

The emphasis on technical solutions to meet the needs for remote working and learning has intensified the value of software developers across industries and cities. As per Quess Data, roles such as IT security and full stack development witnessed 116 per cent and 110 per cent growth respectively in demand between October 2020 and March 2021. In the same time frame, non-technical expertise also became increasingly important and qualities like creativity, persuasion, collaboration, and adaptability gained attention on the skill list for employers who are on a constant lookout for industry-ready resources. For employees, this means constant need for upskilling and learning new technologies to enter into their hiring radar. But the question remains - how does one upskill when the technology is changing so rapidly that universities can’t keep up. Companies, even MNCs are also shying away from hiring college freshers over industry-ready resources. For companies, hiring freshers means investing a lot of time and cost; first, in finding the right candidate and then training them. The problem does not end here, even months of bearing the training costs do not guarantee a candidate's long-term reliability. 

Here comes the need for third-party companies that can bridge this massive gap of demand and supply and solve the problem for both recruiters and students at once. For example, Newton School’s Campus Plus initiative allows employers to meet job-ready applicants through a seamless recruitment process. This zero cost onboarding plan saves their time, energy, and money in finding as well as onboarding the right matches. Others, like Instahyre, are using AI for managing and nurturing skilled candidates. These programmes are indulging students in coding and development by simulating work environments and real-world projects. Thus enabling students to be skilled and well-trained to meet the workforce demands.

No doubt the pandemic has brought new stressors to businesses’ struggles of securing qualified technology professionals, it has also created new opportunities to build homegrown talent. IT leaders must think about their tech talent acquisition strategy in a new way. It's important to keep investing in tech talent because it's all about learning and evolving. As the technology market grows, one must incorporate innovative methods of recruiting talent with ongoing professional development for current employees.

Contrary to popular belief, digital transformation is less about technology and more about people. One can pretty much buy any technology, but their ability to adapt to an ever more digital future depends on developing the next generation of skills, closing the gap between talent supply and demand, and future-proofing their own and others’ potential.

The author is Co-founder, Newton School

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.