India is the world's sixth largest economy and one of the fastest-growing economies in the world. Also, India is the only country which will have talent surplus by 2030, with 245 million more workers in the next 12 years. Thus, as one of the worlds sought-after after Job Markets, India is the place to be for prospective job seekers.
Speaking talent surplus in a industry view. Industries where the talent surplus will be the most visible include the financial services with a surplus of 1.1 million, technology, media, telecommunications (TMT) at 1.3 million and manufacturing at 2.44 million of extra highly skilled manpower in 12 years.
The most stand out figure is technology talent pool. Technology is one of the key areas where an opportunity exists for India as well as the global economy, of which India has the largest talent pool. The export of India’s talent pool adds tremendous value to other global economies. Indian talent in the US’s tech industry or the nursing industry of the UK and UAE are just a few examples. The unemployment rate for the IT workers is only 3%, which is fairly low.
Let's take look inside the Technology genre. Hiring intent in 2019 & after is expected to be strongest in Software & Hardware, NBFC, Financial Service, Automotive and Travel and Hospitality sectors, according to India Skills Report 2019 after a gap of four years on the back of bullish employment opportunities.
Additionally, according to a survey, gender gap is also narrowing as the female employability this year has increased to 46% from 38% last year. Male employability score has grown marginally to 48% from 47% last year. Of all the new hiring in 2019, almost 15-20% would comprise of women, the report further said.
Although the situation in India's recruitment industry looks good, however, we also face some challenges.
1) Global Perspective – Technological change
Current Globality era requires HR professionals of all industries to have a global perspective to cater the needs of managing resources in optimal way. Due to global talent crunch, they are bound to look beyond traditional ways of hiring and retaining resources. This necessitates knowing what companies need, what kind of skill set required and their experience level to justify the requirement.
2) Culture of Sharing and Learning as a Team
Business can only be successful if leaders and their teams are collaborating between themselves. They are learning and sharing the knowledge to grow as a single team instead of different business units. HR professionals play a key role here, during short listing candidates they look for mind-set who can adjust within company environment, bring positive attitude, and potentially become a leader.
3) Employee and Knowledge Retention
Maintaining low attrition rate is one of the major challenges, which every HR professional face in IT industry. This industry is growing rapidly, and lot of successful ventures are launching to grab the share of this blooming industry. In this, cutthroat competition HR professionals are required to develop a strategy that can retain the talent. Training new talent, knowledge sharing a costly affair and good companies are willing to go extra miles to save talent and maintain a growing and positive work environment.
4) Cross-Functional Resource Balance
It is necessary for HR professionals of those businesses that are operating across the globe to maintain a balance between the benefits given to workforces deployed at different client locations and those placed at main development center of the company. In addition to this, balance is required between those who have been working from years and those who have joined recently. Balance at hierarchy level (top heavy or flat) is also must and must be coordinated with business goal.
5) Protect Resources from Exploitation
In this competitive market, searching for a talent within limited budgets is a challenging and time-consuming task. HR professionals expected to utilize one resource on multiple projects. While focusing on ROI, HR professionals ensure that resources are cross trained on different skill sets and can do multitasking without being exhausted. They also define the process and matrix to track the training results for improvement in training materials.
The success of above multitasking strategy depends on how better HR professionals analyse the resource pool, requirement and perception of management related to employee benefits. In India, many small and midsize companies take undue advantage of this strategy. Companies take employees for granted and make them work for extra hours with no basic benefits such as cabs, over times, bonuses etc. and when questioned they give lame reasons about monetary loss, performance issue.
Main challenge for HR professionals is to make a policy, which justifies profits for company and make employees feel enriched. Lot of efforts goes in from HR professionals to make employees satisfied, maintain a positive and learning work environment and have stringent HR processes that help company and employees to grow together rather than just having policies which no one follows. In outsourcing business, an HR strategy plays a very crucial role since they control the quality and productivity of the main assets. It is imperative for companies to have best HR policies so that their employees get best results and value for the money they pay.
How e-Hireo Deal with the Challenges
Recruiting is now picking up pace to sync with IT industry and organise challenges for HR managers to find the best talent. As the recruiting industry gets increasingly competitive for hiring managers, so do the innovative ways make inroads into the workplace culture to influence transformation.
In e-Hireo we do “Recruitathons”, and meet hubs conferences, Branding employment, Hackathons, Coding challenges for techies to share knowledge and practice skills and hence keep us updated with growing time ad technology.
e-Hireo use Engagement model to provide a better services, also provide services including C-Suite Search, Permanent Staffing, Functional Search, Recruiter On – Demand, International Staffing, Campus Recruitment.
e-Hireo wishes to remove the taboo of traditional way of hiring or recruiting and absorbing and creating the new trend of recruiting ways with the help of the most powerful tool today - Social Media.
3.https://www.peoplematters.in/article/hr-industry/2019-a-challenge-for-hr- 20213?utm_source=peoplematters&utm_medium=interstitial &utm_campaign=learnings-of-the-day&utm_source=peoplematters&utm_medium=interstitial&u tm_campaign=learnings-of-the-day