According to a report from Talent500, a firm that helps companies hire, build and manage globally distributed teams, 87 percent of all tech professionals in India will seek out or consider new opportunities in the current year.

In a 10-city survey across the country involving more than 4800 industry professionals with 3-18 years’ experience, Talent500 said that compensation was no longer the only differentiator and that the bargaining power had shifted in favour of employees. Talent500 counts the likes of Uber, Target, Twitter, Walmart, Nike and Pepsico amongst its clients.

Calling it the great reshuffle in the tech sector, Talent500 says in a highly competitive market, the rules of hiring and recruiting has changed. ‘Employers will need to adapt shorter, more decisive selection processes and showcase strong employer brand, focusing on flexibility and work-life balance.’ The report said that only 12 percent wish to return back to the office full-time with the rest 88 per cent preferring ‘work from anywhere’ and hybrid models.

Vikram Ahuja, CEO & Founder of Talent500 speaking to BL said “Pandemic epiphanies have made workers reconfigure their career & choose opportunities with global employers that offer a greater control over their lives, stronger growth opportunities and better compensation as well as benefits. Candidates have unlimited choice. Employers that don’t offer flexibility will see higher turnover as employees move to companies that offer a value proposition that better aligns with their desires.”

War for talent

Asserting that the ‘war for talent’ has never been hotter, the report says that the time-to-hire in India’s fast-growth technology sector has gone up 45 percent in the last year with never-seen-before competition for top professionals. What is also worrisome for companies is that in this highly uncertain environment 1 in 2 candidates is unlikely to honor an accepted offer. Ahuja says that employers need to be aware of how to attract and retain top talent.

Stating that the gig economy is coming and that the traditional notion of ‘full-time employment’ in technology is challenged by the arrival of independent consultants, the report said that nearly 63 percent of respondents are open to independent consultant roles with global companies.

It also said that professionals are open to working in different ways with global companies, including thinking out of the box when it comes to how their contracts are structured. Talent500 said that 79 percent were open to remote opportunities with global companies.

Companies can now hire global talent without the overheads of local legal entities by hiring professionals via a local “Employer-of-Record”. This allows for faster on-boarding with the same rights and privileges as a regular full time employee model, the report added.

Flexible work arrangement

Pointing out that competitive compensation isn’t the only key decision making factor when selecting a job and that other attributes like growth opportunities, work-life balance, and company culture becoming paramount in the global work setting, Ahuja said that ‘Flexible work arrangements are the norm, not the exception, there is no going back. Companies need to wake up to the new reality and adapt to requirements of employees if they want top-tier talent.’

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