How India’s Talent Surplus and Hyring.com’s Commitment to Transparency Can Solve the Global Skill Shortage

CXOToday has engaged in an exclusive interview with Adithyan RK, founder, Hyring.com

1.    How has the global talent deficit impacted various industries, particularly the IT sector?

The talent crunch is more evident now than before. In a 2023 Manpower group survey, 75% of global companies have reported difficulties in recruiting. Recent layoffs could be deceiving in tech, but the talent shortage is just as tight or tighter than before. A Gartner survey, in December 2022, reported that 73% of CIOs are worried about IT talent attrition and 86% are facing competition for qualified talent. In key functions within IT, such as Data Science, Software Engineering, and Cyber Security the demand for talent is as tight or tighter than before. The tight labour market is impacting IT services spending. High competition is pushing CIOs to look outside, to consultancies and staff augmentation options, to fill staffing gaps. According to a recent Gartner report in April 2023, spending on consulting is expected to reach $264.9 billion in 2023, a 6.7% increase from 2022.

2.    In what ways can India’s talent surplus help address the skill shortages faced by other countries?

Amidst the global talent shortage, India holds a very unique position – the only country projected to have a talent surplus by 2030. A surplus of 1.3 million skilled workers in tech alone, driven by the growing working-age population and robust educational infrastructure of India. Remote hiring presents a cost-effective opportunity for organisations to tap into India’s skilled workforce without the need for physical relocation. Further, the cost arbitrage of recruiting Indian talents remotely enables global organisations to save nearly 50% on resource costs. At Hyring, we facilitate this process by ensuring a smooth process from candidate sourcing to onboarding, while eliminating complexities such as payroll, benefits, assets and local compliance.

3.    What are some of the key challenges employers face when it comes to cost efficiency in hiring?

In today’s talent landscape, employers face significant challenges in maintaining cost efficiency in hiring. Despite the ongoing tech layoffs, a persistent global talent shortage complicates talent identification and retention. Consequently, firms are allocating resources to retain their existing workforce. Moreover, the heightened competition for a limited talent pool forces businesses to turn to IT services firms, incurring premium costs. Lengthy hiring timelines can also lead to increased operational expenses. In this context, innovative solutions like Hyring play a vital role in streamlining hiring processes, reducing costs, minimising time-to-hire, and optimising resource utilisation.

4.    How does Hyring.com differentiate itself in terms of its commitment to transparency in the recruitment process?

At Hyring.com, we’re committed to establishing a new standard of transparency in the recruitment process, with a particular focus on “salary transparency.” We firmly believe in providing candidates and employers with a clear view of the process, right from the start. Hyring’s recruitment pipeline, from candidate screening to onboarding and exit, remains 100% transparent at every juncture. Our integration of AI further enhances transparency, allowing interviews to be recorded and reviewed at any time. As candidates progress to selection and onboarding, our dedicated dashboard, accessible separately to employers and employees, provides a comprehensive view of salary, benefits, and assets. Unlike conventional staff augmentation, Hyring grants employers the ability to view the salary paid to employees, and vice versa. This operational model ensures that recruited employees become integral parts of their respective organisations, enjoying the full spectrum of benefits that traditional in-house employees experience.

5.    How does transparency impact the quality of candidates being considered by employers?

Transparency does not directly impact the quality of candidates being considered, but it enhances the quality of the recruitment process itself. Transparency allows Hyring to provide a better recruitment experience to both employers and employees. And in the long run, it benefits employers in terms of higher retention rates and reduced misalignment. It ensures informed decision-making from employers and employees.

6.    Have you observed any trends or patterns in the preferences of Indian IT specialists when it comes to transparent hiring versus traditional methods?

The preference for transparent hiring isn’t confined to the IT sector alone. We’re witnessing this trend across various industries. The advancements in digitization and automation have notably improved transparency in recruitment processes. Moreover, with the rapid growth of remote work, accelerated by the pandemic, there’s a heightened demand for transparency in how we bring talent on board. Traditional hiring practices are becoming less relevant in this evolving landscape. Instead, we’re witnessing a shift towards modern solutions that prioritise not just finding the right talent but also enhancing the overall candidate experience through transparency.

7.    How does transparent hiring foster a sense of trust and collaboration between IT specialists and potential employers?

Transparency fosters trust and collaboration by providing a clear and open channel of communication, starting from the recruitment process. It eliminates the uncertainty, often associated with traditional hiring, and instils confidence in the process. Candidates feel valued when they receive constructive feedback, even if they aren’t selected, and they appreciate the fairness of the process. This trust-building extends into the working relationship, as candidates who join an organisation through transparent hiring feel more informed and invested from day one. They know what to expect regarding salary, benefits, and work culture, which promotes a smoother onboarding experience. Ultimately, transparent hiring transforms the employer-candidate relationship from a transactional one to a collaborative partnership. This foundation supports long-term retention and success.