As reported by The Economic Times, Indian IT companies today are taking a holistic approach to attract and retain top performers amid a fierce talent war. While Employee Stock Options and Retention Funds meet the financial aspirations of people, they also strive to address the concerns of long working hours and offer a stable career.
Infosys has doubled its ESOP pool to 8,000 employees in 2021, apart from giving two increments and increasing the number of promotions. Mid-tier IT services firm Persistent Systems has launched ESOPs covering around 80% of its workforce.
Some companies are setting up retention funds to retain top-performing and digitally proficient employees, said Shiv Prasad Nanduri, vice president and business head of IT staffing at TeamLease Digital.
The focus is on learning and skill enhancement opportunities, work-life balance, progressive culture and career opportunities within the company.
1) Need for new age skills
New-age technologies, after a period of experimentation, have developed into the mainstream for most organizations. Keeping this in mind, there has been a sudden demand for talent with hot skills. Confirming this, the Indian Staffing Federation (ISF), an apex body of the temporary labor industry in the country, has highlighted the sudden rise in demand for digital skills, especially in Artificial Intelligence, Data Science, Cloud Computing, Information Security and Blockchain. Furthermore, while cyber security has always been a vital component for IT organizations, with the rise in remote working, its importance to ensure the security of their workforce and data has tripled. As a result, cyber security skills have become a major criterion when hiring.
2) Emerging demand for freshers
3) Increased demand for casual labor
After the uncertainty that 2020 brought with it, gig workers across the country are now seeing a ray of sunshine. While the demand for gig workers was limited to blue-collar jobs before the pandemic, today the demand has moved to white-collar jobs as well. With the increasing adaptation towards remote working, organizations are identifying with the idea of engaging with an independent talent for their major projects.
4) The rise of fully remote and hybrid working models
In the pre-Covid era, remote working was not favored by organizations as it was expected to lead to losses in productivity and efficiency. However, a year and a half spent as part of the massive experiment of remote working proved to organizations that working from home can be even more productive in many cases. Many employees, as well as those who have had a taste for working from home and spending more time with their families while managing their household responsibilities, are seeking WFH or the hybrid working model. In fact a recent survey shared that 46 percent of job seekers preferred remote working over the hybrid work model. Employers however prefer a hybrid approach at 42 percent. So instead of seeing today's work from home world as a temporary phase, many organizations are adopting it as the way to the future. For jobs that sometimes demand physical presence, organizations are exploring the idea of hybrid working models that provide flexibility to employees as well as experience the physical culture of the workplace.
5) Renting Beyond Geographical Areas
Finally, with remote and hybrid models of working becoming a sustainable practice among organizations, we see talent pools for corporations of all sizes, cutting across previously existing geographic boundaries. Randstad India revealed a trend of borderless employment opportunities, where employees are exploring the idea of working for a company abroad, but from afar. Hence, today is the new talent landscape for the world organizations. As a result, the experiences, recommendations, and skill sets that come with an employee are of prime importance, while the location on which they are based may be overlooked. This massively widens the pool of talent and deeply benefits both the organizations and the employees.
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