Closing the talent crunch: Leveraging India's talent surplus and HR Tech solutions

The global talent crunch has become a pressing issue for organisations worldwide. The shortage of skilled professionals is making it increasingly challenging for companies to hire qualified individuals, hampering business growth and innovation.

According to recent statistics, as many as 75% of global companies face a talent shortage. By 2030, the US is expected to experience a significant shortfall of six million tech workers, resulting in a loss of revenue amounting to $162 billion. Amid this scarcity, India stands out with a surplus of highly-skilled tech workers. 

The rise of HR tech platforms

In response to the talent crunch, organisations are turning to innovative HR tech platforms to streamline their recruitment processes and find the right talent. HR tech platforms leverage artificial intelligence (AI) and data analytics technologies to automate and optimise various HR functions, including talent acquisition, onboarding, and talent management. They offer a range of features and tools that enable companies to attract, assess, and retain top talent efficiently. 

One of the key advantages of HR tech platforms is their ability to enhance transparency in the recruitment process. By providing clear and accessible information about job requirements, compensation, and company culture, HR tech platforms create a fair and inclusive environment for candidates.

Moreover, they enable employers to showcase their commitment to diversity and equal opportunities, which is increasingly important for attracting top talent. 

The Gamification of HR

Another trend in HR tech is the gamification of the recruitment process, which involves incorporating elements, including challenges, rewards, and competition, into the hiring process to engage candidates and assess their skills and compatibility.

This approach makes the recruitment process more enjoyable for candidates and provides employers with valuable insights into candidates' abilities and cultural fit. It can be particularly effective in attracting and assessing tech talent. Companies can evaluate candidate’s technical skills and problem-solving abilities by creating coding challenges or virtual simulations.

The approach allows employers to identify top performers and select candidates based on merit and demonstrated capabilities rather than relying solely on traditional resumes and interviews. 

The quality and skill of Indian talent 

With six million software developers and a significant number of professionals specialising in AI, robotics, data analytics, and cybersecurity—India boasts the third-largest Web 3 workforce in the world.

The country's education system plays a crucial role in producing highly-skilled talent adept in technology and other in-demand disciplines. India is the only country projected to have a surplus of 1.3 million skilled professionals in technology and media alone. By tapping into this vast talent pool, organisations can access a diverse range of skills and expertise to fill talent gaps. 

Remote contract hiring

With the rise of remote working culture, there has never been a better time to tap into India's talent pool. US companies, for example, can now easily hire top remote talents from India without the need for relocation.

The remote contract hiring model not only allows businesses to access India's highly-skilled workforce but also offers cost-effectiveness and flexibility. 

Remote hiring from India offers several advantages. Firstly, it provides access to a vast pool of tech talent, including highly-skilled professionals in various domains. Secondly, Indian professionals are known for their availability across different time zones, making remote collaboration seamless. Lastly, remote hiring from India can significantly reduce costs for Western companies, offering a cost-effective solution to the talent crunch. 

Ensuring transparency and trust

When engaging in remote hiring, it is crucial to ensure transparency and trust in the recruitment process. HR tech platforms play a vital role in facilitating remote hiring by providing clear and accessible information to candidates and enabling seamless communication between employers and candidates.

These platforms allow for transparent job postings, salary information, and clear expectations, fostering a fair and inclusive recruitment process. To build trust and transparency in remote hiring, employers should also focus on clear communication, setting realistic expectations, and providing regular updates to candidates. By establishing open lines of communication and leveraging HR tech platforms, employers can create a positive remote hiring experience for both candidates and hiring managers. 

The global talent crunch is a pressing issue for organisations with a shortage of skilled professionals, thereby hindering business growth. However, by leveraging India's talent surplus and adopting HR tech solutions, organisations can bridge the talent gap and propel their growth.

HR tech platforms offer transparency, gamification enhances candidate engagement, and remote hiring allows access to India's vast talent pool. With the right strategies and technologies, organisations can overcome the challenges of the talent crunch and secure top talent globally.

Adithyan RK is the Founder of Hyring.com