Spurred by the pandemic, the ubiquitous adoption of artificial intelligence, automation and other advanced data sciences and technologies is influencing a new paradigm in the Indian IT industry. The metaverse and Web technologies spread their tentacles in all directions, their impact can be performed in the way other industries are operating and conducting their business. The HR industry, for instance, has responded well to the changes brewing in the IT industry by reimagining tech hiring practices for the future.
Compelled by the perennial crunch of tech talent in India, recruiters are adopting unconventional hiring policies to support the hiring frenzy in the tech sector. Recruiters who once religiously relied upon resumes are now approaching talent on metaverse, LinkedIn and GitHub. Enticed by the accelerated hiring velocity and diminishing costs of Web3 technologies, the HR industry is embracing new technologies and hiring policies for the Indian IT industry.
The dawn of new technological skills
As Industry 4. continues0 to make inroads swiftly, businesses and jobs are inevitably transforming. The adoption of AI, automation and machine learning are already condensing the efforts and roles of humans and wiping out millions of jobs in the process. But as old skills and jobs become obsolete, millions of new jobs are springing across the globe. The important skills for industry 4.0 include data analytics, UI/UX design, AR and VR, cybersecurity, DevOps and Low Code/No Code app development, among others. As new skill sets emerge on the horizon, HR leaders begin their pursuit of skilled talent.
Growing demand for tech talent
The Covid-19 pandemic has further intensified the search for skilled tech talent as it accelerated digitization by years. According to the Indian Staffing Federation, the Indian IT and ITes industry intends to hire 8L-10L tech talent by the year 2023. Unfortunately, the supply of tech talent falls short of the demand by manifolds in the current talent market. Grappling with a talent crunch and record-high attrition, the Indian IT industry is in the quest for new talent and new hiring strategies.
Churning new-fangled hiring strategies
Propelled by the need of the hour, HR leaders are racking their brains together to formulate new hiring strategies to meet the unprecedented demands for IT talent. These range from collaborating with tech-driven hiring platforms to hiring contractual and freelance workers. Desperate times call for desperate measures and indeed the HR industry is not shying away from poaching talent or warring for talent. Thanks to the pandemic and the subsequent acceptance of remote and hybrid work models, recruiters are also casting a wider net for tech talent in countries specializing in advanced technological skills.
Blending Web3 technologies into hiring practices
Besides hiring talent equipped with Web3 technological skills, the HR industry is also leveraging these skills to reform its hiring practices. Enticed by the reductions in time, costs and human efforts, several HR leaders are adopting AI, RPA and analytics in their hiring processes. The results range from enhanced candidate experience to accelerated hiring velocity, all of which solves the challenges occasioned by Industry 4.0. Additionally, recruiters are also employing highly-informal application processes, doing away with resumes and finding talent on hackathons and GitHub profiles. As these practices become more prevalent, they will disrupt the hiring landscape of the Indian IT industry.
Reimagining the future of recruitment
Industry 4.0 has opened a world full of possibilities and opportunities, not just for the IT industry but also for the HR industry. While recruitment 4.0 may seem a reality fit for the distant future, its early impacts can already be seen. With AI and automation replacing manual tasks such as screening and interview scheduling and data analytics and blockchain making early forays into the HR world, the previously is not far when candidates will be future on metaverse, verified on blockchain and hired across the globe. While the immediate impact of Industry 4.0 might seem concentrated in the IT industry, it has catalyzed a long-pending disruption in the HR industry as well.
HR leaders prepared to meet the demands of the digital age, they must understand the challenges that lie and take them in their stride. Whether it means making use of more sophisticated technologies or reimagining hiring practices to minimize the mismatch in demand and supply of tech talent, HR leaders must transform their operations and processes to cater to the shift in approach required to find and hire talent with new in- demand skills.
Views expressed above are the author’s own.
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