BENGALURU: Amid lay-offs and hiring freeze in the technology sector, Indian tech companies are increasingly relying on upskilling existing employees to bridge their talent gaps, finds the 2023 Hiring Survey conducted by edtech start-up Scaler.
The survey reached out to over 100 start-ups, product multinationals, information technology services and Global Capability Centers (GCC), and revealed that nearly two-thirds of the respondents were paying for their employees’ upskilling programs to overcome their skill gap challenge.
Over seven out of 10 survey respondents believe employee referrals to be the most reliable source for fresh hires. The report adds that recruiters across the board (39.3%) said finding the right talent for the right job continues to be their biggest challenge, a trend that needs to be fixed to ensure the continued growth of the $245 billion Indian tech sector.
While primary job qualification (like coding skills) and a college degree are given due weightage, employers are keen on hiring people with a problem-solving mindset. Abhimanyu Saxena, co-founder of Scaler and InterviewBit, said, “Shortage of the right skills for the right job is definitely a growing concern for the tech sector. This has been a challenge for a long while now. But employers are looking at upskilling or quiet hiring as the primary means to bridge their internal skills gaps, and a majority of them are willing to pick the tab for the same.”
About 38.3% believe the shortage of skills to be the most formidable challenge in the tech sector. The survey also said that 72.02% said Data Science/Algorithm is the skill they are looking for the most.
Saxena added that with employees’ referrals reigning as the most preferred source for new talents, the prospects for building an industry community look both promising and bright.