The future of employment has always been a major concern for people across the globe. A survey conducted by global professional services firm Aon revealed that the first half of 2022 saw an attrition rate of 20.3% in India. The particularly hard-hit IT industry alone witnessed attrition rates reaching an all-time high of 25.2%. But what led us to such high attrition rates across industries?
Reports state that the primary causes for attrition were identified as career progression, changing roles or industries, and dissatisfaction with salary, company strategy, or direction. As the economy began to recover post-pandemic, employees’ expectations from jobs changed, with incentives such as more flexibility, better work-life balance, and more fulfilling opportunities taking precedence over a higher salary. Remote work and flexible schedules will become more prevalent in the future of employment. With a shift in mindset, employees now wanted better growth and lifestyle for the hard work they put in.
This shift in mindset has resulted in a shortage of skilled talent, especially in the tech industry. This shortage is making it challenging for companies to meet the rising demand for tech talent. The future of employment is likely to be shaped by rapid technological advancements and the increasing demand for skilled professionals in emerging fields. In the light of this, where else can enterprises look to source talent that delivers?
Navigating the Future of Employment with the Gig Route and High-skill Talent
Companies, including those in the IT industry, have been tackling the challenge of a shortage of high-skill talent by going the gig route. 65% of employers are now looking at gig workers to fulfil short-term roles and projects and help the organisation meet its requirements. And notably, 85% of the total demand has been for tech-related positions including but not limited to full-stack developers, data scientists, react and java developers, mobile app developers, and cloud engineers. According to Awign, there has been a 105% increase in demand for high-skill talent across various roles on a contractual basis in the last year.
As automation takes over more routine and repetitive tasks, people will need to develop new skills that align with the future of employment. This shift towards leveraging high-skill contractual talent can also be attributed to widespread digital adoption and the need for businesses to focus on profitability. For enterprises, the ability to hire high-skill tech talent for contractual, milestone, or project-based roles, enables them to adjust their fixed costs, reduce resources and time spent on recruitment cycles, and provides agility to scale up/down as required. These benefits can be accessed by enterprises across all sectors and sizes. Awign’s data reports that while 76% of the demand for high-skill talent is coming from large enterprises, mid-size enterprises along with startups and growing enterprises contributed to 16% and 8% of the demand, respectively.
Awign Expert: The Solution to the High-skill Problem
Our business division Awign Expert was built to solve white-collared hiring challenges by providing experienced and specialised talent to enterprises on a contractual basis and managing the entire lifecycle of those professionals. Awign Expert brings a curated pool of high-skilled professionals to enterprises matched to their requirements. We make sure to target and reach the right candidates, at scale.
Our database of experts helps reduce dependencies on external job boards and staffing agencies while ensuring that enterprises receive the perfect match every time, based on AI-backed scores. Our AI-powered chatbot eliminates pre-screening calls to figure out information beyond resumes, such as the candidate’s notice period, intent to relocate, salary expectations, and more. Partnering with Awign brings with an assurance of quality talent. Our experts are subject to AI-based skill and coding assessments to make sure clients get only the best resources and talent.
Hiring in a quick turnaround time, adapting to variable fixed costs and letting go of the hassles of lengthy recruitment cycles are crucial for the growth of the IT sector today. And Awign Experts, with their rock-solid credentials and expertise, are filling the gap for high-skill talent to help enterprises and the industry achieve its long term goals!