Building a business in India requires a lot of hard work. Different considerations have to be made ranging from regulations, clients, hiring etc etc. If you are a tech startup, the most important factor that bothers you would be the coders that meet your fast paced business needs.
India’s tech talent pool is plentiful. But the dearth of skilled talent have skyrocketed the wages and has dampened the growth of many companies. Bangalore, for example, which is known for the depth of tech talent and the wider ecosystem looks really impressive from outside. However, it has about 100,000+ jobs available for about 25,000 really skilled tech talent. Does it ring a bell? So, if one of your rockstar employee wants to leave, it’s not too difficult for him to land on a better job.
So, what is really missing and how do you attract & retain top talent in your organization?
The first, critical step in attracting and retaining talent is to make sure that you understand what your company really is and whom it’s likely to hire. Some companies are stiffer, more formal, more professional; others are playful and creative. You have to be honest about how your workplace compares to other options that developers have, and think about the kinds of things that they’re thinking about when they choose a career.
Build a greater vision
As a tech company you will need to build a great vision around the people you hire so that they stay and create a competitive edge. During the interview process, take time to explain your vision statement. Once joined, take input and feedback that can help create a collaborative culture. This will ultimately help employees relate their work towards the organizational goal. Vision statements can also be more task oriented so that their daily chores will help employees feel a part of the larger cause. A company’s greater vision means nothing if the top management don’t live by them. Organizational values and behaviors have to be incorporated within their actions.
Go deep on the applicant category
While hiring, understand each category of applicants. For instance, male candidates are shown to be drawn more towards excellent salaries and perks, challenging work and good organizational culture. However, female candidates, on the other hand, prefer a good work-life balance, cordial relationships with peers and flexible work arrangements.
Motivate by recognition
Research shows that the majority of employees are motivated by recognition, not pay hikes or perks. And, employees say genuine recognition is the best motivator for them to deliver spectacular, groundbreaking differences for your customers and your organization. So make it a resolution to commit to recognition. Start by learning the basics, and read up on the difference that meaningful appreciation can make. Make it a priority and a commitment from your executive team to your individual contributors. You’ll be investing in your employees, your teams, and your company’s bottom line. And you’ll be well on your way to solving your talent crisis, one team at a time.
Look beyond the “top pool”
There is an ample pool of talent beyond the top 25k+ candidates. India spews a whopping 1.5 million engineers annually, every year and there is an incredible amount of smart talent coming out of our system. If you have the capacity to train people, you can groom and nurture them. Unskilled labour can be an incredible opportunity if you know how to handle it. You may also find potential candidates, regardless of their current employment status, with new solutions. Look into recruitment solutions that harness predictive analytics and machine learning to find the most qualified candidates quickly.
Businesses are all about people and India is no different when it comes to the underlying principles of running a good business. The Indian tech market is noticing an epidemic growth and the need of the hour is how you disrupt the finding these talents through proper channels, how you understand the nuances and keep investing in your people and nurture them for the years to come.