The global coronavirus pandemic brought different changes in the way companies operated. Due to social distancing and lockdowns, companies were driven towards digital transformation overnight. At the same time, with limited business activities, companies took a severe hit in the form of monetary losses, which resulted in companies being downsized or even getting closed. As a result, we saw mass layoffs and a significant reduction in working hours across diverse industries. Hence, finding or hiring new talent wasn’t even a question in the pandemic and many businesses put a stop to hiring due to the uncertain future.
Reports further suggested that the pandemic’s fallout would be felt for a long time, even after the pandemic has passed. However, a recent survey from EdTech startup Scaler has found out that 90% of companies would be hiring at the same pace as the pre-COVID period, and over 50% say they would be hiring more in Q1 2021 as compared to last year in the same period. The survey revealed that businesses are quite interested in obtaining a diverse talent pool and promote workplace diversity through investments in remote talent. The survey also accompanied the fact that work from home opportunities has increased for women.
Survey Methodology
Scaler used an internal survey to understand the hiring plans for Tech roles in 2021. It was carried out between 150+ partner businesses of all sizes and industries (MNCs, large companies, high growth startups, and early-startups). The findings of the survey were determined through the interaction with CHROs, Talent Acquisition Heads and CXOs, and founder (in startups).
Key Findings
- VC- funded startups, especially in EdTech, Logistics, and Gig-Economy, will be key drivers of the job market in 2021.
- Top roles in demand are Software developers, Data Scientists, Web, and Mobile Application Developers, and UI/UX, Designers.
- Companies are willing to pay a premium for talents with knowledge and experience in new-age digital skills like Artificial Intelligence, Machine Learning, and Data Science among others.
- Campus placements and fresher’s hiring will be back on track. As organizations across sectors invest heavily in digital transformation to scale operations, there is a huge demand for tech talent. Hence, there will be an uptick in entry-level jobs. Companies are likely to do away with college degrees and will invest in talent with the right skills required for the job.
- After a successful WFH and remote working experiment, companies are now confident in hiring remote talent to access a larger talent pool. However, while MNCs & large companies have adopted a hybrid workplace model or in the process of transition, early-stage startups continue to prefer the in-premise workplace model, citing collaboration challenges.
- Work-from-home has increased the opportunities for women, especially for those looking to re-enter the workforce. Diversity, Inclusion, and Equity top priority for companies.
- Companies will invest in upskilling the workforce regularly as attracting and retaining skilled talents in the latest technologies has become a challenge.
Co-Founder’s Take on the Survey
Commenting on the survey findings, Abhimanyu Saxena, Co-founder, Scaler, and InterviewBit, said, “The last year was tough for most sectors and industries. But over the last few months, things have changed. The current sentiment is quite positive as businesses across diverse sectors pick up momentum. We expect hiring, especially in the technology sector, to return to pre-covid numbers by the end of this quarter. Companies will hire, but they will focus on hiring the right talent. People will need to invest time and effort to ensure they have the requisite skills and knowledge. Up-skilling and re-skilling will continue to be key growth drivers.”