Turing, an AI-powered, international platform that connects software developers with high quality, long-term, remote U.S. jobs, was recognized as a leader of the Intelligent Talent Cloud in a commissioned white paper researched and written by Zinnov, a leading global management and strategy consulting firm. The report examines the “Talent Cloud,” a newly defined category of companies providing disruptive solutions to solve the increase in demand for digital talent and the change in employee preferences towards remote work.
“Intelligent Talent Cloud: Leveraging Deep Tech to Build and Manage a Remote Global Workforce,” examines the dramatic shift of remote work efforts and found the new working lifestyle shows no sign of slowing down. Enterprise technology spend continues to grow exponentially over the next 10 years, in tandem the demand for engineering talent is at an all-time high. Turing was established a leader in the space by creating a platform that sources vetted talent worldwide and supports in scaling distributed teams seamlessly.
“The increase in expenditures from before COVID-19 to now proves just how important digitally skilled talent is to the world,” said Jonathan Siddharth, CEO of Turing. “Zinnov’s research proves that some industries are quick to adapt, but others are slow to adjust and innovate in the best possible way to source, retain and engage talent in a remote environment. It’s money and time back. Turing solves this challenge by leveraging new-age technology and software to tap into a planetary pool of developers. We now live in a remote-first world.”
Rise of the Intelligent Talent Cloud
Harnessing the potential of onboarding remote talent, Turing brings global tech talent together into individual contributors and managed teams for customers. Zinnov estimates the total size of the technology services outsourcing market was ~$635B in 2020 (9% being remote distributed outsourcing) and is expected to continue to grow at a healthy rate of 6% over the next ten years to ~$1.2B by 2030 (18% being remote distributed outsourcing).
The talent gap between supply and demand of digital talent in eight nations including the United States, China, India, and portions of Europe is expected to be six million people. The paper found that more than 14 G-20 countries could miss USD $11.5 trillion worth of cumulative growth in gross domestic product if the digital skill gap remains unfilled. Thus, the pandemic may have made remote developers, domestic and international, feel more valued.
Zinnov identified a key characteristic of the Talent Cloud category is to reduce the time to fill and time to hire metrics. Time to hire is an indicator on the efficiency of the hiring process and candidate experience, a metric the Talent Cloud category is looking to optimize. For firms looking to attract talent, Turing eliminates human created biases by evaluating its developer pool on their expertise, experience, and performance in scientifically designed coding challenges and interviews.
“Turing’s developer-centric Talent Cloud speeds up the hiring,” says Siddharth.
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The Future of Remote Work
The change from in-person to remote work sped up the adoption of digital technologies, leading to a demand for digitally skilled talent. From 2018 to 2020, IT spending remained steady between $2.8 and $2.9 trillion spent per year. By 2024, these numbers are expected to skyrocket to $4 trillion due to long-term impacts of the pandemic and the demand for contactless engagement.
In addition to the change in how people work, the Great Resignation made companies feel the effects of the pandemic in other ways. Right now, talent shortages in the US are at a 10 year high with almost 15 million US workers quitting their jobs with 54% of companies globally feeling the impact. Those companies are now having to re-strategize how they hire and retain talent by paying more, stepping-up the hiring of remote talent and the guarantee of a better employment experience.
“The Talent Cloud is bringing us back to a flexible world where home, work, and experience can be intertwined once again,” said Nikhil Kulkarni, principal at Zinnov. “Turing has carved a niche for itself in the Talent Cloud category through their focus on artificial intelligence and machine learning from the start of their vetting process.”
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