Synopsis Recruiters say there’s a tsunami of offers; company bosses say it’s not the employer but the candidate they’re looking to rent who is now in a very position of power.
Recruiters say there’s a tsunami of offers; company bosses say it’s not the employer but the candidate they’re looking to rent who is now in an exceedingly position of power.
An unprecedented demand for technology professionals with in-demand skills isn’t just driving up their salaries sky-high, but also causing a spike in offer dropout―candidates rejecting a proposal from one company and usurping another―to as high as 55-57% sure enough roles, compared with a median of 10-12% in pre- covid days, say recruiters.
The offer dropout ratio is that the highest among full-stack and front-end engineers, where it absolutely was a maximum of 27% last year, in step with data from specialist staffing firm Xpheno. Companies, on their part, are making counter offers or retention hikes of 60-120% to carry on to in-demand skills, in contrast with a maximum of 30-35% last year.
While the push for digitalization triggered further by the pandemic is pushing up demand for tech talent, the work-from-home model is allowing techies in India to require up offers from companies within the US and Europe which are willing to pay salaries at par with their home markets.
Start-ups that have raised billions of dollars within the recent past also luring niche tech talent, offering not just astronomical hikes, but also perks like BMW bikes and Apple gadgets.
For techies, especially full-stack engineers, data engineers, data analysts, front-end engineers, data scientists and backend engineers, this leaves plenty to settle on from.
“They have the ability to negotiate; evoke the most effective and acquire the most effective,” said Harshil Mathur, chief executive at fintech startup Razorpay.
While there are tech talent booms within the past in addition, the demand now has grown exponentially as Covid has accelerated digital transformation, said Sangeeta Gupta, senior vice-president at Nasscom.
“It’s not just IT and technology organisations, banks, product companies and startups are all vying for the same pool of talent. People are holding out for the best offer they can get,” she said. Razorpay’s Mathur said lateral hiring had become a challenge, with some candidates sitting on three-four job offers and giving up at the moment.