The #GreatTalentShakeup is here and how we are helping companies overcome it

Published • By Neeraj Pal

The tech talent world has changed more rapidly in the past 3 years than in the last 15 years.

  • Software (including AI, WEB3, metaverse et al) is eating the world. As a result, demand for tech talent has been increasing exponentially and it is only going to accelarate.
  • Location barriers, both domestically and internationally, are getting broken.
  • There is a rapid, fundamental change in terms of how modern tech workers look at employment these days. People don’t want a naukri – they want better careers.
The #GreatTalentShakeup is sweeping the world fast

This is the #GreatTalentShakeup that is fundamentally changing the professional world and giving rise to trends such as the ‘Great resignation’, and the ‘Great reshuffle’.

The #GreatTalentShakeup is disrupting hiring, performance, and retention in a fundamental way

If you have been hiring, you would have experienced that:

  • Skilled talent has become even more scarce.
  • Salaries have become 2x to 3x.
  • Tactics like offering BMW bikes to fat joining bonuses failed.
  • Even after all the efforts, top talent didn’t join.

Beyond hiring, this shakeup is also deeply altering why and how people stay and perform in a company. Personal branding, side projects, moonlighting, and remote work are all topics that will become mainstream very soon.

If we are not prepared, this shakeup will lead to huge opportunity loss for everyone

When it comes to hiring, Nikunj Verma (CEO at Cutshort) wrote about how companies need to hire in such times in this post recently.

The friction between companies and talent is already leading to a huge loss of opportunities.

  • Companies are not able to hire and retain.
  • Good talent is not getting the right opportunities to do their best work.

An example of this opportunity loss is the industry practice of ‘3 month notice period’. Employees feel limited by it and are forced to lie or back out on the prospective companies about it just to maximize their chances. Such behavior just hurts everyone more and create loss of opportunities for everyone.

Cutshort is waging a war against this opportunity loss

As a platform where thousands of recruiters interact with lakhs of candidates every month, we believe Cutshort has a big role to play in the evolution of a new tech talent market and how to convert it into a big opportunity for everyone.

We plan to fight this war on the following fronts:

Plugging the information gap for both the companies and professionals
There is a big information gap between what companies and professionals think about each other.

  • Older recruiting processes, blaming all the candidates for offer shopping etc are some ways this manifests on the company side.
  • While on the candidate side, it becomes evident in terms of gross mistrust and a general feeling that all companies are just there to take maximum advantage of their workers.

We will continue and expedite useful reports and articles to reduce this gap. Here is an example.

Understanding the mind of modern candidates

Enable learning of newer recruiting skills
Recruiting looks deceptively simple. It’s just about calling, checking interest, scheduling interviews, doing HR rounds and making offers, right?

No. Recruiting has changed dramatically in the last 3 years. It is not art and science. To be successful, recruiters now need:

  • Strong cross-functional knowledge of business and tech.
  • Even stronger interpersonal skills.
  • Comfort with using technology.
  • Data crunching skills.
  • Sales and marketing skills.

In many of our webinars and meetups, we have received requests from the recruiter community to enable learning on these essential skills.

We plan to soon launch a certification and learning program to help the recruiter community learn and share the skills that are super important in the context of the #GreatTalentShakeup.

Bringing together the recruiter community to enable knowledge and information sharing

Recruiting is a skill that you learn by doing. Every candidate is different, every company is different, and every situation is different. The best way to learn is not theoretical.

In 2021, we brought together recruiters and HRs to share info and network to help each other. We now have 2000+ members!

Adding missing pieces the recruiting world needs today

The #GreatTalentShakeup has created new problems that need to be solved better.

For instance, there is a need for a strong layer of trust between companies and talent. We are rolling out a new feature to bridge this gap.

Similarly, the modern talent wants more privacy settings and ways to explore more learning and collaborating opportunities outside of primary work. We will likely be rolling out more features to enable this too.

Making Cutshort more affordable to many more companies

We have always tried to keep Cutshort pricing fair and affordable. In fact, we have a 100% free plan that has enabled recruiters with less frequent needs to hire (hiring HR/recruiters and layoff affected candidates has always been free).

However, we realize smaller companies face several challenges and their budgetary constraints may stop them from adapting.

So, today, we are also announcing some special pricing packages for companies who are looking to make full use of Cutshort to adapt to the new talent market.

The war won’t be easy but together we will win

Honestly, I think the above initiatives are super challenging but as I keep saying – we are fortunate to have found many customers and well-wishers who have believed in us and made awesome things happen.

The quantum of changes in the new economy is exciting, and I am sure we will be collectively able to tide over them and create a wonderful balance where companies and talent will be able to work together to achieve greater things for humanity.

By Neeraj Pal

Marketing @Cutshort