The digital transition will accelerate in 2022. Cutting-edge technology trends are enabling businesses to move faster; these will push the method and delivery of services. Here’s looking at the digital transformation trends that will drive significant changes globally and possibly reshape business platforms to newer heights.
More Investments in AI and ML, increased demand for AI Engineers
When it comes to data analytics, three main factors make ML and AI great force multipliers: the speed with which AI can process vast amounts of complex data, the way ML can automate many of the tasks involved in the process; and the fact that AI and ML improve with each iteration. The fintech sector and health sector is expected to overtly run on AI adoption.
Generative AI can be used in a variety of tasks, including developing software code, assisting with drug development, and target marketing. Gartner predicts generative AI will account for 10% of all data produced by 2025, up from less than 1% currently. The demand for AI engineers grows when the technology gets advanced. AI engineering is a discipline focusing on the governance and life-cycle management of a wide range of operationalized AI and decision models, such as machine learning and knowledge graphs, as the use of AI grows.
Healthtech and Edtech to drive on 5G Connectivity
While 5G installations in the sub-6GHz bands have been on schedule world over, more complicated 5G millimetre wave deployments have a lot of room for expansion. 5G is much more than just higher download, upload, and streaming speeds; its diverse use will be reality and pull up other technologies. 5G also has low latency that allows for dense deployments and generally improves cellular technology. Incorporating the Internet of Things (IoT) and cloud-based systems into your workflow will be easier and less expensive. To offer the finest client experiences, industries such as manufacturing, healthtech, edtech, telecom, entertainment, and transportation will base operations around 5G-tech and connectivity.
Enhanced agility in decision-making with Hyperautomation
Hyperautomation will boost productivity, accelerate time to market, and enhance employee and customer satisfaction. In 2022, hyperautomation will combine technologies such as Robotic Handle Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML) to process data in more impactful ways, enhancing the quality and overall productivity. It will also provide real-time, continuous intelligence, as well as increased analytics, to improve operations and procedures even more.
According to Gartner, the majority of hyperautomation programmes currently undertaken will be mature by 2024. Organizations will be able to cut operating costs by a healthy 30% with hyperautomation and process re-design.
Transition from Hybrid Cloud to Multi-Cloud for Businesses
The stats of businesses relying on cloud is ever increasing. Multi-cloud, often known as connected cloud; is becoming increasingly popular among businesses of all sizes. It enables companies to adapt to rapidly changing business needs, such as cloud storage, security, and networking.
Because of their capacity to deploy cloud applications, assets, and software across several cloud platforms, multi-cloud systems will be one of the most important digital transformation trends to note. The shift from hybrid to multi-cloud will propel further.
Quantum Computing will be a new entrant
Quantum Computing designed to solve complex problems, is likely to leap over to implementation. With the steady acceleration of cutting-edge tech, we predict, quantum computing will step into business platforms in the coming year.
Quantum computing has the potential to help combat climate change, modernise the power supply, and improve cybersecurity… It can also aid in global food production and distribution systems by developing more robust and abundant crops and improving supply chain efficiency.
Quantum computing has the potential to help combat climate change, modernise the power supply, and improve cybersecurity. Healthcare professionals can use quantum computing to diagnose illness, identify new diseases and develop drugs quickly. It can also aid in global food production and distribution systems by developing more robust and abundant crops and improving supply chain efficiency. Some teething hiccups can be expected before the tech flows mainstream.
Blockchain as a Service Platform
Blockchain’s transparency provides a virtually fool-proof security feature that has the potential to revolutionise the way people make payments. Now we have developers working to make blockchain a plug-and-play technology, finding more productive ways than just cryptocurrency. AWS, MS Azure, Samsung, Alibaba, and other global heavyweights are seeking a method to make blockchain more accessible to the general public. They would do this by offering it as a subscription-based Blockchain-as-a-Service platform.
Other applications of blockchain such as food safety, real estate management, and intellectual property are also emerging. Given its possibilities, blockchain’s spread and exploration across varied industries will continue to thrive in the next few years.
Come 2022, we expect notable technology transitions that will dominate newer domains. Companies should closely analyze industry trends and existing technology landscape to incorporate pioneering technologies that could open up a slush gate to wider opportunities for the overall ecosystem. Currently, the dearth of qualified technologists is being viewed as an impediment as organizations compete for hiring the right tech talent. The need is to look more comprehensively at the overall tech talent attraction and retention.The priority of compensation, rewards, and benefits to Learning & Development (L&D), succession and diversity, equity & inclusion (DE&I) should also be raised in accordance with tech adoption and progression.
As businesses throughout the world ramp up their technology usage in the aftermath of the COVID-19 outbreak, India’s need for technology and software professionals has skyrocketed. However, hiring across sectors dropped during the middle of this year. Still, the tech job market bounced from the pandemic-induced downturn and many technology companies have been in full expansion mode. According to the Indian Staffing Federation (ISF), the country’s demand for IT professionals has doubled in the last 14 months as most global corporations rush to digitise and automate their operations.
Tech Hiring Statistics in India
The immediate recruitment for freshers and others saw an increase in 2021, particularly in the areas of Artificial Intelligence, Data Science, Cloud Computing, Information Security, and Blockchain. Notable IT services and outsourcing firms in India such as Tata Consultancy Services and Infosys have been ramping up hiring to meet large client orders. According to the National Association of Software and Services Corporations (Nasscom), India’s five largest companies are expected to hire 96,000 people this year. Nasscom stated that India’s IT and business process management industry employs roughly 4.5 million people with a scarcity of software engineers, data scientists, and other professionals. In July, the annual growth rate for IT software rose by 212%, followed by ITes with annual growth of 46%.
The present pool of digitally skilled workers in India is insufficient resulting in a talent shortage in the software services sector. Tech organisations are in a hire-or-poach mentality, resulting in sky-high pay, with some even hiring non-engineering graduates to fill the gap.
The tremendous need for tech skills isn’t limited to recent graduates. In May this year, the 0-3 year band group experienced a 22% increase. The mobility of senior professionals was particularly strong, with a double-digit rise in the 13-16 year (+11%), 8-12 year (+8%), and 16+ year (+10%) categories. Leadership hiring is booming, many tech-driven organisations are incorporating pioneered technologies and require a leader to drive engineering teams.
According to industry watchers, these recruiting trends are likely to continue for the next three years, with IT firms forecasting a skills shortage for at least the next two quarters. What firms are looking for now, are innovative ways to hire people, including non-engineers. As a tech head executive search firm, one the most distinct trends Purple Quarter is noticing is the compensation metrics benchmarking. To allure Senior Tech talent, domestic firms rife with fundings are matching compensation at par with that of Silicon Valley, offering lucrative packages, ESOPs now.
Post-Pandemic Tech Hiring Challenges
The pandemic had revolutionised the focus of an organisation to customers and employee satisfaction. Furthermore, new abilities that are compatible with technologies are required for more efficient procedures. As workers require new skills to perform their current jobs, it becomes more challenging for HR leaders to quickly find the talent to meet the requirements. Indeed, organisations must ensure that they have the proper capabilities embedded by new-age technologies to adapt and take steps to ensure constant learning and reskilling of their employees with the relevant skillset.
However, the tech industry’s main difficulty would be obtaining and retaining qualified candidates, especially now that the job market is improving and voluntary employee churn is on the rise. Hiring the right talent by analysing the skill sets and stability is now a long term investment for tech-driven companies. The challenge will be enormous when it comes to an in-house tech leader search.
The Covid-19 pandemic has taught us that business and technological strategies are inextricably linked. The firms which have digitally matured, or are on the brink, are vigorously incorporating cutting-edge technologies post-pandemic. The CTO has become the forefront of transformation, there is now a renewed focus on the larger corporate environment and the CTO role has evolved dramatically in the last year.
Future Transformation of CTO
While the function of CTO is a staple of the executive team at many large corporations, it differs depending on where you look. Even in its most frequent form, Chief Technology Officer, the title, can have a wide range of functions and responsibilities depending on the workplace. And, regardless of how the job description is stated, the role’s major priorities appear to constantly evolve.
Tech acting more than an enabler, the CTO is dually playing the internal as well as an external role; owning the technology aspects of the company’s customer-facing products and services (especially more in tech-centric firms but also other industries). Today’s CTOs don the hat of a chief strategy officer as practically every organisation aspires to achieve digital transformation and create tech-driven consumer experiences.
The ability to harness advanced technologies (AI, big data, and machine learning, for example) to establish a strategic course for a business may be more crucial to the function than in-depth technical knowledge of hardware and code. The tech visionaries are expecting that CTOs may originate from sectors other than traditional IT, like R&D, data science, or sales, as the job description grows. Eventually, versatility and flexibility will be crucial intangible traits because the function of CTO progresses at the same rate as technology.
What will be most relevant to a CTO in future?
As a leader, CTOs must actively manage their team and find a system to communicate anything tech-related to the board of directors or other key stakeholders. Nowadays, CTOs are expected to be as knowledgeable about business as they are about technology.
Create a community and support system. Being a CTO is a very collaborative profession, rather than an individual contributor role. In the future, a CTO will be defined based on the network they are having. Hence, developing a community is mandatory to handle the role effectively.
Learn how to concentrate on and absorb crucial information about upcoming technology. A couple of years ago it was cloud; now it’s digital and someday it’ll be quantum. Keeping updated and working to stay relevant is another major key for all the CTOs to achieve success.
Improving “softer” abilities should be a priority for the CTOs. Patience and the ability to accept change, live with ambiguity, and operate under pressure are among them.
The role of CTO, unlike certain other roles, never stays the same. It’s continually evolving as per the time and the scale of tech innovations. Since technology is increasingly becoming the prime mover for a company’s success, the CTO’s function will become diversified. A Chief Technology Officer’s future appears bright, they will continue to play a critical role in maintaining business agility and continuity as we manoeuvre through the pandemic taking stock of the situation and rebuilding for better and more efficient processes.
The startup landscape has radically evolved transcending boundaries in the last few decades. As of today, we have over 800+ Unicorns globally shifting mainstream startup dialogues across the US, Singapore, India and all over. Funding is paramount and credible investors and VCs are in abundance for businesses cracking the code of solving for essentials and the masses. What was offset by Silicon Valley’s service-based companies, transitioned to the product tech giants like Google, Microsoft. These entities became the forefront solution providers and made Technology ‘cooler’, promising and futuristic.
Buoyed by their success, more tech product companies mushroomed with the challenge to deliver valuable services and products relevant to their target markets. Regionally diverse predicaments had locally sensitive distinct solutions, all driven by Tech; like Southeast Asia with dense populations areas focussed on digitisation, in Africa the focus on greatly on fintech with varying lending entities while the US, being ahead of their tech curve, has had more B2B and SaaS platforms along with solving deep tech services. Irrespective of regions, it has been the tech that came to the fore in solving critical long-pending issues.
And when pandemic overhauled systems, economies and enterprises, Technology answered large scale solutions with a steady and reliable response. We can comfortably say that Covid19 played the ‘Cupid’ for technology. Going digital, remote operations, virtual presence, education and more became possible with robust and innovative tech-driven solutions. Today, conversations around Artificial Intelligence, Robotics, Machine Learning, Blockchain are rooted in startups having real-world applications. They transform industries, change livelihoods and birth new possibilities.
In the present-day IPO shower, the most noticeable companies going public have had hyperscale growth years fueled by disruptive technology-backed products, services or research. These companies possibly renewed their customer experience, improved their performance metrics, automated, created the right product-market fit, gained accurate insightful analytics and more; all tapping predominantly on Technology. As technology aggressively permeated sectors, the need for effective, able Tech Leaders to frontend tech verticals became paramount.
And what we have today is an inexorable demand for Tech Leaders. A pre-pandemic study had hinted that by 2023, most firms will hire CTOs for harnessing disruptive technologies such as artificial intelligence (AI), blockchain and robotics. But post-pandemic, the demand for CTOs and Tech Leaders exploded. Existing businesses were pivoting tech-first and newer entities are jumping on the tech bandwagon. In the absence of a capable Tech Leader at the helm, firms struggle to consistently innovate, dwindle in competition and lag at emerging technologies.
Businesses are aggressively seeking the most suitable CTOs aboard but the challenge to find Senior Talent who would leverage disruptive technology is very real. Organisations, despite their critical mandates, lack the proper approach towards the Tech Leadership search. A Tech Leader has to be mapped very intelligently. They are responsible for a stake worth of business decisions, scaling teams & operations and front-ending an adroit strategy. Accuracy in profiling the right tech leader is imperative! You have to know the leader, know their trajectory, how much Tech Landscape have they solved, at what point did they solve the Tech problems, recent or in early point of their career, what was the immediate & overall impact, the company fitment and so much more; these are all precisely gauged with smart and thoughtful parameters devised inhouse, by Purple Quarter. Our singular focus is on CTO search with authentic processes to deliver proven and most accurate results.
While pandemic, despite being the great bane, has invariably pushed the envelope on Senior Tech hiring. Companies are now more flexible to remote hiring and employment. We can conveniently have a veteran talented Tech Leader working out of one timezone with their team and the company that is based on another timezone. The constriction of seeking only region-specific talent is foregone. Companies have easier and wider access to an extensive talent pool and deserving candidates have countless options at hand not bound to limited options of the region. We can adeptly have a company based out of Nigeria looking at a Tech Leader from Israel or even a firm in Egypt sourcing talent pool from India. It has opened newer and wider doors for an inflow of talent. The traditional search process has evolved, it is diverse and mutually beneficial to both parties. More flexibility, agreeable employment terms minus the hassles of relocation, country-specific regulations and permits are on offer.
The scope of senior tech hiring is now boundless, companies have opened up their criteria, candidates have more than enough lucrative avenues, there couldn’t be a better time than now to engage in the perfect Tech Leadership hunt.
Authored by Roopa Kumar, Founder & COO, Purple Quarter
With the ongoing Fourth Industrial Revolution, it is now imperative to invest not just in innovations but also in people who understand the Technology of the times. With AI and Automation on the rise, developing software is just as important as understanding them. Many employees have had to reskill and rigorously upskill their abilities based on their job requirements to stay market relevant post the pandemic.
COVID-19 saw mass layoffs and many feared jobs security. While some industries were firing, some were also hiring; especially tech professionals. After the shift of a large number of businesses online, along with software developers, the cybersecurity, cloud & infrastructure, and data science fields were also hiring. Even before COVID-19, the skill requirements of major companies were also changing. The pandemic had forced employees to evaluate their business models and the skills expected by their employers for future business proposals and to accelerate digitization.
According to a recent McKinsey report, employees need certain broad skill sets that can help lay a business foundation. They are digital, cognitive, social, emotional, and adaptability, and resilience skills. The pandemic had escalated the desperate need for digital professional skill sets to help companies integrate themselves with the various technologies and platforms of today. Companies are also looking for people who can take initiatives, look at the broader picture, and sustain the business from any part of the world. Since in-person meetings are limited and remote and hybrid working has emerged as the new working culture, virtual team management is major skill organizations are looking for right now.
Many businesses have moved into the digital space, and hence, the employability of candidates with digital skills seems to be the highest. But it is not the only skill employers are looking for, they want candidates with leadership skills, creativity, innovation, tech knowledge, and adaptability. Because of the inability to conduct personal interviews, the ability to articulate and express themselves makes communication an important ability. With most of the companies now adapted to a hybrid remote-working future, these skills are most in-demand.
According to an article in Forbes, the work assigned to the employees must be as independent as possible because Work From Home does not ideally mean standard working hours, and it also needs a good connection and a WFH setup. So, the most essential skills that are required are basic technical skills, leadership, and communication skills. Digitization has increased the demand for technical skills and analytical skills, as the consumers now prefer online products and services rather than offline experiences and hence, more data is available for the analysis.
Demand for both ‘digital’ and ‘human’ factors drive growth in potential occupations. These represent, on the one hand, the adoption of emerging technologies — increasing demand for green economy jobs, leading positions in the data and AI economy, as well as new roles in engineering, cloud computing, and product growth. On the other hand, the ongoing importance of human interaction in the modern economy is also expressed in developing occupations, giving rise to greater demand for employment in the care economy; positions in marketing, sales, and content production; as well as positions at the forefront of people and culture. Indeed, the future of work highlights the need for a wide range of skills to complement these career opportunities, including both disruptive technological skills, but also advanced industry skills and core business skills.
In the post-COVID scenario, the highest-demand skills include both technological and cross-functional skills. Growing demand for high-growth careers has further driven the value of a range of distinctive skill sets which promise growth and prosperity in the new economy. While some technical clusters, such as Data, AI, Engineering and Cloud Computing, require strong expertise in digital technology, other high-growth careers place greater focus on business skills or specific industry skills. These in-demand skills can be categorized into five distinct skill clusters: Business Skills, Specialized Industry Skills, General and Soft Skills, Tech Baseline Skills, and Tech Disruptive Skills.
Almost two years back we were living in a world that seems completely different from the one that we live in today. The COVID-19 outbreak has forced us to change the lenses through which we look at companies and individuals. It is a story of one such company and one individual who had united by their altered perspectives.
In May 2019, Purple Quarter was engaged with a SaaS giant for a Tech Leadership role. The firm was almost on the verge of becoming a Unicorn, a feat they still aspire to today. We introduced them to a tech leader that in our opinion was a perfect fit for the company. He had a couple of decades of experience in product-based SaaS companies and was then working for a company valued less than 5 times the one he was applying for.
Even though the tech leader had job offers in multi-billion dollar companies overseas, staying in India was his top priority. There is no denying that the SaaS giant’s leadership position he was gunning for has one of the best tech infrastructures in the country thus, in India, was one of the biggest targets for people with similar profiles.
However, the company was on an upward trajectory and wanted people with experience in larger firms. Another reason for the mismatch of the profile was that the tech leader wanted a remote work option to stay close to his family when necessary. Hence, the tech leader stayed in the same company and the mandate for the role also died down.
Fast forward to May 2020. While most companies were struggling to find a revenue stream, this particular firm, like many other SaaS companies, saw an opportunity to expand and grow. They needed urgent leaders to run their expanding business. However, this time, they were looking at candidates with more agility, flexibility, people with hands-on experience with scale, people who are not afraid to come out of their comfort zone to try new things.
Remote working was another area where the perspective of the SaaS firm changed along with the entire world. Company functions that were never imagined previously became possible, pivot to remote roles being one such stark shift. Unlike many on-premise systems, SaaS infrastructure has profited from the work-from-home trend. SaaS solutions, which help keep connections tight, have suddenly found themselves in a unique position to benefit remote workers.
We received a mandate to close the leadership position as soon as possible. Typically, a role of such stature takes around 60 days to close. But Purple Quarter knew exactly where to go. In just 30 days of the revised mandate, we were working on onboarding the Tech Leader in the SaaS giant. It is truly commendable how quickly the SaaS major adapted to the ‘New Normal’ and got the same Tech Leader onboard in under a month. The swiftness is truly a testament to their leadership team, their TA leader, and the Tech Leader’s adaptability to the new scenario.
This is just one case study of a company changing its outlook to accommodate a post-COVID-19 worldview. Now, we have numerous such examples to attest to this post-COVID tech hiring landscape.