Despite looming fear of slowdown, job scenario appears robust and promising: Karunya Sampath, Co-Founder & CEO of Payoda

There is no denial over the fact that an economic slowdown or recession is expected towards the end of this year, but the silver lining is that preparations are being taken in terms of establishing a demand and supply equilibrium.

Despite looming fear of slowdown, job scenario appears robust and promising: Karunya Sampath, Co-Founder & CEO of Payoda
Even as a few IT majors have finalized the hiring for the time being, the majority of bulk hiring remains to be completed. (Image – Pixabay)

Even as there has been a minor dip in the IT hiring trend in the recent past, experts believe that the current year would end up being even better than the previous one. If reports are to go by, the numbers of open position at present is nearly 1.5 lakh lesser vis-à-vis the same period last fiscal. To understand the actual scenario, FinancialExpress.com spoke with Karunya Sampath, Co-Founder & CEO of Payoda, a pioneering technology firm that has witnessed the shifts since the evolution of the dot com era. Here are the excerpts from the interview:

How is the IT industry hiring scenario in today’s time as compared to the last two years?

Information Technology, in fact technology per se, has penetrated deep into our lives since the outbreak of the pandemic. The hiring patterns have thus evolved quite rapidly in the given period, as the demand for technology and its various subsets has been literally dynamic. If we talk about the current IT hiring scenario, it continues to be quite unstable, for the demand is higher vis-à-vis the supply. Adding to the uncertainties is an increasing number of candidates with relatively higher specific expectations, even as some of them have nearly three to four offers to bargain from. While till a few years later, companies were hiring at their own whims, the rapidly changing scenario in the IT industry has putprospective employees with requisite skillsets at a pedestal where they are shortlisting companies instead of the other way around. With the pandemic accelerating digitization by at least a decade, a study by the Indian Staffing Federation suggests that the Indian IT industry is likely to hire up to 10 lakh people by 2023.

With big wigs of the IT industry closed bulk of hiring, what kind of talent pool industry is left with and what are the challenges/opportunities?

Even as a few IT majors have finalized the hiring for the time being, the majority of bulk hiring remains to be completed. There are, however, a few pertinent challenges that continue to mar the hiring prospects. For instance, the candidates are requesting for permanent work from home, which may not be the most suitable proposition for all companies. It is also a challenge to measure the productivity of a new joinee in both hybrid as well as permanent work-from-home options.

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At the same time, the companies today have access to a pool of talent that more diverse and wider than ever. Furthermore, there is no apparent clash between bigwig salaries, perks and the evolved expectations of the employees in the new normal. If you look at it statistically, you would find that the acceptance rate of our offers is higher than the big shots in the industry. Aiding such discourse is the vision to strategize the hiring with remarkable shift from traditional hiring practices. A company for example can look at building a competent parallel talent pool of BSc hires and work with them to be future ready. There must be a blended work & learn model amongst the campus hires, by offering internship to those shortlisted, and share use cases for resolution for students pursuing their 3rd year of Engineering.

Karunya Sampath, Co-Founder & CEO of Payoda

What are your hiring plans? Are you looking for talent in technology or other verticals also?

Payoda is in the software development space that draws its inspiration from the power of digitization and its impact on businesses across scale and size. We come with a deep understanding and passion for design and engineering discipline to help businesses worldwide leverage technology to innovate and ensure an enhanced Customer Experience, hence our hiring pattern also resembles a similar line of thought. We intend to more than double our team size in the near future, and specifically for the current Financial Year, Payoda has as many as 200 open positions. While the overall hiring will encompass multiple verticals and domains, approximately 80% of the fresh workforce would be in Technology, including Full Stack, Java, Dotnet and Cloud.

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Are you hiring only from India or off-shore hiring is also happening? Please provide details.

As of now, we are looking to hire only within India, through our different offices, including Coimbatore, Bengaluru, Hyderabad and Chennai, of which the latter would account for nearly 50% of the total hiring while Coimbatore would get 20% and the remaining 15% each.

In addition to it, Payoda has implemented a unique pre-onboarding engagement process, which enshrines a step-by-step process of engaging and acquainting offered candidates with policies and processes even before their date of joining.

With the US economy under tremendous pressure, what are your thoughts on a possible recession in the later part of the year?

There is no denial over the fact that an economic slowdown or recession is expected towards the end of this year, but the silver lining is that preparations are being taken in terms of establishing a demand and supply equilibrium. The practice of comprising bench strength has practically become extinct and the hiring pattern at present is completely based on need-based proposition.

What are your hiring plans for the next 5 years? How will these years shape job scenario in India?

As mentioned earlier, this year Payoda has up to 200 open spaces whereas the plan for the next three to four years entails taking the overall team strength to somewhere between 400 and 600. Our core strengths over the years would continue to be Experience design, Advanced analytics, Cloud transformation, Digital web and mobility, Product engineering, Block chain, Robotic process automation, Quality engineering and Internet of Things, while we would continue to grow with changing demands.

Despite the looming fear of a slowdown, the job scenario appears robust and promising, while it is expected to bounce back probably by the next year.

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