The second edition of the Talent Supply Index measures demand and supply for 28 in-demand tech roles; finds there’s massive talent shortage for 20 of them
Businesses have been sitting on enormous quantities of data over the years - be it customer, partner, or internal data. These companies are now using data science capabilities to build the next set of products which will be highly personalized.
As a result, data scientists are in high demand in most businesses with an online presence.
“AI and Data Science are at the crux of transformations that are happening across a range of functions - from finance and HR to sales and marketing. Businesses can either invest early in the transformation to stay competitive or risk becoming irrelevant eventually,”
- Umang Bedi, President, Daily Hunt.
Most large-scale businesses are now analyzing billions of rows of transaction data and transforming how they use their ERPs and CRMs for a lot more than mere record keeping. No matter the industry - intelligent operations and smarter, on-demand experiences for customers are the need of the hour.
The advent of AI and Data Science will force businesses to rethink traditional organisational structures and processes. Data Science is increasingly becoming a business critical function, paving the way for a company’s future. In view of this, developing data science capabilities and attracting such talent is one of the top-most priorities for a business today.”
- Jaleel Abdul, Vice President - People Resources at Adobe India
Key Findings of Talent Supply Index April 2018
- The data science explosion
The TSI for data scientists dropped from 0.7 in 2017 to 0.2 in 2018. This means that the demand shot up by 417% while the supply has seen just a 19% increase. This is in the wake of companies dedicating significant budgets and teams for R&D in India. Companies like Bosch, Mastercard, Panasonic, AirAsia and Maersk, are setting up innovation centers while others like Boeing and Societe Generale are investing in startup accelerators for emerging technologies.
- Security hiring is heating up
Security hiring is heating up with BFSI companies contributing to nearly 35% of the demand. The TSI for Security Engineers dropped from 0.4 in 2017 to 0.3 in 2018. The demand has increased by 120% while the supply has been able to catch up by only 14%.
- Crypto craze spurs demand for Blockchain developers
With TSI for blockchain hovering around 0.5, the next best option is to find the fastest learners who possess the base skills.
- Average tenure drops by 30%-35%
There’s an increasing need to focus on retention as senior technology talent is showing signs of increased flux. Engineering managers and architects are moving jobs more frequently and average tenure for these roles has dropped by 30%-35%.
- Diversity still a distant dream
The diversity numbers for tech roles still paint a grim picture with female representation being at an average of 12% across roles. Cloud Architect has the worst gender diversity numbers at 6.4%.
“If the 2017 TSI data proved that we are in a candidate-driven market, the 2018 numbers should be a wake up call for talent leaders that the old ways of hiring won’t work anymore. If digital transformation is forcing businesses to adapt and innovate, it’s only imperative for talent acquisition to reinvent itself too,” says Rishabh Kaul, Co-Founder, Belong.
“Talent Acquisition for a lot of these new age skills today needs to adopt characteristics of a fast-growing tech company by being data-driven and candidate first. Companies can’t solely expect these people to apply to them and should invest in going ‘outbound’ to have a greater chance at attracting this scarce talent,” Kaul added.
What is Talent Supply Index?
The Talent Supply Index measures how competitive the market is for a given job by dividing the total number of people with relevant skills by the total number of active opportunities for that job. The index is an effective proxy to help businesses plan and gauge hiring costs, effort and cycles.
For example, if there are 1,000 Data Scientist opportunities against only 800 relevant Data Scientists potentially open to new opportunities, the role scores 0.8 on the TSI. The closer the role tends to zero, the more supply-constrained is the market. In fact, a score of less than 1 indicates the talent market for the job is supply-negative.
You can find more insights like these on the Talent Supply Index 2018, or sign up to request a personalised Talent/Supply report created for your company's specific hiring requirements.