Tech Recruitment Market Report
Acknowledgments
We had immense help from our partners, such as
Taxaj Corporate Services LLP, who have helped us gather
valuable information and insights regarding India’s tech
recruitment dynamics. We also thank our readers for their understanding
and patience and hope that this report will aid HR professionals out in
the field in analyzing their recruitment data.
Copyright
This report is proprietary to McKinley Rice and may not be sold, used, or reprinted, in whole or in part, without the prior written consent in each instance from McKinley Rice.
Welcome to McKinley Rice’s Talent Sunset
Q3 2022 Tech Recruitment Market Report.
As a globally digital nation, India is the leading country providing 24×7 IT service and specialized IT solutions using latest technologies. Indian engineers serve all industries, including but not limited to banking, finance, insurance, telecommunications, manufacturing, healthcare, etc. All the tech giants are availing the benefit of the vast talent pool of India, due to which the experts have seen a sunset in the talent pool of India.
You must’ve witnessed a steady rise in the number of Indian-origin officials appointed at eminent designations by Fortune 500 companies. This is because, like in many other aspects, Fortune 500 companies are taking the lead in recognizing, acknowledging, and implementing Indian grade-A talent recruitment to get ahead in the race.
India has served American KPOs and has generated remarkable revenue for the American markets, and if these trends continue, Indian talent will be leading the charge in many more companies.
Average Market Salaries
Salaries for tech positions in India see a 15.8 pp decline from last quarter, whereas wages in the U.S. fall by 10 pp.
Tech employees across the globe experience a decrease in salary across
verticals with a few exceptions
India recorded a 15.8 pp fall in salaries for major tech positions in Q3 2022, while the U.S. is experiencing an overall decrease of 10 pp.
India has recorded a maximum salary hike for the position of a software
architect, and the U.S. has seen the highest salary hike for the
blockchain engineer position.
Average Time to Fill a Position
The average time to fill tech positions sees a decrease of 14% as employees resume work-from-office while the time taken to fill non tech positions increased by 36% as demand for non-tech talent soars
Time to fill tech positions in Q2 2022 decreased by 5 days, whereas to fill a non-tech positions, now it takes 13 more days.
The time taken to fill tech positions sees a small decrease as the pandemic settles down and employees are back to work from office.
The job competitiveness is high for nontech positions due to which a sharp rise is noticed in days to fill the said positions.
Market Renege Rates
Applicants make crucial checks before accepting job offers, reducing reneging on offers accepted.
Indian tech sees a 12 pp drop in renege rates from the previous quarter.
The job market has sprung back from the effects of the pandemic and
work-from-office has resumed with renewed force. Candidates are back on
track with good offers, and are taking the time to consider the pros and
cons of joining a position before accepting an offer, which is leading
to a reduced renege rate across the Indian tech industry.
