India has recently grabbed the headlines. No, it’s not because of his finger-licking curry or Bollywood. Another factor is emerging as a conqueror: Indian talents. Parag Aggarwal was recently appointed CEO of Twitter as executives seek to understand why India’s growing pool of tech talent is a key player in his Silicon Valley firm’s controversy. Let’s see the stats:
- As of 2020, the UN estimates that there will be over 18 million Indians living abroad.
- In India, there are close to a million new engineering graduates each year.
- 31.6% of Native Americans and 77.5% of Indians living in the United States, respectively, hold bachelor’s degrees.
What makes India such a talent factory, then?
Why is India a Top Choice Country for Multinationals?
The skills gap is growing as a result of the global talent shortage in the West, and there aren’t enough locals with the necessary qualifications to fill open positions. In addition, India is home to numerous multinational corporations with offshore offices. Why?
Low Cost: Compared to Western nations, India has a lower cost of living. The living cost in India is, on average, 64.6% less than it is in the US. Even IT hubs like Bangalore, Hyderabad, Mumbai, and Gurugram pay average developers substantially less than western locations. The cost disparity persists even after accounting for all benefits, including pay and health insurance.
Large talent pool: With 65% of its population under 35, India is the second most populated nation in the world. Young professionals are abundant in India and are prepared to take on the globe. Additionally, India’s infrastructure comprises 3,500 engineering institutes; 3,400 technical colleges; 200 planning and architectural schools; a large pool of technically sound people; and 1 million graduates per year. A pool is present.
Communication: India, after the United States, is the largest English-speaking nation in the world. For Indian professionals, communication and language are not obstacles. Indians are skilled communicators both orally and in writing, which provides India an advantage over other nations.
Quality and dependability: With more than 75% of the CMM Level 5 enterprises worldwide, India has the most ISO 9000 certified businesses. High standards, professionalism, and dependability come as standard, whether outsourcing to India or employing Indian expertise.
The Indian economy’s main sector right now is information technology, which is predicted to grow to between $300 and 350 billion over the next five years thanks to a stable government & legislation that is very supportive.
Modern IT infrastructure and top-notch technologies are also available because of the nation’s political and economic stability. Government policies assist them with tax benefits and other helpful measures. The legal basis for electronic management is provided by the IT Act.
The Indian X-Factor
It is no secret that a significant proportion of Indian immigrants work in the technology sector in the US, yet demographic factors alone do not explain why Indians are successful in multinational corporations. There are even more factors.
Adapting to uncertainty & change – India is a place of contradictions when it comes to adjusting to change and uncertainty. A billion people live there, in a variety of climates, with varying infrastructure, lifestyles, and even cultures. Indians grow up accepting the unknown and the fact that they cannot control it, but they persist because uncertainty and change are part of Indian existence.
Ability to effectively communicate – Indians speak a variety of languages at home, in society, and at work, in addition to being born and raised in a multilingual culture. Indians generally speak three or more languages. In addition to learning English in school and at work, 4,444 South Indians also learn Hindi as a third language. Despite the fact that English is not many Indians’ native language, it is spoken effectively and independently, making it a useful tool for communication.
Dealing with Different Opinions & Cultures – India is a cosmopolitan country with numerous distinct cultures, faiths, groups, and caste identities, as well as a wide range of world views. The people of this nation coexist harmoniously despite their differences. Modern global corporations are no different in terms of their culture and atmosphere. These businesses draw talent from all over the world without fostering workplace stereotypes. Indians are at ease accepting and thriving because of their common upbringing.
Adaptability to new surroundings – Indians are comfortable in their adopted nation. They frequently adapt and take any necessary measures to stay alive. This is done to prepare for new circumstances and domestic life. Imagine a student from Chennai who is new to Hindi and is attending a university in Delhi. It has the same strange feeling as being in a foreign country. Here is where Indians develop the practice of fast, altering or breaking habits and forming new ones. No surprise.
Diligence and Perseverance – Indians are taught the virtues of perseverance and hard work from an early age. College entrance exams, selections, and school grades are all competitive.Indians have grown accustomed to working hard since they were young, due to pressure from their families and parents to achieve academic success. These Indians work hard and are humble, which helps them advance when they travel abroad.
A natural problem solver – India’s bureaucracy and corruption are both rife with problems. It takes a lot to survive, let alone to be good. While this condition aggravates folks at home, it benefits those travelling abroad because it equips them to act as natural stewards. You become a skilled problem solver with the capacity to handle difficult situations thanks to the challenging competition and chaos at home.
Wrapping up – The Benefits
More and more Indians will work for large multinational corporations in the future years. However, this is a relatively minor portion of the wider diaspora who have been able to pursue careers and studies overseas. What about the majority that is being restricted merely because they lack resources?
We have wonderful news, though! Opportunities created by the Pandemic are numerous. Companies may turn to remote offshore hiring due to limited resources and a lack of qualified candidates to fill onsite roles. This is where talent portals like Matrix Media may help.
While this has obvious advantages in terms of flexibility, lower costs, and a wider workforce pool, Matrix Media has taken it a step further by providing access to a pre-screened 3.5% pool of experts. It says it would greatly improve the quality of employment if offered. Companies and talent both benefit from this environment. World-class talent will be available to companies, and talent will be offered better possibilities.