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High salary expectations are impacting the recruitment of artificial intelligence (AI) talent in India, at least for 132 companies looking to hire such talent from the technology, finance and manufacturing sectors, according to a senior executive at Deel.
The San Francisco-based payroll and compliance provider offers hiring and payments services to companies enrolling international employees and contractors.
Mark Samlal, general manager for Asia-Pacific at Deel told ET in an interview that demand for AI expertise is on the rise but finding candidates proficient in skills can be very tough.
“Deel’s recent survey research with Rakuten found that for 165 organisations of the 250 organisations surveyed, which is 66%, high salary expectations is a major difficulty in hiring AI talent. Out of these, 132 companies or 80% are companies hiring within India only from technology, finance, and manufacturing sectors,” Samlal said.
The company also found that 88% of organisations are open to hiring globally, and that more than half of those in HR roles are using six or more technology tools to support their companies’ HR practices.
Deel said last month that analysing payroll data showed a major trend in the behaviour and payouts of Indian workers. The data showed a 11% increase in contractor dollar withdrawals in India since May 2023.
There has been a sharp increase in requests globally for payment in US dollars, especially for contract workers in Argentina, UAE, Turkey, Georgia and India, Samlal said.
“The surge in contractor dollar withdrawals in India can be attributed to factors like favourable exchange rates. This allows them to maximise their earnings. A growing, affluent middle class and younger, intrepid Indians are increasingly travelling to the US, contributing to the country’s emergence as the fifth largest source of tourists,” Samlal said.
Deel currently serves organisations like BCG, Nike, Forever21, Shopify, Klarna, Reddit and BBC Studios. Its 550 employees in India account for over 13% of its global workforce of 4,000.
The company streamlines aspects of hiring, paying, onboarding, performance management, HR administration, local payroll, and compliance, on a single platform.
Deel is currently valued at $12 billion, and it has raised more than $650 million so far. The five-year-old company has been profitable since March 2022. It achieved an annual recurring revenue (ARR) of $500 million in March this year.
Its investors include a16Z, Coatue, DST, Emerson Collective, and Y Combinator. It has more than 35,000 clients across more than 150 countries. Its recent acquisitions include PayGroup, PaySpace, Zavvy, and Hofy.
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