Turing, an AI-powered, international platform that connects software developers with long-term, remote U.S. jobs, was recognized as a leader of the Intelligent Talent Cloud in a commissioned white paper researched and written by Zinnov, a global management and strategy consulting firm.
The report examines the “Talent Cloud,” a defined category of companies providing disruptive solutions to solve the increase in demand for digital talent and the change in employee preferences towards remote work.
“Intelligent Talent Cloud: Leveraging Deep Tech to Build and Manage a Remote Global Workforce,” examines the shift of remote work efforts and found the working lifestyle shows no sign of slowing down. Enterprise technology spending continues to grow exponentially over the next 10 years, in tandem the demand for engineering talent is at an all-time high. Turing was established as a leader in the space by creating a platform that sources vetted talent worldwide and support in scaling distributed teams seamlessly.
“The increase in expenditures from before COVID-19 to now proves just how important digitally skilled talent is to the world,” said Jonathan Siddharth, CEO of Turing. “Zinnov’s research proves that some industries are quick to adapt, but others are slow to adjust and innovate in the best possible way to source, retain and engage talent in a remote environment. It’s money and time back. Turing solves this challenge by leveraging new-age technology and software to tap into a planetary pool of developers. We now live in a remote-first world.”
Rise of the Intelligent Talent Cloud
Harnessing the potential of onboarding remote talent, Turing brings global tech talent together into individual contributors and managed teams for customers. Zinnov estimates the total size of the technology services outsourcing market was ~$635B in 2020 and is expected to continue to grow at a healthy rate of 6 percent over the next 10 years.
The talent gap between supply and demand of digital talent in eight nations including China, portions of Europe, India and the United States is expected to be 6 million people. The paper found that more than 14 G-20 countries could miss $11.5 trillion worth of cumulative growth in gross domestic product if the digital skill gap remains unfilled. Thus, the pandemic may have made remote developers, domestic and international, feel more valued.
Zinnov identified a key characteristic of the Talent Cloud category is to reduce the time to fill and time to hire metrics. Time to hire is an indicator on the efficiency of the hiring process and candidate experience, a metric the Talent Cloud category is looking to optimize. For firms looking to attract talent, Turing eliminates human-created biases by evaluating its developer pool on their expertise, experience, and performance in scientifically designed coding challenges and interviews.
The Future of Remote Work
The change from in-person to remote work sped up the adoption of digital technologies, leading to a demand for digitally skilled talent. From 2018 to 2020, IT spending remained steady between $2.8 and $2.9 trillion spent per year. By 2024, these numbers are expected to skyrocket to $4 trillion due to long-term impacts of the pandemic and the demand for contactless engagement.
In addition to the change in how people work, the Great Resignation made companies feel the effects of the pandemic in other ways.
Right now, talent shortages in the United States are at a 10-year high with almost 15 million U.S. workers quitting their jobs with 54 percent of companies globally feeling the impact. Those companies are having to re-strategize how they hire and retain talent by paying more, stepping up the hiring of remote talent and the guaranteeing of a better employment experience.
To download the white paper “Intelligent Talent Cloud: Leveraging Deep Tech to Build and Manage a Remote Global Workforce”, click here.
