Speaking to TechGraph, Chitiz Agarwal, Founder & CEO of Company Bench said, “Short-sighted decisions taken during the pandemic, resistance to change, and traditional recruitment methodologies have added undue pressure on the IT giants, leading to the recent layoffs.”
Read the complete interview:
TechGraph: Could you give us a sense of how far Company Bench has come since its existence?
Chitiz Agarwal: Company Bench was established to bridge the skill gap between organizations in need of skilled IT professionals on an immediate (and contractual) basis and deserving IT aspirants looking for jobs.
Since its inception, the initiative has helped hundreds of companies and recruiters hire skilled and competent talent within 24 hours.
Company Bench has proven to be a critical recruitment portal as the global IT industry is going through testing times. I had never imagined that the venture would play such an important role in helping candidates secure the right jobs and companies hire formidable talent.
TechGraph: How do you see technologies namely Artificial Intelligence and Machine Learning, about their relevance across the sector? What does the future look like?
Chitiz Agarwal: It is pleasantly surprising how quickly technologies like artificial intelligence and machine learning have found their way into the mainstream. Not more than two years ago, these technologies were considered niche and out-of-reach. Today, everyone on a computer or a mobile uses ChatGPT!
AI and ML have had a huge impact on the IT industry, primarily because they are the products of the same industry. The technologies have made it easier for businesses to make forecasts, analyze trends, foresee demands, and stay ahead of the curve at all times.
Regarding the future of these technologies, I do not believe that they will fully replace humans. However, they will replace humans who do not know how to use them to their advantage!
TechGraph: What’s the investment philosophy that you follow at Company Bench?
Chitiz Agarwal: Company Bench follows a growth-oriented and value-oriented investment philosophy, depending on the company’s key goals and objectives. The growth-oriented approach allows us to prioritize high-return investments, even if they are high-risk at times. On the other hand, the value-oriented approach helps us prioritize investments with strong fundamentals.
Being an online portal that relies on connecting recruiters and candidates, Company Bench focuses on investing in the latest technologies that enhance the platform, improve the user experience, and make the recruitment process seamless for all parties involved.
TechGraph: How do you see the recent layoffs made by organizations across the sector?
Chitiz Agarwal: There is no doubt regarding the fact that the global IT industry is navigating through troubled waters. In my opinion, short-sighted decisions taken during the pandemic, resistance to change, and traditional recruitment methodologies have added undue pressure on the IT giants, leading to the recent layoffs.
However, all is not lost and there is still a beacon of hope for the industry to get back on track. If you examine the scenario closely, you’ll notice that startups and SMEs are largely unaffected by the Tsunami of mass layoffs. This is primarily due to the implementation of project-based hiring models and modern technologies. If all companies start making such changes in their business models, the global IT sector will be a roaring success again!
TechGraph: How Is India Overcoming the fear factor in hiring tech talent?
Chitiz Agarwal: Hiring in-house tech talent involves a lot of responsibility, monetary and otherwise. Once hired, you need to pay a fixed sum to them as salaries, irrespective of the number of projects they work on. This, along with extensive onboarding and other commitments, increases the financial burden shouldered by an organization. This is a major fear factor in India when it comes to hiring tech talent.
The best way to overcome this fear is by hiring IT professionals on a contract basis. When a professional is hired for a specific project, they are paid precisely for the time they spend and the tasks they complete. Moreover, this prevents you from living with the fear of establishing a prolonged relationship with an employee if you find their work unsatisfactory.
TechGraph: What are the new trends in the IT sector?
Chitiz Agarwal: Despite the industry going through a tough time, the global IT sector is welcoming a host of new trends. You must be living under a rock to be ignorant about the wave ChatGPT created within a couple of months! Artificial intelligence and machine learning are seeping into the mainstream, allowing laymen to simplify their tasks and conserve their efforts.
Other noteworthy trends in the IT sector include the increasing prominence of Big Data management (which goes hand-in-hand with AI and ML), cloud computing, AR/VR finding mainstream applications, intelligent data analytics, and much more. In terms of managing workspaces, more and more organizations are switching to the hybrid model to provide their employees with much-needed flexibility. You never know, a new IT trend might as well be in the making as I give this answer!
TechGraph: What is your view on the role of technology in redefining the IT sector amid the outbreak of layoffs?
Chitiz Agarwal: Technology has turned the world into a global village. It has brought people together and facilitated seamless connections across the globe. The same virtue of technology will play a major role in redefining the IT sector amid the outbreak of layoffs. Deserving IT aspirants are flocking the job portals and social networking platforms on the internet in search of jobs. It is the technology that allows such candidates to explore job opportunities and connect with the right recruiters.
Moreover, modern technology has motivated IT professionals to upskill themselves and become well-versed in domains like AI, ML, AR, VR, Blockchain, Cloud Computing, DevOps, and many more to increase their chances of getting hired again and securing better jobs.
TechGraph: Do you have any expansion plans?
Chitiz Agarwal: Expanding your business into multiple locations across India can be a great way to reach a wider audience and increase your customer base hence, the expansion plan is to unlock offices in multiple locations, extend our reach and cater to all tiers of the country.