November 6, 2014
Visa is setting up a new centre in India for which it would hire 1000 techies next year. The objective is to start development on APIs and SDKs in order to help partner firms gain easier access to VisaNet. Visa is also looking to add more talent at its centers in Texas, San Francisco and Singapore. The company will also add more numbers to its support teams for data centers in Virginia and Colorado. Visa also recently opened an innovation centre in San Francisco dubbed One Market. This new innovation hub has been developed to enable Visa technologists and clients to work in a single collaborative environment.
While tech giants and start-ups have tried hard to keep up with the pace of evolution, it has presented new challenges to the companies in this space. One of the biggest challenges has been the availability of skilled talent. The industry requires specific skill sets to combat the known and the unforeseen challenges because of the dynamic nature of the industry.
Companies are finding it tough to search for, hire and retain talent in the industry. Filling up certain profiles is taking up to months of candidate hunting. For example, Amazon is making expansions into prominent target nations and is busy looking for talent to expand its business.
Look at what industry participants and academicians are saying about the talent shortage:
There is a shortage of mid-skilled jobs- high skill jobs have grown by 7% and low skill grew by 3% and mid skill jobs decreased by 8% - Bill Clerico, Co-Founder & CEO –WePay
Skilled professionals, who have direct hands-on experience in niche areas such as mobile payments, are often in very limited supply and may not be readily accessible to the Organizations that seek them – Ema Partners International
The talent related problems in the Industry don’t just end here. There is also a paradigm shift in terms of the types of skills which are relevant today and those which will be required in the future. There is an increasing demand of new skills coming up that didn’t exist 5 years back. Consider skills such as big data analytics, modeling/forecast building, digital marketing and mobile app development.
When there is a demand-supply gap in any industry, you fill the positions by hiring from other industries. In the payments industry, the biggest gap is in technology skills. However the issue is that there is a war on tech talent going on with multiple industries trying to hire the same PHP experts and Java coders. In fact, if there is an influx of tech talent from Payments, there is a bigger outflow of talent to the tech players such as Google, Apple, Amazon and others who are building products in the payments space.
One of the things you can do as a company to tackle the talent shortage problem is to look at resources outside the country. India as well as several Asian and Eastern European countries have good technology talent pool. In this globalization era Visa seems to be doing the right thing.
We are conducting a comprehensive study on the talent pool across the US. It will finally culminate into heat maps and other meaningful data points for you. According to our study, California along with New York and Texas have the largest talent pools. The skills we have focused on in our study are Technology and Coding skills, Analytics skills and Program/Project Management resources. Our study will be released later this week; it will be available for pre-orders to our newsletter subscribers this week and to all the other readers early next week. In the future, we will also be releasing similar study for other countries such as UK, Spain, Germany, Australia, India, Singapore and China.