NEW DELHI: The apex body of Indian software and services companies National Association of Software and Services Companies (NASSCOM) has released a report new report titled 'Sweden a key driver of Nordic ICT growth'. According to the report, Sweden and other Nordic countries can emerge as the next IT hub for India's IT-BPM sector.
Along with having a higher GDP growth compared to the European Union average, the Nordic countries consistently rank among the most business-friendly nations in the world, says the report. These countries are also ranked second in innovation globally. With the highest GDP of $550 billion among all Nordic nations, Sweden can be a potential destination for Indian IT companies. The country is also home to some big technology names like Truecaller, Candy Crush, Skype and Spotify.
24 technology companies losing top talent at an 'alarming rate'
24 technology companies losing top talent at an 'alarming rate'
There are countless opportunities in the world of technology, but not all tech companies are created equal when it comes to retaining top talent. Job site Paysa recently released a report breaking down which tech companies were able to recruit and retain the best employees from April 2016 to April 2017, and which struggled to keep the best employees on board. Paysa tracks employee movements with its CompanyRank machine learning technology, which analyzes nearly 7.45 million points of data including resumes, job postings, and social activity across the past 15 years from 198,000 companies. An employer's CompanyRank score improves whenever someone joins the company from another top-ranked company and declines as employees leave and the company repopulates with talent from lower-ranked companies. Here are the 24 companies that saw their rankings slide the most drastically this year:
Coursera is a education technology company that was founded in 2012. 2017 ranking: 201 Percentage decrease since last year: 175%
Founded in 2008, Groupon is an e-commerce marketplace. 2017 ranking: 143 Percentage decrease since last year: 127%
SolarCity is a solar energy company that was founded in 2006. 2017 ranking: 188 Percentage decrease since last year: 121%
Founded in 2013, Zenefits is a cloud-based software company. 2017 ranking: 210 Percentage decrease since last year: 114%
Nest Labs is a home automation company that was founded in 2010. 2017 ranking: 45 Percentage decrease since last year: 88%
Dropbox is a file hosting service that was founded in 2007. 2017 ranking: 13 Percentage decrease since last year: 86%
Founded in 2002, GoPro is a tech company that focuses on action cameras. 2017 ranking: 84 Percentage decrease since last year: 79%
Founded in 2008, Wealthfront is an automated investment service. 2017 ranking: 122 Percentage decrease since last year: 77%
Credit Karma is a financial management platform and was founded in 2007. 2017 ranking: 38 Percentage decrease since last year: 73%
Epsilon is a branch of marketing service company Alliance Data Systems Corporation, which was founded in 1996 2017 ranking: 141 Percentage decrease since last year: 72%
Founded in 1968, Intel is a technology company. 2017 ranking: 108 Percentage decrease since last year: 66%
Slalom Consulting is technology consulting firm that was founded in 2001. 2017 ranking: 74 Percentage decrease since last year: 61%
Founded in 2001, Expedia is a travel website. 2017 ranking: 80 Percentage decrease since last year: 60%
Here is a data mapping company that was founded in 1985. 2017 ranking: 66 Percentage decrease since last year: 54%
Optum is a business that operates through UnitedHealth Group, which was founded in 1977. 2017 ranking: 132 Percentage decrease since last year: 54%
Founded in 1985, Qualcomm is a telecommunications company. 2017 ranking: 94 Percentage decrease since last year: 47%
Founded in 1998, Google is a technology company. 2017 ranking: 3 Percentage decrease since last year: 50%
Square is a financial services company that was founded in 2009. 2017 ranking: 16 Percentage decrease since last year: 47%
Bloomberg is a financial and media company that was founded in 1981. 2017 ranking: 88 Percentage decrease since last year: 44%
Founded in 2006, Twitter is a social networking platform. 2017 ranking: 34 Percentage decrease since last year: 36%
Founded in 2005, Palo Alto Networks is a network security company. 2017 ranking: 17 Percentage decrease since last year: 42%
Veritas is a data management company that was founded as Tolerant Systems in 1983 and rebranded in 2016. 2017 ranking: 43 Percentage decrease since last year: 38%
PayPal is an online payments system that was founded in 1998. 2017 ranking: 85 Percentage decrease since last year: 44%
Founded in 2008, New Relic is a software analytics company. 2017 ranking: 138 Percentage decrease since last year: 44%
In the report, Sweden has been identified as the country with 40% ($23 billion in 2016-17) of the total share of the Nordic IT spend. Just like Indian markets, the central market trend reflected in Sweden is the drive for digitisation. The country is fuelled by increased demand for IT and digitization across all other industries.
The fast technology development and Sweden's strong technological tradition is claiming to create new global success stories in many industries. Sweden currently has a 150% smart device penetration, which is among the highest in Europe with 14.6 million devices.
The report also mentions that with the strong underlying economic development, Sweden is witnessing the adoption of new delivery models, such as cloud computing and offshore delivery. This is in congruence with IT industry, where adoption of new technologies is disrupting the IT space. With most Swedish firms embracing cloud computing at a rapid pace, a growing need for skills in the field is also on the rise. Another technology that is increasingly penetrating the Swedish markets is the Internet of Things (IoT) market in the vehicle, health, banking and logistics space. The report indicated that Sweden has a strong presence in the manufacturing sub-sectors where there are varied opportunities to develop innovative products like connected cars and digital locks.
In terms of IT consultant market, the report predicts that with an increasing demand for expertise, the trend of increased sourcing will continue as the value of the consulting market is expected to grow by 3.6% to a total value of $6.65 billion by 2017.
The report states that the country has a straightforward system for business startups, limited liability for companies and no Swedish partner needed to start a business. Business in Sweden also is a probable option because the country is one of the world's most knowledge-intensive economies, with wage levels that are extremely cost-effective for skilled employees and a competitive corporate tax rate of 22%.
Swedish organizations are also still seeking to increase their exposure to low-cost nearshore and offshore resources. In addition to offering benefits through labour arbitrage, an increasingly important element of global delivery is providing access to global talent pools for areas in which these skills are required.
Commenting on the report, R Chandrashekhar, president, NASSCOM said, "India and Sweden's IT ecosystem have a mutual affinity for each other - with both the countries are at the threshold of digitisation, opening multiple opportunities for the countries to collaborate. This report will provide an impetus for IT employees and companies to broaden their horizons and opens its doors to new markets."
Vineet Garg, BU Head ICT at Business Sweden, said "Sweden has always been at the forefront of innovation and technology adoption. We have seen a strong growth in interest from Indian IT services companies who want to establish and grow in Sweden to tap the Nordic market. Access to talent, rather than cost, is a key concern for CXOs and Indian players having the relevant competence are well placed to capitalize on this opportunity."
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