Competition among local ICT firms to recruit and retain limited talent intensifies

With an estimated 10 percent of Sri Lanka’s information and communication technology (ICT) professionals leaving the country for overseas job opportunities, the competition among the country’s ICT firms to recruit and retain the limited talent has been intensified.

According to Computer Society of Sri Lanka (CSSL) President Damith Hettihewa, about 10,000, out of 100,000 professionals directly employed in the ICT sector, have already migrated overseas since the country plunged into an economic crisis.

Internally, the ICT firms are experiencing around 20-25 percent reduction in their cadre, which is partly due to the growing competition internally, within the industry, to secure the limited number of ICT professionals in the country.
“Some ICT professionals leave their firms behind for other companies within the country that offer better prospects,” he added. 

Some ICT companies working for overseas markets are offering the staff with foreign currency-pegged salaries, which has become an attractive option for employees, given that the rupee has depreciated about 80 percent against the US dollar. 

Hettihewa noted the uncertainty created by the economic crisis and taxes as the main drivers behind the brain drain. The ICT sector is estimated to have generated US $ 1.7 billion in foreign exchange earnings this year.

Prior to the crisis, the CSSL was formulating a strategy for the ICT sector to achieve US $ 5 billion in forex earnings by 2025.  Before that, the country was targeting to earn US $ 3 billion from ICT exports, with 300,000 ICT professionals.