Puniti Pandey | Posted August 04, 2023 10:24 AM
Recent study from a survey conducted by NLB Services for Q1FY24 highlights IT giant's dull pattern of hiring in the sector. As per the study some of the industries going bullish in hiring include automotive, BFSI, manufacturing and healthcare. On the other hand, the IT industry is undergoing a rather muted hiring phase owing to macroeconomic conditions, geopolitical situations and an impending recession. The only silver lining is for fresh Engineering graduates with special skills and knowledge of new-age technology.
“In FY23, hiring for white-collar roles across sectors saw almost 15-20% growth. A few industries such as IT/ITeS are in the wait-and-watch situation for talent acquisition, which is reflected in their muted hiring. However, with the rise of tech-powered skill domains, the demand for technical professionals has been notable across other non-tech industries such as BFSI, retail, FMCG, etc,” says Sachin Alug, CEO, NLB Services.
Emphasising the need to upskill in the new-age courses that are in demand today, Alug says, “The progression from degree-oriented hiring to skill-focused hiring does bring advantages for professionals who are adept at emerging technologies and are continually upskilling themselves to match up to the changing dynamics of the business landscape.”
A report by the Ministry of Electronics and Information Technology (MEITy) on ‘India’s trillion-dollar digital opportunity’, says India is poised to be a trillion-dollar digital economy and could support 60 to 65 million digitally enabled jobs by 2025-26. Also, NASSCOM suggests that the projected requirement of manpower by the Indian IT industry by the year 2026 would be around 95 lakh. To maintain this growth momentum in the IT sector, there is a crucial need to skill people in key digital technologies such as cloud computing, AI, big data analytics and IoT etc.
Emphasising on the need to focus on developing specialised skills to stay competitive in the evolving job market, Sumit Kumar, chief business officer, TeamLease Degree Apprenticeship, notes that professionals with special skill sets are being hired more than those without many skills, particularly in Mid- and Senior-level positions in the services and manufacturing sectors. “There is a decline in hiring for Entry-level and Junior-level positions, possibly due to economic uncertainties. Blue-collar job hiring decreased by 6% as automation and robotics reduced the demand for manual labour.”
As per the Global Talent Crunch Report, the world will face a severe shortage of manpower in the coming years. India, on the other hand, will have a surplus of them, notes Sanjiv Mehta, advisor and head, Program Development, IBM Innovation Center for Education, ISA Expert Labs, University Initiative, IBM India Pvt Ltd. “Our country, therefore, can use this as an opportunity and take the responsibility to ‘right skill’ the new generation to fill this gap at the global level. Training the students in not-so-productive sectors is not going to yield any fruitful outcome. Rather the youth should be educated and skilled in jobs that are going to be in demand in the future,” says Mehta.
Universities need to step up
“Universities should map the requirements of the growing demands and should train the professionals accordingly. While the government is undertaking enough measures and is introducing policies to prepare job ready and skilled professionals, a lot needs to be done to speed up the process. The policies and initiatives to prepare skilled professionals are in correct framework, however, the speed and momentum of implementing these initiatives is lacking. There is a need for industries to step up and collaborate with universities to create professionals as per the growing demands. These professionals will then be easily absorbed in the job sector,” adds Mehta.
Hiring in the IT sector in India and across the globe is getting increasingly competitive. “Fresh graduates entering into the job market will face cutthroat competition. Thus, students must invest extra hours to enhance their skills besides pursuing their college degrees. Instead of following an archaic and outdated curriculum, the universities must revamp their course structure. Attempts should be made to address the skill gap in the universities, while efforts should also be made to create skilled teachers who have enough knowledge to train students in the new age courses. Professionals skilled in the new age courses are in demand today and are chosen over those who have vanilla degrees,” adds Mehta.