With rapid adoption of emerging technologies, the Information Technology and Business Process Management (IT-BPM) industry is expected to generate about 3 lakh jobs this fiscal year, according to a report. The IT-BPM workforce is on the trajectory to grow 7 per cent in FY23, with the overall headcount increasing from 5.1 million to 5.45 million (close to 3 lakh jobs being created), the report by TeamLease Digital, the specialised staffing division of TeamLease Services said. The 'Digital Employment Outlook Report for H1-2023' highlighted that the demand for digital skills will grow 8.4 per cent by the end of this fiscal year.
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Fresher hiring sentiment is highest in India, with 17 per cent employers keen on recruiting fresh graduates in the July to December 2021 period against 6 per cent globally. According to the Career Outlook Report by TeamLease EdTech, conducted across 18 sectors and 14 cities, the hiring sentiment in the country has registered a 2 percentage point increase over the February-April 2021 period. In terms of sectors, those that have been able to withstand the impact of the pandemic and witnessed a stronger hiring sentiment are information technology (31 per cent), telecommunication (25 per cent) and technology start-ups (25 per cent).
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
'Students of Tier-II and Tier III engineering colleges in the south may find 2023 to be one of the toughest years for getting jobs.'
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
'The China opportunity, the digital opportunity and the end of geography opportunity are the three pieces of luck India got due to Covid.'
Mark Zuckerberg, founder and CEO of Meta, summed it up well as he explained the reason for the company sacking 13 per cent of its employees. He said no one predicted that the boom for digital services during the Covid pandemic would die out. "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.
While salary growth may range from a marginally positive to stagnant or even negative, the increment for some of the "super-specialised" profiles can go beyond 15%.
'We are anticipating that the hiring trend will continue to see double-digit growth at least for the current financial year.'
'If the FYUP is making the child employable, then we will have to ensure that learning on the job is integrated.' 'And also ensure that by the time they end FYUP they are completely employable.'
From cloud computing to people analytics, most lucrative future jobs will be dominated by people with digital skills and expertise, explains Sarita Digumarti, chief learning officer, UNext Learning.
Siva Prasad Nanduri, chief business officer, TeamLease Digital, outlines the skills that will help you get a job in 2023.
This year the sector expected to witness a 14-16 per cent growth in recruitment.
'It's a big technology company and may offer good remuneration, but stability in my career is equally important to me.'
As enterprises halt ongoing projects or cancel them, all staffers working on such projects are placed on the bench. In some cases, IT firms have to reduce billable staffers in a project as clients ask for scaling down support, leading to rise in reserved employees.
The first step to keeping your job safe, experts tell Rediff.com's Divya Nair, is understanding why layoffs happen.
'It is important that students not focus on the remuneration that the job fetches in the first year, but look at the next 5 year journey with that job role.'
Last year, it was not just the economy that slowed hiring. Employers were also unable to complete the verification process because of the lockdowns, resulting in delays in hiring and an increase in discrepancies between an employee's professed abilities and the reality. The experience is driving many companies to automation. In a recent EY survey, 56 per cent of the companies said they'd automated their processes, while 72 per cent felt technology could be leveraged to digitise employee records.
Fresher hiring is expected to more than double compared to last year.
India Inc has weathered many a storm during Covid-19: from supply chain disruptions to demand dips, steep increase in input costs to shortage of key raw materials. As most companies navigated unprecedented challenges on multiple fronts, realisation dawned also about the criticality of employee welfare in the survival of the business. And it was the human resources (HR) department that faced the greatest test on this front.
From Accenture to IBM, IT hiring is set to gain pace where most of these openings are for lateral hiring for people with 4-6 years of experience.
Global companies, e-commerce platforms and software product firms all want skilled digital workers.
Nearly 20 lakh jobs will be up for grabs for those having skill such as IoT, mobility solutions, telecom infrastructure, network architectures, sales among others.
Indian start-ups and software product companies are trying to attract engineers and programmers who are either stranded in India because of the lockdown or H-1B visa holders who have been laid off.
According to experts in human resources, even joining of new graduates is likely to be staggered as companies are expected to onboard staffers after gauging the demand scenario.
Many firms have asked those joining on April 1 to delay their on-boarding by 2-3 months. The outlook for the airline, tourism, hotel, and media industries is bleak too.
Adapting to the new hybrid normal of remote and office work, cautiously optimistic corporate are looking to hire more people and provide better appraisals in the new year as they step out of the pandemic-ravaged 2020. The coronavirus pandemic emerged as the biggest inflection point for the Indian job landscape. For the corporates, work-from-home and remote workers became the new normal and for the professionals, online learning and digital skills took centrestage.
HR experts estimate that up to 70 per cent companies in the manufacturing and services space including sectors like auto components, edutech and construction equipment are looking to restore the salary cuts over the next couple of months.
NITI Aayog recommendations cite the need for greater industry-academia collaboration to meet skill demand
'Online teaching requires a new set of skills to be acquired by the teacher.' 'These skills are not like foot sizes or height which can't be improved, but are like muscles which can be developed with some practice.'
Rituparna Chakraborty, co-founder and EVP, TeamLease Services explains which sectors will contribute to India's growth story.
While there has been an improvement in the overall demand environment, the other reason expected to trigger this growth is the absence of a bench strength in most companies
Indian IT major HCL Technologies will provide training for three months to 100 students each in its Lucknow and Madurai campuses.
Or it could lose you one, says Samali Basu Guha.
According to draft Code on Social Security, 2019, gig and platform workers will be entitled to life and disability cover, health and maternity benefits, among others.
