According to a report, with the rapid adoption of emerging technologies, the Information Technology and Business Process Management (IT-BPM) industry is expected to create around 3 lakh jobs in this financial year.
The IT-BPM workforce is on track to grow 7 percent in FY13, with the total workforce growing from 5.1 million to 5.45 million (creating nearly 3 lakh jobs), reports TeamLease Digital, the specialized staffing division of TeamLease Services. Told.
The Digital Employment Outlook report for H1-2023 states that the demand for digital skills will grow by 8.4 percent by the end of this financial year.
The report is based on a survey that interviewed over 100 employers and gathered information from engineering colleges in 500 cities.
In addition, the report revealed that the demand for contract workers will also increase mainly due to increased investment in the sector and rapid adoption of technology by enterprises.
The report said that the contract staffing headcount is expected to grow by 21 percent, with IT services companies, Global Capability Center (GCC), and product development companies currently being the top contract staffing consumers, contributing more than 70 percent of the trend. Huh.
“The IT-BPM industry continues to be a sunshine industry in India, being the largest employer in the private sector, employing approximately 3.9 million people, and contributing to over 8 percent of GDP. Here’s our industry , has a 55 percent share of the global outsourcing market,” said Sunil C, Chief Operating Officer, TeamLease Digital.
He added that with more companies focusing on rapid adoption of emerging technologies, the coming quarters are witnessing a strong jump in demand for technical talent, especially in IT-BPM.
As job opportunities increase, and companies look for talent with specialized digital skills (reflected in an 8.4 percent increase in demand for digital skills), candidates are also upskilling themselves, Sunil said.
Incidentally, 1.5 lakh professionals have recently upgraded themselves in digital-related technologies, he said.
“Overall we also estimate that India’s technology employment will increase from five million to one crore in the next few years,” he said.
Sunil pointed out that with work-from-home routes increasing and more non-metro locations becoming popular for digital skills, companies are hiring people instead of candidates migrating to cities in search of jobs.
“For example, Thiruvananthapuram, Coimbatore, Cochin, Chandigarh and Ahmedabad are building digital skills due to the strong presence of large scale players, product companies, GICs and startups.” Not only that, he said, at least 20 per cent of the digital talent employed in Tier 1 cities are currently in emerging locations due to continuing work-from-home (WFH).
“Moreover, recruitment of engineering graduates is also seeing momentum from emerging places, but there is still untapped potential. Only 33 per cent of engineering graduates (4,95,000 out of 1.5 million) are being hired and 35 per cent of engineering graduates are being hired. The percentage of graduates is emerging in the top 500 cities,” Sunil said.
However, initiatives like degree apprenticeship and faster implementation of NEP will help make students more employable, he said.
According to the report, India’s IT-BPM attrition from the job landing perspective remains at a high level and this jump is expected to continue over the next quarters.
In FY23, contract staffing attrition is likely to increase from 49 per cent to 50-55 per cent.
However, on the bright side, gender parity is improving as industry leaders continue to pursue contractual gender diversity in digital skills. In FY22, gender parity stood at 20 per cent which is expected to increase to 25 per cent in FY23.
“Over the past 10 years, more IT-BPM companies are aligning to improve gender equality in the workforce. Today, the emphasis is not only on diversity but also on inclusion. In fact, performance indicators show (up to 61 per cent) that diversity and inclusion have enhanced business performance,” Sunil said.