A major public sector bank recently said it is gearing up to be a major IT-driven powerhouse. A few days before that, Dabur became India’s first FMCG firm to complete cloud migration. Early this year, Boeing declared it would open its new and second-largest campus outside its global headquarters in Virginia, at Aerospace Park in Bengaluru.
Most companies in India today, in whichever sphere they operate, are beefing up their IT capabilities. Banks have been compelled to do so as customers prefer transactions on the app or online.
All of this is creating abundant work opportunities for software professionals especially at a time when the IT service sector is faces an uncertain global environment. Unlike in the past, the majority of tech-related openings, posted across job sites today, are from non-tech companies.
Prasadh M S, Head-workforce research, Xpheno, told FE there are currently a little under 90,000 active tech job openings across the country across tech and non-tech sectors. “About two-thirds of this is from the non-tech sector,” Prasadh observed.
Varun Sachdeva, SVP and APAC Head, NLB Services observed his firm was now on-boarding about 55 to 60% of professionals on the non-tech side.” Earlier we used to see 75 – 80% tech hiring for IT firms, Sachdeva said adding there has been a distinct shift in the last nine months. NLB on-boards about 1,000-1,200 professionals a month of which about 50% are for non-tech sectors. Demand for tech talent in non-tech firms is expected to grow by 9-10% in FY24 estimates Gaurav Vasu, founder, UnearthInsight. “Salaries are growing by 12-14% in these firms. IT companies are likely to wage hikes and external hiring slow down to 6-7% & 10-15% respectively,” Vasu told FE.
UnearthInsight estimates the demand for tech talent in non-tech companies will grow to one million by FY25-26 from its current level of about 8.4 lakh. Vasu believes BFSI, telecom, media and PSUs, would continue to drive demand for professionals familiar with java full stack, cyber-security and data science as also other skills. Sachdeva feels there will be good demand from the telecom sector, at least for the next five years, given the 5G rollout.
Munira Loliwala, AVP strategy and growth, TeamLease Digital, points out the lower levels of the pyramid are receiving more attention these days for roles such as team-leaders. Non-tech companies are supplementing such recruitment with that of entry-level employees which accounts for about 21-25% of the total hiring.
India’s IT industry today employs close to 5.5 million employees. As per a recent report from talent solutions provider Careernet, the emerging EV sector is set to create 5 million direct jobs and 30 million indirect jobs, for technology professionals, by 2030.
Experts note that the increased hiring of tech professionals by non-IT companies has democratised job opportunities. Earlier, graduates from the mechanical, electrical engineering and civil engineering paces were the most popular catchment streams for non-tech companies. Today, there is a greater demand for electrical and electronics engineers. A post-graduate degree in IT or mathematics can be useful for the roles of data scientists, who are in big demand these days.
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Given how non-IT companies are geographically spread across the country and not located in Tier-1 cities alone, opportunities are available in Tier 2–3 towns.
Sachdeva confirmed the demand for IT professionals from hotel chains had jumped by 40% over last year. “Businesses like MakeMyTrip or Ibibo or other technology-based enterprises are also looking for IT talent, “he explained. Loliwala added that today a home products company uses AR/VR technology to offer virtual try-ons that allow customers to explore a variety of consumable products.
FMCG companies are leveraging AI and data to create unique customer experiences, forecast sales trends, automate inventory management and predict the risks of losing customers. With virtual showrooms and virtual test drives, automotive companies are building immersive experiences that allow customers to interact with their products, especially features and capabilities that save time, money, and multiple physical test drives, added Loliwala. FE