Jobs In Indian IT Industry To Bounce Back Soon
Layoffs have made itself commonplace today in IT industry than any others, as a result of which gloomy clouds are hovering over the industry which once was a coveted destination and a job generator for many. With an impact so huge that IT services biggies went in for a spate of layoffs larger than the global economic downturn of 2008, employees are just breathing the air half in speculation of the dreaded notice in pink.
However, since every dark cloud is rimmed silver, there are rooms in the industry which looks promising and opens up new grounds where digitization and automation will create newer career choices for IT professionals.
Coming over the horizon is a new wave of opportunity related to the use of robotics, machine learning, and AI. Companies that deploy automation technologies can realize substantial performance gains and take the lead in their industries, even as their efforts contribute to economy-level increases in productivity, asserts McKinsey.
New Job Roles:
Digital economy training company Simplilearn highlights that “digital domains such as Big Data, Artificial Intelligence, Internet of Things (IOT), Cloud Computing and Cyber Security” are the new job roles that will dominate the IT workforce.
Roles such as Data Analyst and Project Manager will continue to be in demand but the skills required to perform these roles will witness a shift, the study noted.
There are reports which suggest that analytics jobs have nearly doubled in the past one year and the demand for big data analytics jobs will continue to rise in the coming quarters.
The Analytics and Data Science India Jobs Study 2017 by Analytics India Magazine & Edvancer, one of India’s top online analytics training institute, suggests that the number of analytics jobs have increased nearly 100 percent in the past one year from April 2016 to April 2017, with close to 50,000 positions related to analytics currently available to be filled in India. This increase is at nearly twice the rate in the previous year and suggests increased momentum in hiring in analytics and data science in India.
It also brings out the fact that India currently contributes to 12 percent of all worldwide analytics and data science job openings, making it the largest analytics hub in the world, outside the US. Amazon, Citi, HCL, Goldman Sachs and IBM stand out to be the leading organizations with the most number of analytics openings this year.
IT job roles such as Software Test Engineer (in Manual Testing), System Engineer (in Infrastructure Management), Customer Service Executive (in BPOs) and Server Maintenance (in System Maintenance), are expected to massively decline over the next five years, said Simplilearn.
New IT jobs such as Machine Learning Engineer, AI Architect, IOT Architect and Data Scientist will be in demand in the field of Artificial Intelligence and IOT. While Cloud Engineer, DevOps Engineer, Azure/AWS Consultant and Cloud/Azure Architect are new positions that will be in demand in the field of Cloud Computing. In the field of Cyber Security, jobs like Security Auditor, Information Security Manager, and Cyber Security Architect are likely to gain prominence.
“The IT industry is seeing the impact of two major trends - one, that of AI and machine learning. And second, that of legacy skill-sets going out of date. While there is a risk to jobs due to these trends, the good news is that a huge number of new jobs are getting created as well. It is clearly a time of career pivot for IT professionals, to make sure they are where the growth is,” Kashyap Dalal, Chief Business Officer of Simplilearn.
Reskilling and Up-skilling is the way ahead
To stay relevant in their careers professionals should embark on re-skilling and up-skilling themselves. Also, corporates are re-skilling their workforce to walk further into the new era of digitization and automation.
At present, a huge chunk of the workforce does not possess the requisite skills to fit the bill. The Indian economy has shown enormous growth potential and as a result, entrepreneurship in India has grown rapidly after 2010. However, the looming skill gap is a major roadblock for India’s growth.
More than half of new employees recruited in local labor markets do not have the requisite job skills. Only 40 percent have the right skill sets. The Indian executives surveyed believe that much of the nation’s current higher education system fails to meet the needs of students, industry, and society states an IBM study.
However, multinational IT consulting firm Capgemini is said to hire over 20, 000 workers in India this year, as it moves towards automation. The company which presently houses about 100,000 workers in India, has also reportedly re-skilled about 45,000 of its employees until May this year.
IT industry body National Association of Software and Services Companies (Nasscom) called the estimated number (56,000) of layoffs by IT companies as grossly exaggerated. It also said that the sector is looking at $350 billion of exports by 2025 and is a net creator of jobs. (Click here to read more)
Though the current layoffs have resulted in a mid-life crisis for those who have been asked to leave and are finding it increasingly difficult to land a new job, even with a salary haircut as the domain they specialized in becomes obsolete. At the same time, to cope with this situation, Indian technology firms may resort to more strategic investments, acquisition, and skill training in the next 12-18 months, believe experts.
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