Tech Talent Demand Rises to Pre-COVID Levels
Let Us Look At Some Stats:
- India’s unemployment rate skyrocketed to a staggering 27.1%.
- An estimated 12.2 crore people lost their jobs.
- An estimated 6 crore Indians out of 60 crores who go to work (or one in 10) are at the risk of losing their jobs.
- 32 percent of IT leaders saw a temporary freeze on all new hires and 8 percent thought to reduce team size.
- Two-thirds of firm-level apprenticeships and three-quarters of internships completely interrupted.
Though quite distressing, it shows the scenario in India when the lockdown was imposed in March 2020 due to the COVID-19 pandemic. Every industrial sector, be it hospitality, aviation, entertainment, information technology, education, retail, or manufacturing, was hard hit and had to incur huge losses in that unforeseen circumstance. When the lockdown was lifted, businesses slowly started their operations but the demand for different products and services was far lower than pre-pandemic time. Senior executives had to change their approach and strategies so as to maintain their business continuity.
But, all hope is not lost as the government remained proactive in initiating the COVID-19 recovery process. The Centre for Monitoring Indian Economy revealed that India’s unemployment rate eased to 6.98 percent in October 2020. As the economy continues to recover from lockdown-related losses, jobs are gradually returning in the country. Quess Corporation, believed to be India’s largest private-sector employer that offers staffing services to various companies, is witnessing a rebound in the employment market. Additionally, around 90 percent of the organizations that had job cuts are now switching back to pre-pandemic level salaries.
Contrary to other sectors, a handful of industries saw an increase in hiring during the pandemic, like the eLearning segment, public safety, and corporate services. Across business segments, increased demand for niche job skills was observed that required specialized certifications. Some of these job roles include web developers, cloud practitioners, information security experts, data scientists, machine learning engineers, and AI specialists. This trend led professionals to take up courses like cloud computing training, PMP certification training, ITIL course and achieve industry-recognized certifications.
The COVID-19 pandemic led to faster adoption of new-age digital technologies and, as a result, we are now seeing the demand for technology skills rise by around 20 percent compared to pre-COVID numbers. New projects and expansion of existing contracts are driving companies to restart hiring at various levels. Further, the digital transformation initiatives and programs that were planned for the next three to five years have been contracted to one year. Evidently, automation of processes is increasing and the demand for cloud skills and other digital skills has surged.
It is now safe to say that tech professionals have become a crucial asset amid the COVID-19 crisis. Domains like artificial intelligence, blockchain, deep learning, and data analytics would continue to develop at a steady pace. A recent study showed that open jobs for analytics professionals had the highest proportion at 33.7 percent, machine learning at 20.4 percent, cybersecurity at 15.4 percent, and cloud computing at 10.4 percent.
The Indian economy is witnessing an evolving paradigm change in business. Governments and enterprises alike are seeking alternative methods of transactions and executions. Companies have now realized that they can source the best talent from anywhere in the world as long as good internet connectivity is in place. When we look at its long-term implications, this new way of working can ensure the well-being, productivity, and equality for both employers and employees. So, it’s time to embrace the technological advancements and leverage their foundational aspects to change how we approach jobs and careers.
To sum up, professionals need to develop digital skills if they want to adapt and thrive in a post-COVID world. Not only at an individual level, but companies too need to focus on reskilling and upskilling programs to train their existing employees and prepare them for the future of work. They can partner with edtech players to offer high-quality courses on AI, Internet of Things (IoT), 3D printing, augmented reality, data analytics, and other important technologies. This way, they can drive more opportunities and build a more future-proof workforce.
