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‘Freshers Have A Better Chance In The IT Sector’
According to a recent report by the labour ministry, hiring prospects have hit an eight-year low and experts are hopeful for the upcoming goods and services tax to revive the employment sector in future
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According to a recent report by the labour ministry, hiring prospects have hit an eight-year low and experts are hopeful for the upcoming goods and services tax to revive the employment sector in future. The information technology (IT) sector is touching its saturation point and the skilled professionals need to start looking to other sectors as well.
The recent layoffs in India’s leading technology companies are increasing and the focus has shifted to new technologies, including artificial intelligence and robotics, among others.
Santanu Paul, CEO and co-founder of TalentSprint, a skill development company, told BW Businessworld, “Rising protectionism can be of great help to the Indian start-up ecosystem. The IT professionals being laid-off will look forward to other sectors like banking and financial services. Lesser revenue is hurting the IT sector. They are looking for multi-tasking employees. So, freshers with a lot of skills have a better chance of being hired.”
Changes in business models, rising protectionism in the US, the UK, Australia, and Singapore will lead to more separations at mid management and senior levels, leading to a paradigm shift in the manner in which employees are hired and fired. Colleges have reported subdued hiring. India has just created 231,000 jobs in 2016.
India adds nearly 10 million new professionals into the existing workforce annually, Paul said.
TalentSprint has been contracted by National Skill Development Corporation to skill and empower one million young job seekers to pursue careers in information technology, banking and financial services, and education.
“We are focusing on the freshers looking for jobs, instead of professionals who have been fired by the companies. There are 1.5 million graduates coming out in the industry and the number will increase even more in the next 5-10 years. The layoff process has been forced due to cost cutting. Seniors are being laid off and freshers are being hired to complete the task with more energy at a lower price,” Paul added.
Universities carry out research at their own level. The government needs to push more funding into research to bring out innovative ideas. Industry and universities need to bridge the gap between demand and supply of professionals.