Connect with us

Headlines of the Day

Foreign investors bet on Indian IT sector despite gloomy outlook

Most reputable engineering institutions have had it easy for long. With a sprinkling of large IT services companies hiring in bulk, the majority of students in every batch managed to secure placements within the first few weeks of campus recruitment. More importantly, the promise of global exposure and cutting-edge work in these companies lured waves of students from across disciplines of study – civil, mechanical, metallurgy, plastics and ceramics, biotechnology, printing, geology, and so on. For placement officers, the real effort to place students was limited to a small cohort of students. It was a buyer’s market.

Now, with continued weakness in discretionary spending, dipping attrition, surging employee utilisation, and growing adoption of automation and AI to drive up productivity, net new hiring across large IT companies has been in a free fall. This has led to headlines screaming about massive dips in headcount, record lows in net staff addition, and mounting uncertainty for fresh graduates. It’s clearly a seller’s market today.

What does this mean for engineering graduates of the class of 2024? How can they bloom amidst the gloom? As someone who has watched this industry evolve from both sides – industry and academia, I am tempted to make a few suggestions.

Mine Market Intelligence On Who’s Hiring, Who’s Not
Despite some large IT recruiters going slow, all hell has not broken loose. Many others – mid-sized companies, product and platform companies, Global Captive Centres (GCCs), born-digital companies, startups and IT departments of Indian corporations – are continuing to hire, some in large numbers. It’s important to get granular intelligence on who’s hiring and who’s not.

While GCCs of financial services companies continue to lead the way in hiring, companies across manufacturing, defence, pharma, biotech, medical devices, media and entertainment, and Internet sectors – transitioning from inception to growth – are driving more broad-based hiring.

It is estimated that the more than 1,500 GCCs in India will hire over 300,000 professionals this year, a sizeable share of them from campuses. A quick company and sub-industry analysis of the GCCs listed in the recent NASSCOM-ZINNOV report can help figure out the nuances in hiring.

Go Beyond Traditional Technology Software And Services
In recent years, companies in newer industries – such as energy, semiconductors, aviation, defence and medical devices – have made a beeline for Indian talent in core technology R&D, design, development and manufacturing.

A good example is Hitachi Energy that recently established its largest global technology and innovation centre in India and plans to hire over 2,500 energy technologists in areas of grid automation, transformers and grid integration. This is a huge opportunity for students pursuing electrical, electronics, energy, environment and related engineering disciplines.

There are many similar opportunities for students of electronics and communication, biotechnology, biomedical, chemical, civil, architecture, mechanical, production, instrumentation, and related disciplines, looking to build careers in areas as diverse as electric vehicles (EV), 5G, edge computing, industrial IoT, additive manufacturing, 3D printing, robotics, genomics, smart devices and implantables, to name a few.

Opportunities In IT Departments Of Indian Companies
With digital becoming the underlying strategic imperative for differentiation and growth, every company wants to “own” these capabilities – rather than “lease” them – to drive innovation in their business, operating and financial models.

Many large, mid-sized and small Indian companies are investing heavily in their in-house IT departments, creating significant opportunities in all areas of digital – mobile development, analytics, IoT, cybersecurity, virtual reality, and the like.

These companies can provide students with opportunities to work closely with all aspects of the business, co-locating and co-innovating with different functions.

Get Certified In High-Growth Technology Areas
With cloud becoming the de facto technology infrastructure and human experience becoming central to any device or application, we have seen a proliferation of as-a-service platforms. Despite the not-so-benign economic environment, companies such as Salesforce, ServiceNow, Adobe, Workday, among others, are growing at a rapid clip. Badges and certifications in these platforms are passports to well-paying first jobs.

It is important to note that there is still an acute shortage of qualified talent in high-growth areas such as cybersecurity, data science and ESG/
sustainability. Different research reports put the shortage of these critical skills in the range of a few millions. Cybersecurity certifications from the likes of ISACA, GSEC, ISC and GIAC, for example, can be a great career booster.

Further, with the Digital Personal Data Protection Act, opportunities for data science professionals are likely to explode. With massive need for data consent managers, data processors, data fiduciaries and privacy specialists, every company, irrespective of its size, will need skilled professionals to navigate the complexities of data governance and ensure compliance with newer regulations.

It’s All About Technology, Stupid!
Despite all the uncertainty in the air, one thing is certain – this pullback in campus hiring will only be a short-term phenomenon. Every industry in the world is becoming more technology-intensive and not less.

As such, once global economies get back to their buoyant ways, the combined hiring of companies of all hues is bound to be much higher than historical numbers. The reason is simple. No other country has the digital talent that India has, and that too at scale. Moneycontrol

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!