Non-tech firms absorb tech talent despite global headwinds

Up to 20 percent of the lateral movement from IT firms has been absorbed into global capability centres (GCCs) and non-tech firms that are going digital, as per a report by staffing firm Quess Corp. Industries such as Energy and Utilities (11 percent), Healthcare and Life Science (11 percent), Automotive and Engineering (10 percent), BFSI (7 percent), and Telecom Networks (6 percent) held a high demand share for tech talent.

The automotive industry is aggressively transitioning from traditional internal combustion engines to electric vehicles. The engineering industry, on the other hand, is taking steps to further advance Industry 4.0, while the telecom industry is actively exploring new ways to implement and leverage 5G networks, according to ‘Skills Report FY23’ by Quess Corp.

The push for technological adoption across non-tech industries has led to a redistribution of skills, resulting in a correction of demand for professionals.

The report also stated that despite global headwinds and geopolitical tensions over the past year, the Indian economy has remained resilient with the continued adoption of new-age technologies in FY23.

Vijay Sivaram, Chief Executive Officer, Quess IT Staffing, spoke about the findings of the report and said that a ‘positive resurgence’ was expected in the coming months despite global headwinds.

“Given the global banking crisis and an unprecedented wave of employee layoffs, hiring has been muted in Q4FY23. GCCs and Indian enterprises continue to add some numbers whereas services have seen a slowdown. We do expect to see some positive resurgence in the coming months as organisations make plans to backfill critical skills”.

The report also stated that there’s a rising demand for professionals who are adept at niche tech skills related to Artificial Intelligence and Machine Learning, Big Data, 5G, Cyber Security, DevOps, RPA, and UI/UX.

Locationally big metros drove the recruitment of techies, dominated by Bangalore which saw 55.23 percent of the hiring, Hyderabad witnessed 12.16 percent of the hiring, Pune hired 9.95 percent of the talent, followed by Chennai at 9.48 percent, Delhi NCR at 5.67 percent and Mumbai with 5.30 percent.

The report also found that with the advent of remote working, tech talent from Tier 2 and 3 cities has been hired in E-commerce and financial services firms. Cities such as Jaipur, Coimbatore, Indore, Kochi, Gulmarg, and Siliguri witnessed the hiring of tech talent. Moneycontrol