In what comes as a positive and comforting sign for India’s growth story at a much needed time, segments of information technology (IT), BFSI (banking, financial service and insurance), education and e-commerce have given healthy job growth indications. As per jobs portal, Indeed India, these sectors are maintaining their pace of hiring entry and mid-level professionals. According to Sashi Kumar, Managing Director, Indeed India portal, the IT sector has been hiring significantly despite the current economic slowdown. At the same time, the financial sector and the new age technology aggregators have also managed to maintain their earlier pace of job creation.
He said, “The slowdown is a global phenomenon. In the IT segment, hiring has been significant and these companies are looking for experienced professionals having domain expertise about the Java programming language. BFSI and the aggregators have also been hiring.” As per estimates by the company officials, the IT sector has not only managed to register net growth in job creation despite high attrition levels but it has also managed an impressive growth in average salaries. Since 2014, it has witnessed a growth of 30 per cent in average salaries.
Coming to the education sector, several tech-based educational start-ups have entered the market in the recent past, which has led to creation of many high-value jobs in the education and training segment. This has been further boosted in the background of professionals across the country taking an initiative to upskill and reskill themselves. According to Zairus Master, Chief Executive at Shine.com, “As more professionals acquire the skills to fulfill the increasing tech-centric job roles, demand in the education sector is likely to increase further.”
He has said that the IT and IT-enabled services (ITeS) remains the highest growing sector across the globe. This sector has also shown tremendous potential in India, with quick growth in innovative technologies, the most prominent of them being cloud computing, data science, the internet of things (IoT) and mobile app development. As per his portal, machine learning (ML), artificial intelligence (AI), blockchain, augmented/virtual reality and natural language process are already contributing in a big way by creating millions of jobs. And this is where the role of online learning platforms which have made a mark in the recent past comes into picture.
It must be noted that above-stated domains need individuals with a specific skill set, which Indian graduates lack. There is a dire need for graduates and professionals to upskill themselves in order to match the healthy growth and potential of these domains. As they try to upskill themselves, the role of the online learning platforms will be truly realised. These online learning platforms have emerged as a game-changer given their capability of giving the lucrative option of combining traditional and new age competencies to professionals so that they can solidify their position in the job market. Thus, there is a clear opportunity of these two segments complementing each other and a closely coordinated growth in both the segments.
Besides the IT/ITeS segment, a major chunk of professionals will be taken in by the retailing, BFSI, health care and e-commerce sectors. With the advent of ground breaking technological innovations in these segments, the nature of jobs market as it has created the need of hiring professionals possessing a mix of high-level technological skills and traditional ones. Shine.com corroborates that depsite the slowdown, mid-level hiring is going to witness an unprecedented surge in the coming months.
It is clear from these developments that the key segments of the economy are showing strong signs of sustained job growth along with a strong potential for future growth in background of fast emerging technological innovations. These are really positive signs for the Indian economy, especially when it comes to job creation, despite a global economic slowdown.