A slower job growth in the $154-billion services industry is, however, in stark contrast to other sectors in the country and captive IT units of global businesses will hire more people during this period, said the report, which surveyed around 500 Indian IT employers.
The industry has been witnessing a slowdown in traditional software maintenance services- a segment that has been acting as a core revenue generator for nearly three decades now. The slowdown was attributed to the increased demand of digital technology-based services on the part of the businesses.
“Net layoffs that are being contemplated by the IT giants are way higher than what the Indian IT industry has ever witnessed and this trend is likely to continue for the next 6-12 months,” said ManpowerGroup India.
IT professionals should look for opportunities to upskill themselves during this period, noted the report.
“Today technologies continue to rapidly shape the business landscape. A rise in new enabling technologies, such as software as a service (SaaS) offerings and cloud-based enterprise resource planning (ERP) software, along with artificial intelligence’s (AI) unprecedented speed, accuracy and cost efficiency are significant in terms of maintaining a competitive edge that are driving businesses now. With this ongoing transformation, these technologies bring underlying technical complexity that spurs the demand for young professionals, thereby, resulting in a Talent Refresh cycle in the Indian IT industry that would continue for the next two years,” said Manmeet Singh, President at Experis, ManpowerGroup India.
The survey report also noted that a greater number of organisations today prefer to upskill their existing workforce to thrive in the intense competitive environment, while many others seek trained freshers at entry-level jobs in the IT sector.
“India is on the cusp of a digital transformation. India’s IT employers are cautious about their hiring plans during the October-March time frame. Staying ahead of the technological curve has become a new survival norm in the digital world where upskilling is the key,” said A G Rao, Group Managing Director of ManpowerGroup India.
The sector is, however, expected to see new job roles in digital technologies.