As more freshers are hired, GenZs share in IT workforce grows to 18-20%: Nasscom-Indeed

• Over 79% of Gen Zs are willing to spend more than 2 years in their first job provided employers offer them with the right value proposition.
  
• The IT industry hired over 3.8 lakh freshers in FY22, which has helped increase the share of Gen Z population in the total workforce to 18-20%.
  
• The report further highlighted that over 85% of the Gen Z respondents said they preferred to either completely work from the office or a hybrid model.

The IT sector, which is one of the biggest creators of jobs in India, is attracting the interest of more Gen Zs these days. A report by Nasscom and Indeed reveals that over 70% of them are interested in joining the IT industry as techies.

In fact, 79% of Gen Zs are willing to spend more than 2 years in their first job provided employers offer them with the right value proposition, according to the Gen Z and Millennials: Reshaping the Future of Workforce report.

“We want to support the aspirations of Gen Zs and Millennials who will make up a large part of the workforce soon. We foresee the need to help this group of workers navigate the jobs sector whilst staying true to their beliefs. Gen Z workers prioritise a positive work-life balance. They seek work environments that are empathetic and diverse, offer learning opportunities, and align with their core values,” said Sashi Kumar, head of sales, Indeed.

The IT industry hired over 3.8 lakh freshers in FY22, which has helped increase the share of Gen Z population in the total workforce to 18-20%. However, millennials still account for 68-70% of the IT workforce in India, according to the report.

“The workforce is changing and so are the workplaces. With newer perspectives and ideas, Gen Zs and Millennials are setting the future course of employee engagement, retention and acquisition strategies. It will be interesting to see how these newer generations shape India’s future as the talent hub of the world,” said Sangeeta Gupta, senior VP, and chief strategy officer, Nasscom said.

Hiring in the Indian IT sector was affected this year due to a global economic slowdown. However, hiring activity is expected to pick up pace once again in the first quarter of 2023 even as layoffs continue in the global job market.

A report by Randstad said that 7 out of 10 IT companies are likely to increase their headcount during January-March 2023.
Gen Zs williing to work from office
The Nasscom-Indeed report further highlighted that Gen Zs were more willing to work from office, with 85% of the Gen Z respondents preferring either to work from office or a hybrid model — which is a mix of work from home and office.

For Gen Zs and Millennials, brand value is the most important factor to consider while joining an organisation, followed by culture and ethics, and learning and growth. Better financial benefits, career growth and job satisfaction are the key parameters for Gen Zs to continue working in an organisation. For Millennials, on the other hand, job stability and flexibility are important parameters in choosing to continue working in an organisation.

Overall, Gen Zs and millennials made up 52% of India’s total population as of 2021, higher than the global average of 47%. “This trend is expected to maintain momentum till 2030, where the share of India’s Gen Z and millennial population will be 50%, higher than the world average of 46%,” the report said.

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