Over a million jobs await techies & it’s not tech cos that are hiring them
- Non-tech companies are actively recruiting tech talent, says a TeamLease report.
- Apart from BFSI and consulting, most new tech jobs are expected to come from media, retail and consumer businesses, healthcare and more.
- Employers seek proficiency in cloud-based services, robotic automation transformation, and AI experts.
AdvertisementThe year of 2023 has not been good for techies. Not only did Google, Amazon and Microsoft lay off thousands of employees — Indian tech majors are staring at slower growth this financial year, indicating a bleaker hiring outlook.
But, there is a silver lining. It’s not just the tech companies that are in need of tech talent. As automation becomes all-pervasive, many sectors are stepping up their tech hiring. And this would more than make up for the void, says a TeamLease report
Over a million tech professionals (11.15 lakh) are expected to be hired by sectors like BFSI and consulting; communication media and technology; retail and consumer business; life sciences and healthcare; engineering research and development (ER&D); and energy and resources; by FY27-28.
“Non-tech companies are recognizing the importance of technology in various sectors and are actively recruiting experienced tech talent to remain competitive and improve productivity and efficiency,” said the report titled ‘Digital People Supply Chain Report - Tech in Non Tech for H1-2024’.
The report says that these jobs are expected to grow at 7.53% CAGR. As of now, all the sectors put together employ over 0.7 million (7.65 lakh) tech experts.
Where are the tech jobs?
As more and more businesses are relying on data and analytics to make critical growth decisions, it’s leading to a growing need for tech-enabled infrastructures in non-tech industries.
“This has led to a surge in tech hiring, with an increase in job opportunities and salaries in non-tech companies,” the report said.
At present, BFSI and consulting employs an estimated 2 lakh tech professionals, followed by retail and consumer business (1.85 lakh), engineering R&D (1.43 lakh), life sciences and healthcare (1.05 lakh), communications media and technology (0.9 lakh), and energy and resources (0.42 lakh).
“While there is a surge in jobs, the dearth of skilled talent continues to be a challenge for the industry. Beyond tech hiring, organizations need to invest in broad tech upskilling and lay the foundation for a skill based talent management system. Surprisingly, currently in the non tech sector, the majority of hiring is still not on permanent payrolls,” says Munira Loliwala, business head - specialized staffing, TeamLease Digital.
Employers seek proficiency in cloud-based services, robotic automation transformation, and AI at all levels. Most entry-level positions require basic knowledge of programming languages and experience with content management systems. However, senior-level positions demand AI, machine learning, and blockchain cybersecurity skill sets.
Retail and consumer businesses are expected to have the fastest growth rate and will employ the largest number of tech professionals by FY27, with an estimated 2.9 lakh. Following closely behind are BFSI and consulting, projected to employ 2.75 lakh. This is followed by engineering R&D (1.9 lakh), life sciences and healthcare (1.55 lakh), communications media and technology (1.4 lakh), and energy and resources (0.65 lakh).
The most in-demand job roles
|Sector||Job roles in demand|
|BFSI and Consulting||Data Engineer, Business Analyst and Solutions Architect|
|Communication and Media Technology||UI/ UX Designer, Fullstack Developer, Game Developer|
|Retail and Consumer Business||Graphic Designer, Data Scientist and Fullstack Developer|
|Life Sciences and Healthcare||Data Scientist, Java Developer and QA Engineer|
|Engineering Research and Development||Embedded Software Engineer, CAD Engineer and Automation Engineer|
|Energy and Resources||Big Data Analyst, IT Infrastructure Engineer and Software Developer|
Lucrative salaries on offer
The BFSI & Consulting division offers higher salaries to employees with more experience, with a particular emphasis on senior roles. Most in-demand technical positions see a significant increase in pay from entry-level to senior-level experience. Here, entry level roles may offer salaries between ₹7.5 lakh to ₹11 lakh, while it may go up to ₹33 lakh at the senior level.
In communication and media technology, the positions of embedded developer and DevOps engineer offer the most significant pay and salary advancement among all job levels. Additionally, the embedded developer job title receives the highest starting salary compared to other job titles, with a rate of ₹11 lakh per annum.
AdvertisementOn the other hand, Cloud Solutions Architect roles have stable compensation across all experience levels, particularly those related to cloud-based work. The retail and consumer division exhibits impressive increases in payouts, particularly for mid to senior-level positions.
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