A latest survey on working professionals, conducted by a leading job portal, revealed senior professionals with 20+ years’ of experience will be in high demand among employers this year.
Nilanjan Roy, head of strategy, Times Business Solutions, said that while overall job creation might still remain a challenge, certain sectors will open up positions for senior professionals this year. These include infrastructure, manufacturing, and technology which is likely to boost demand for top professionals since they received a boost from the Union Budget 2017.
Roy went on to add, most of the jobs currently available range between INR 12000 to INR 15000, especially at retail or at call center level. There is a scarcity of well-paid jobs for highly-skilled young engineers who are entering the workforce every year. This percentage of the population needs to be employed, not only to commensurate their skillsbut also for India to become a true knowledge economy.
Key Takeaways from the report
The key takeaways from the report are explained below:
#1. Demand of senior professionals up by 17%
The first takeaway is the demand for senior professionals and individual in the managerial position is much higher than that of mid-level employees. Sectors include law and legal services, biotechnology and pharmaceutical products. Among all the metros, the demand for senior professionals increased the maximum in Bengaluru.
On the other hand, demand for fresh graduates dropped by 10% and practitioners with around two plus years of experience has seen a drop in 7% drop in the last three months.
#2. Legal and law top hiring sector
The legal and law happened to be the top industry in terms of hiring. The demand for working professionals in this domain has increased by nearly 20%. Needless to say there has been an enormous talent demand for experienced legal professionals.
#3. Pharma, biotech and petrochemical professionals also in demand
The next major takeaway happens to be the increased demand for professionals in the domain of pharma and biotech. This segment witnessed a huge demand of 24%. On the other hand, petrochemicals and, oil and gas sector also saw a substantial demand for experienced professionals.
#4. Bengaluru witnessed huge demand for talent pool
Among all the major Indian metros, the city of Bengaluru has experienced a huge demand for professionals not only from the fields mentioned above but also from sectors like IT and ITeS. This was followed by Chandigarhand a surprise entry of Arunachal Pradesh recording a substantial demand for talent pool.
In a recent study conducted by the renowned University of Oxford, it has been revealed that by the year 2033, as many as 47% of job roles will be taken over by automation.
The research focuses extensively on the hospitality industry which is expected to witness several changes in the coming future, including automation. The use of Geo-targeting and Beacons would be widely used within the industry, and this will gradually lead to change that we will get to see.
Geo-technology provides filtered, location-based information from services or devices such as iPhone or Snapchat. With the help of geo-tech, GPS we can get messages to all those people who are close by.
The use of ‘Geo’ technology in the domain of online advertising substantially enhance traffic back to websites. Needless to say that it will be highly suitable for bars, hotels, and restaurants where 94% of retail spending continues to be performed in store.
Geo-technology in this segment will render excellent opportunity to attract prospective clientele who are placed near the store.
Moreover, Beacons, which are usually masts, often make use of Bluetooth, which is engineered to connect with Android and iOS operating system and conveys messages between companies and their customers. It’s somewhat like a metal detector. Suppose, you are within the convenient distance of an active Beacon, then it can send push notifications and even end up communicating with smart devices.
This is followed by the next generation Customer Relationship Management (CRM) systems that will go beyond logging customer data and behaviors. With the help of smart data and social media engagement, CRM providers such as Cluboidoffer hotels, restaurants, and bars, a system that reduces time and energy of the administration and also enhances customer engagement. This CMR also makes it possible to engage in various personal experiences of customers, such as their birthdays and their choice in food.
The prediction that automation will eat up a number of jobs continues to be debated all across, and experts have their opinions regarding the same. However, while the prediction seems to turn out to be somewhat accurate in the coming future, the human touch in jobsand recruitment will continue to remain for long.
While the Islamic world is protesting Donald Trump’s new policies regarding new immigration policies, the Indian hiring scenario is also bearing the brunt of the new president and his policies.
IT companies, ordinarily among the biggest recruiters at B-school campuses, have cut hiring this placement season due to circumstances US President Donald Trump‘s protectionist stance, subdued growth numbers, and increasing automation.
Recruitment in the IT sector has gone down by nearly 20-40 percent this year in Tier II and some Tier I B-School as well. At Management Development Institute (MDI), Gurgaon, IT hiring fell by 26 per cent; at Great Lakes Institute of Management (GLIM), Chennai, it dropped 30 percent; and at Welingkar Institute of Management Development and Research (Mumbai), it’s down by 30-40 per cent.
At one B-School, Infosys recruited only 13 people as compared to 40 people last year; while Dell hired three instead of five and Wipro recruited only five instead of nine last year. This year, at least 30 percent less hiring is expected in the IT industry as compared to last year, said Saveeta Mohanty, associate dean, career advisory services at Xavier Institute of Management, Bhubaneswar (XIMB).
According to a survey, last year, six of the top 10 recruiters by numbers across 26 B-Schools were from the technology space. These included names like Cognizant, Wipro, Infosys, Accenture, IBM and Tata Consultancy Services. However, this time around, the scenario is substantially different.
Earlier, in January it was reported that TCS and Infosys would hire more engineers from their US campus as they brace themselves for more stringent visa norms under the new government. Among Trump’s top election pledges were restricting immigration and bringing jobs back home.
At his inaugural speech, Trump clearly said, he will protect his fellow Americans and ensure a high economic growth. His exact words were “buy American and hire American.”
According to an analyst, studying the IT industry, mentioned that the Trump Effect is there and adding to that is the fact industry is recording a somewhat slower growth rate. Factors such as automation cannot be overruled either.
R Shreenath, director, corporate and career services, Great Lakes, acknowledged proposed protectionist policies of the new US president have affected IT hiring in a big way this year. He said even Great Lakes witnessed a 30 percent reduction in IT hiring numbers as compared to last year. While all regular recruiters like Cognizant, Accenture, and TCS came in for campus recruitment, they hired much fewer job candidates in 2017.
An Infosys spokesperson, however, said: “Hiring from the US may not have an abundant influence on the recruitment numbers in India.”
On a final note, it can be said that the overall hiring in the IT industry has been drastically affected since Donald Trump was sworn in as the President of the United States.
While we Indians are trying to embrace a cashless society, standing on the verge of digitisation and the Fourth Industrial Revolution, there happen to be some pitfalls that we cannot possibly ignore.
The Digital age has ushered in a lot of new ideas and concepts such as artificial intelligence, machine learning, and robotics process automation into the world of jobs and recruitment, which has redefined the way hiring is carried out.
At the recently held event Seventh Foundation Day Lecture in ICFAI Foundation for Higher Education, Former Reserve Bank Governor, C Rangarajan cautioned that automation a part of “Digital Age,” which is expected to create jobs at “higher” levels may curtail employment opportunities to people in the coming future.
Lakshmi Narayana, the vice-chairman of Cognizant Technologies Solutions, also present at the event, spoke in similar lines. He said that, until recently, the replacement of humans by machines was only at a level, where what was repetitive and routine. However, now with the emergence of artificial intelligence, machines are now increasingly replacing human beings at higher levels of accuracies.
Adding on to it, Rangarajan said that, while the job market is open up in the highly sophisticated levels of intellectual power, artificial intelligence is gradually replacing the human beings at the job level. He said, in the early ages, during the first Industrial Revolution, machines assisted people in performing certain tasks with ease; whereas now, machines are all set to replace human beings.
However, in India, the scenario may not be that intense yet as compared to its global counterparts. But sooner or later, not only in India, but processes across the globe are all set to be affected by artificial intelligence.
In a recent case reported, Infosyshad already “released” nearly 9000 employees owing to automation of certain lower-end jobs over the past one year. While automation or artificial intelligence may be one of the many reasons, nonetheless, its overall effect cannot be underestimated.
It is a fact that most big IT companies are gradually moving towards embracing machine learning and artificial intelligence and this is bound to have a significant impact on the overall workforce in the IT sector. Whether we like it or not, accept it or not, it is a fact that automation will influence workforce in the long run—for better or for worse.
As the country takes baby steps towards a black money free economy, cashless is the first actual step to realise it. With a big push from the Modi government’s demonetisation move, several new job roles are being created. A gamut of new job profiles and employment opportunities are being created that white-collar professionals can easily vouch for growth in the years to follow. Let’s take a quick look at some of the major new job profiles that job seekers can choose from.
#1. Digital Security Architect
Growing digitisation and use of data for decision-making increase risk of hacking and fraud manifold. The major drive towards a cashless economy has spurred a demand for professionals/new job profiles like digital security architects, who will be solely responsible for overlooking the various aspects of cyber and digital security.
In the words of Rishi Aurora, Managing Director, Financial Services at Accenture, “As digitisation goes up, security aspect will be crucial. There will be a huge demand for people who can make transactions and digital channels (mobile banking, Internet banking, wallet, etc.) secure”.
Even big companies like Yahoo and Sony have also faced cyber security attacks, thereby underscoring the need for devising a more robust security system. Experts are of the opinion that with digitisation, a lot of data breaches would be encountered in the future, as semi-literate people are slowly getting into the habit of digital payment system.
Startups will need new professionals such as digital security officers, just like their other counterparts. Indian startups are hardly into this and even a single breach can cost an entire company to shut down since digital wallets are still not strong enough.
Role: Understanding the complexities of business and risks involved; suggesting and implementing solutions in order to make systems more secure. It’s a combination of cyber security functions and forensics.
Skills required: A sound knowledge of security and a strong business knowledge to understand the complexity of transactions. Proficiency in high-level languages and ethical hacking are also required.
#2. Principal officer, Anti-Money Laundering
The demonetisationmove has led to new risks such as misuse of the banking system for infusing black money and converting it into legitimate one, often leading to dubious transactions. Needless to say that it has a debilitating impact on both the customer and the bank. The bank’s reputation is of course at a risk because of such events taking place. This is where the principal officer of the anti-money laundering unit’s role becomes crucial.
Implementation of such personnel will enable them to detect abnormal transactions, irregularities and fraudulent practices that keep on taking place on and off, under seemingly bona fide transactions.
Role: Customer facing real-time detection of such incidents. Inward facing to keep a check if internal bank staff are collaborating with such fraudsters.
Skills required: Thorough understanding of the banking process, post-demonetization. Also regulatory and compliance knowledge.
#3. Bio-metrics, Regional Language Programmers
Bridging the literacy gap is one of the biggest challenges of demonetisation and digitisation of the economy. This will require a combination of bio-metrics, regional language programming and graphical UI design.
Companies such as Apple and others have managed to pull through these things have obtained sustainable competitive advantage. These skills aren’t easily available in the Indian market which is why it is quite a challenge for employers to find such professionals.
Role: To design, develop and implement programs in different languages. Candidates must keep themselves abreast about latest technologies in the domain.
Skills required: Sound knowledge of robotics, machine learning, artificial intelligence is required in order to excel in the domain.
#4. Digital champions
The very name digital champion might sound real interesting. These professionals translate business language into digital language and when digital geeks come up with results they can connect that to the core business approach. In the words of Raghu Gullapalli, MD, products at Accenture, “There will be a huge demand for such people who can connect what technology provides with business solutions to create new opportunities for business”.
In businesses such as real estate, FMCG, airports and automobiles, three major challenges are looming—externally serving customers, internally leveraging digitisation across organisation to unlock efficiency and looking at digital technology to transform and disrupt digital models. Digital champions will play a crucial role in acting as a bridge between various solutions and business processes. Needless to say that it is one of the new job profiles that demonetization has opened up.
Role: to be able work with strategy team and digital leaders and help them translate new business requirements and at the same time working with digital geeks.
Skills required: Strong business acumen
#5. Digital CXOs
Digital CXOs are professionals who have a sound understanding of all sorts of digital trends and strategically think about unlocking the value of digitization. This category usually comprises key decision-making people such as chief digital architect and chief technology officer and others. In the words of Prince Augustin, executive vice president-group human capital and leadership development at Mahindra & Mahindra, “This is a new role that is evolving and coming into the limelight more with the transition to a digital economy.”
Experts are of the opinion that roles like chief marketing officer (CMOs) will be in high demand in the coming future. In-depth knowledge in analytics-based marketing will be the major requirement.
Role: To look and understand customer facing and product facing, and unlock the value chain. Also in order to ensure customer connect is made as effectual as possible. Ensuring product digitization for creating good customer experience. Overall, framing the digital architecture to provide satisfying customer experience.
Skills required: sound understanding of market dynamics, core business and customers.
2016 has been a good year for fresher’s as they have witnessed a significant increase in their pay packages. Not only this but the number of jobs offered has also increased manifold and salary packages over INR 6 lakhs per annum has grown by 85 percent, says a survey. According to a study conducted by job assessment firm Aspiring Minds, it was revealed that the range of salaries offered to candidates (graduates with 0-2 years of experience) varied between INR 1-30 lakh per annum, while the most number of salary offers were in the range of INR 2-3 lakh per annum.
The survey, which included nearly 40 lakh job applications for over 6,000 jobs posted by recruiters across India, said, “The number of jobs offered with a salary package of INR 6 lakh grew by 85 percent from 2015”.
The most in-demand job role based on the number of applications received was that of software developers. Around 38 percent of the pie of job applications were in the field of software developers or web architects.
Marketing and sales were the second most preferred job for fresh graduates and young professionals.
Within marketing too, digital marketing emerged as one of the most desired job profile, with nearly 21 percent jobs being available in that sector.
On the other hand, with a substantial rise in big data and data scientists, the number of job postings for data analysts, data scientist and data engineer saw a rise year-on-year by over 30 percent.
Himanghshu Aggarwal, Co-founder and CEO of Aspiring Minds said that job roles like data scientists, data analysts and data engineers would be prominent emerging roles this year. Also, in line with the current trends, technical roles such as software developers and non-technical roles such as digital marketing was extremely in demand last year.
Apart from technical jobs, non-technical fresher job roles that found favour with a large number of companies comprised profiles like content writing and corporate communications.
Artificial Intelligence, Big Data and IoT (Internet of Things) are few of many disruptive technologies are creating new business models and industries, and quenching the old ones. Data analytics and social networks are having a huge impact on people management like, how people collaborate, communicate and work. In the new work world, traditional career models may soon be a thing of the past.
Recently, PwC released a report, “The Future of Work – A Journey to 2022”. The study primarily includes scenario analysis that examines the aspirations of the people and expectations of organisations deviating into three work worlds – Blue, Green and Orange.
In this short blog, we will discuss in brief the three types of the work world, their survival, challenge, attractions (what makes them appealing) and the 2022 people management projections.
The Blue Work World
– It is the world where “Corporate is the King.”
– Profit Margins and Consumer preference dominates.
– Blue firms follow the wealth and spread wherever the opportunity is.
Survival – The Blue world’s business model operates on profit, growth and market leadership that let them survive and thrive in both volatile and stable economic conditions alike.
Challenge – Heavy investments in R&D and acquisition of smaller start-ups to open up new opportunities and need to lead innovations. The hardships in integrating talent from different markets into the overall organisational culture.
Attractions – High rewards for high-flyers.
It is the world where norms are less and less the stable employment.
Future of Blue Work World 2022?
How they develop, the more sophisticated workforce metrics required improving performance consistently?
How they develop a broader resource optimisation approach in which Artificial Intelligence, Human Beings and Machines work side by side?
The Green Work World
– It is the world where companies develop a green sense of responsibility and dominant social conscience.
– Focus maintained on work-life balance and ethical values as a reward to employees for their loyalty.
– Business and society see their agendas align.
Survival – The Green Work World follow the flat, flexible and fluid organisational structure. Here, everyone feels responsibility for the organisation’s success and can participate in decision-making.
Challenge – Brands can fall and rise by perceived green credentials, with government obligatory corporate fines for bad behaviour in a highly controlled world.
Attractions – Friendly working hours, support of the real economy and excellent combination of ethical values create a new employee value proposition.
In this world employeesare expected to uphold the corporate values and targets around green agenda.
Future of Green Work World 2022?
How they monitor the desired behaviour and ethics most effectively?
How can they turn their values into a compelling element of their employer brand?
The Orange Work World
– It is the world where the rise of the portfolio career is embraced.
– Hires a diverse mix of people on an affordable, ad hoc basis.
– Their goal is to minimise the fixed costs and maximise the flexibility.
Survival – The Orange Work World operates on low impact and high tech business model.
Challenge – This world demands an excellent combination of watertight contractual agreements and adequate verification to ensure people being hired genuinely have the expertise claimed or required.
Attractions – Efficient processes and systems are the keys to the success of Orange world. They work on lean staffing model and maximum operational flexibility. They leverage the disruptive technologies like virtual solutions, and telepresence allows for extended global networks and greater remote working.
Future of Orange Work World 2022?
How can they effectively manage contracted staff?
How can they verify the authenticity of data being used to select associates and employees?
The Final Say
Unfortunately, in a PwC survey, most of the respondents (HR professionals) don’t believe they are ready for meeting the needs of a workforce that demand more flexibility, autonomy and freedom. Therefore, having right people, with the right skills in the right places is mandatory to realise the evolving goals of an organization. Planning an effective people management for the long-term is critical.
In a recent study conducted by a leading job portal, it has been revealed that hiring activities in the country will go up by 10-15 percent in 2017. The study named JobOutlook Survey concluded that sectors like IT, Telecom and Healthcare are expected to be the top employers in 2017.
Apart from that, the survey also stated that more than 70 percent of the organisations surveyed, plan to recruit more women employees thereby increasing the ratio of females in their workforce.
The study said that about 60 percent employers foresee a higher demand for women professionals at mid-level positions. 20% witness maximum hires at the entry level. However, another 20% say they will hire women professionals for CXO level leadership roles in 2017.
Industry experts opine that there has been an apparent paradigm shift in the Indian economy. With the support of the government’s focus and efforts on IT, entrepreneurship and manufacturing, India Inc is steering itself for high growth that is seen to be impacting job growth and employment in the country in 2017.
As per the study, that surveyed more than 2000 employers across India, 30 percent said that IT and Telecom sectors will hire the maximum number of employees (50%), followed by Healthcare (20 percent) and Manufacturing (15%).
Another 15% voted for Automobile and 10 per cent for Infrastructure and Retail sectors.
Professionals with 5-10 years’ of work experience will be in demand across all sectors. Nearly 30% of the employerssurveyed, said that mid-level managers with 5-10 years’ of experience would be the most sought-after candidates in 2017.
On the other hand, 20% of employers see a higher demand for young professionals with less than two years of experience in 2017 while 15% agreed that experienced professionals with 10-15 years’ of experience would be in high demand in 2017.
The survey also concluded that all the major metros, mainly Bangalore and Delhi/NCR would see maximum demand for professionals.
On a final note, it can be said that professionals looking for a job changein 2017, will have substantial options to choose from.