For the past 20 years or so, IT services have been essential to the widespread recruiting of skilled workers for positions across regions. However, due to productization, AI-driven advancements, and changes in the global market, some hiring practices have changed. What does this year’s batch of adjustments mean for employees?
According to Ashutosh Khanna, co-founder and director of WalkWater Talent Advisors, the business climate hasn’t really changed, therefore there is still pressure on IT services organizations to increase their top and bottom lines. Senior level hiring is anticipated to continue slow for the upcoming two to three quarters. Because “clients are looking for a good mix of Indian and local talent,” he anticipates that some hiring for local talent will continue to take place offshore.
Employment by skill and domain
“The Indian IT services sector is witnessing an interesting transformation, especially with respect to senior-level hiring this year,” says Shelton Guinn, Senior Vice President, Human Resources, Innova Solutions. Hiring for leadership positions is increasing overall, and salary increases of between 8 and 10% are still anticipated in the traditional IT sector. Beyond only IT, this confidence brought on by projected economic growth is seen in senior talent salary increases of 20% on average, according to Michael Page’s estimate.
According to Khanna, there will be a continued need for workers in positions related to program management, finance, delivery, and consultancy. These days, domain experts are expected to be proficient in fields like machine learning (ML), cloud computing, and artificial intelligence (AI).
Chief digital officers, CISOs, heads of partnerships and M&A, chief AI officers, partner or practice leaders, and CFOs are among the positions for which companies are hiring. Employing sales executives who can counsel and counsel clients on digital transformation is another option that businesses are considering.
According to Diensten Tech Limited CEO Siva Prasad Nanduri, the organizations are seeking candidates with expertise in data science, data engineering, analytics, machine learning, artificial intelligence, and cybersecurity.
What is the anticipated rate of attrition?
Khanna warns that in order to fill positions that are in demand, talent will travel between firms. Higher attrition will result from this. According to him, layoffs will also persist as positions become obsolete.
However, he also holds a more optimistic view: based on the most recent Gartner prediction, global IT investment is expected to hit $5 trillion in 2024, up 8% from the year before. This updated estimate shows a robust trajectory that could see global IT spending approach $8 trillion well before the decade ends, up from an earlier estimate of 6.8% growth. It is projected that India’s IT expenditure will rise by double digits to $138.9 billion in 2024 from $122.6 billion in 2023, a 13.2% increase.
But according to Nanduri, in order to be considered for mid-career and senior roles, applicants need to be more inventive and competitive. This can be accomplished by giving them a variety of projects to work on, upskilling them in modern tech stacks, and assigning tasks based on their positions. You need to understand how to take advantage of cutting-edge technology like data analytics, cloud computing, and artificial intelligence to accomplish this. In order to adjust to shifting work environments, these individuals must coach teams that achieve organizational goals and lead strategic initiatives, he claims.
The CEO of Diensten Tech Limited believes that in addition to encouraging a mindset of lifelong learning, it’s important to recognize fresh talent, maximize their potential, and provide them with the necessary training. Mid-senior level hiring requires careful screening to ensure that candidates with the right abilities are hired as soon as possible. To stay ahead of the competition, they must make a major contribution to their work and encourage team and organizational growth, he continues.
Internal role upskilling
Nanduri explains that IT organizations have adopted the dual approach of reskilling and upskilling as essential elements of their daily operations. This shows that in order to meet the needs of the market and the constantly changing landscape of technology, present employees are actively seeking to broaden their skill sets. These businesses are also actively hiring new personnel with cutting edge, “new age” talents in artificial intelligence, cloud computing, cybersecurity, and data science.
This approach makes sure that the workforce is adaptable and ready to take on new responsibilities by utilizing the most current technologies and techniques. In the end, it helps the business maintain its creative and competitive edge in a continually evolving digital landscape.
Guinn of Innova Solutions observes that the employment process places a high value on diversity and inclusiveness. A larger talent pool is being searched for seasoned leaders, according to headhunters.
