There looms economic slowdown fears and while job losses have been reported for auto, FMCG space, Indian IT space is expected to be net hirer and only those skills which now remain no longer relevant, may see a pink slip coming their way.
"Job losses will always keep happening as long as people are not upping their skill or being up-to-date in terms of the new models of engagement. While in specific areas and within specific companies even last year you saw job losses but the reality is the net-net growth in jobs in this sector in India was 150,000 people. We had actually from NASSCOM predicted 120,000 but we actually increased our guidance and went to 150,000. We expect that that number will continue to hold good in spite of all the changes that is taking place in the world around us", Keshav Murgesh, chairman of NASSCOM, is quoting as saying in a leading dailies report.
Herein Nasscom reiterated its earlier point that in order to remain job relevant, the Indian IT industry as a whole should work towards upskilling its staff.
Also, it may be a slowdown impact, but in the year gone by, the IT industry sacked 1.2-2% of its employees who generally include personnels on bench as well as poor performers, which is an increase in comparison to retrenchment of just 0.5% of the workforce.
So, the change is imminent from the increase in the percentage of digital revenue for many an Indian IT companies.
"If you look at the kind of demand that we are seeing for jobs in all the new areas, it is running into 700,000-800,000 people and the prediction is, in 2-3 years India will need almost 2 million people in those areas and that is why there is a big hurry from NASSCOM to drive the future skilling model and train almost 2 million people in the next 1-2 years and 4 million people in the next 3-4 years," said Keshav.
"The big focus by the central government, the state governments, individual companies and NASSCOM is the future skill agenda because that is critical the way business is going to be done is completely different from how it was done in the past and therefore having people with the right skills is important and you have to expect where people don't have certain skills they are going to be moving away from the job market and where they upgrade the skills to the new areas they will always be in demand."
Thus focus now shifts to re-skill and upskill their employees in order that they remain job relevant.