With already an economic slowdown that our country is facing, the recruitment experts are of the view that in 2020 India is going to face a rather acute shortage of employees who are skilled in technologies like data analytics, machine learning, artificial intelligence, cybersecurity, internet of things & blockchain.
The shortage of employees was already in massive numbers in 2019 & it is going to go up the ladder to 200,00 in 2020 as estimated by headhunters like Magna Infotech, ABC consultants, Randstad & TeamLease. Since various businesses & sectors have become automated & digitised; there is a growing demand for new tech talent.
According to Team-Lease Services, the estimated demand for the new tech talent in 2020 would be 4.4 lakh whereas; the supply is only projected to be 2.4 lakh.
Also, the co-founder of TeamLease, Rituparna Chakraborty was of the view that salary hikes would be commanded by outliers as much as 100% or above that for certain tech skills like data science and ML (machine learning) as the shortage in 2020 would be increasing to 2 lakh. Hence, also soaring the salary hikes from 35% to 60%.
Various startups & new-age companies are also luring new tech talent with more than 100% salary hikes.
A senior director at ABC Consultants, Ratna Gupta quoted that about 3 companies have a role to offer in their organisations for every skilled candidate in technologies like cybersecurity, AI, enterprise architecture, digital & data and analytics, etc.
The chief executive of Magna Infotech, Vijay Sivaram was also in accordance with the view that for many new tech talents there have been a lot of opportunities in new technologies even when the country is facing economic slowdown & many IT employees are going through job insecurities.
The increasing shortfall of new tech talents is creating emptiness in companies who are not able to get the right candidates for the required skills. This makes almost 50% of the demand unfulfilled owing to the delay in closure of job postings, according to Vijay Sivaram of Magna Infotech.
There is a high demand in profiles like cloud engineers, cybersecurity experts, data governance experts, information security analysts, data scientists, network analysts, digital transformation consultants, digital marketing specialist, AI specialists & blockchain developers.
Vice president and the global head of talent acquisition at Cognizant, Suresh Bethavandu said that though the supply of new-age digital skills is limited, there is a high demand for many profiles in new technologies as many organisations are keen on welcoming new technologies in their business operations.
And looking at the demand, Cognizant would also be hiring from colleges in 2020 & also expand their pool of digital talent through their reskilling & upskilling programmes.