 "Apprentice skilling in IT/BFSI industry to create 5 mn jobs by 2025: Report")
India’s information technology (IT) services industry may have slowed down fresher intake but its apprentice hiring increased by 250 per cent in 2023, said a report.
The IT and banking, financial services and insurance (BFSI) industries are expected to create approximately 5 million jobs with apprentice skilling by 2025, said the report called ‘Apprentice Skill Trends’ by Quess Corp.
Hiring in the IT/ITES industry has been growing month-on-month as it prioritises apprenticeship engagement that lowers workforce cost, creates a talented pool, and encourages staff loyalty and retention. About 79 per cent of employers in IT/ITES industries expect increasing apprentice intake in the coming months, said the report.
More than 900,000 apprentices are in the age group of 23-26. Employers in the IT/ITES sector are likely to pay between Rs 11,000 and Rs 75,000 to apprentices aged 20 to 24. Stipends in other sectors differ and depend on educational qualifications, said the report.
“The IT space in India has seen a drop in headcount and fresher intake due to global tensions. However, apprentice hiring has picked up substantially in the past year across the IT segment, with newer roles emerging that did not perhaps exist a year ago,” said Girija S, vice-president at Quess Corp.
Such hiring is happening in Metro and Tier-II cities. “Apprentice hiring in BFSI is also flourishing with the expansion of NBFCs. However, the scope for apprentice skilling and job creation in IT/BFSI sectors is unprecedented, and we expect the creation of approximately 5 million jobs by 2025,” said Girija, referring to non-banking financial companies.
Recruiters in the industry are looking to file roles in IT Support, business process outsourcing, voice/ data entry, and associate customer relationship manager. Embedded systems engineer, design engineer, data engineer, blockchain developer, Android/IOS developer, and cybersecurity engineer are that have seen significant traction from recruiters in 2023.
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