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Automobile, retail, and banking sectors are likely to absorb the additional workforce as the IT sector companies cut jobs, Hindu Businessline (HBL) has reported. While these non-tech sectors can hire this talent, they are unlikely to generate the same hiring volume as the tech sector. The report said, as things stand, the technology sector has a little less than 90,000 available jobs to offer. This is about 45 per cent less than the typical number of jobs available in the IT sector, the report cited data from Xpheno.
Dwindling demand
While there has been an overall decline in demand, the core IT sector has witnessed a notable loss. The top four Indian IT companies have seen their employee headcount drop by about 21,000 amid uncertainty in the technology domain. Some IT companies have already announced that they will not attend the campus placements this season to focus on better utilisation of their current workforce.
Experts who keep a watch on the hiring activity in the non-tech industry have said that hiring in the non-tech sector has made a significant contribution as the IT sector has gone through a slowdown. Head of workforce research at Xpheno, Pradhan MS was quoted in the HBL report as saying, “As we talk, only one-third of the active openings for tech are from the IT sector collective. The lion’s share of the demand is spread across a host of non-tech sectors like consulting, telecom, hospitality and tourism, retail, healthcare and wellness, consumer services, and construction and infrastructure.”
Sectors hiring IT talent
Sectors like engineering, procurement, and construction (EPC), banking, automobile, and EV are actively hiring tech talent, thanks to the fast-paced digitisation and adoption of new technologies, CEO of CIEL HR Services, Aditya Mishra told Hindu Businessline. He added, “They are hiring for roles such as Software Development, Data Analytics, Cloud Computing, Cybersecurity, and Digital Transformation.”
