Non-tech industries to hire 1 mn tech talent by FY28
While there is a surge in jobs, the dearth of skilled talent continues to be a challenge for the industry: TeamLease
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Chennai: Over one million technology talent will be hired by non-technology industries like BFSI (banking, financial services, insurance), Consulting, Communication Media and Technology, Retail and Consumer Business, Life Sciences and Healthcare, Engineering Research and Development, and Energy and Resources, finds a report by TeamLease Services.
The company has launched its report 'Digital People Supply Chain Report - Tech in Non-Tech' for H1-2024. According to the report, at a fast-growing 7.53 per cent CAGR, industries like the ones listed above are set to employ over 1 million (11.15 lakh) tech talent by FY 2027-28. Currently, these industries employ over 0.7 million (7.65 lakh) tech professionals.
With data and analytics driving major business growth decisions, there is a growing need for non-technology sectors to build tech-enabled infrastructures to enhance their product and service experience, TeamLease report said.
Currently, BFSI and Consulting employ an estimated of 2 lakh tech talent, followed by retail and consumer business (1.85 lakhs), Engineering Research and Development (1.43 lakhs), Life Sciences and Healthcare (1.05 lakhs), Communications Media and Technology (0.9 lakhs) and Energy and Resources (0.42 lakhs).
Retail and Consumer businesses is projected to grow at the fastest pace by FY 2027, employing 2.9 lakhs tech professionals, followed by BFSI and Consulting (2.75 lakhs), Engineering Research and Development (1.90 lakhs), Life Sciences and Healthcare (1.55 lakhs), Communications Media and Technology (1.40 lakhs) and Energy and Resources (0.65 lakhs).
"The confluence of technology has made its way to almost every sector globally. With the current 5G rollout, the ever-dynamic digital payments sector, growing new economy businesses, and the manufacturing of electric vehicles dominating the auto market share, digital transformation is critical for all enterprises. This massive digitization has created a demand for tech talent in non-tech sectors. 1 million tech professionals by FY 2027-28 is a testament to the growing stature of tech jobs in non-tech industries," said Sunil C, Chief Executive Officer, TeamLease Digital.
"While there is a surge in jobs, the dearth of skilled talent continues to be a challenge for the industry. Beyond tech hiring, organisations need to invest in broad tech upskilling and lay the foundation for a skill based talent management system.
"Surprisingly, currently in the non-tech sector, the majority of hiring is still not on permanent payrolls. Although 54 per cent of employers engage in a permanent workforce, a substantial 30 per cent engage in mixed contracts, and another 16 per cent engage in contractual hiring. These modes allow the companies to have a flexible policy to scale and cut down hiring costs based on needs and seasonality," added Munira Loliwala, Business Head - Specialized Staffing, TeamLease Digital.
From a location and salary perspective, Bengaluru, Hyderabad and Gurgaon remain the sweet spots. Twenty-seven per cent of all popular tech roles are being paid highest in Bengaluru followed by Hyderabad at 16 per cent and Delhi and Pune at 13 per cent.
