The Information Technology industry in India is recently going through some turmoil with massive mid-level layoffs taking place in some of the most reputed and leading Indian technology companies. It is an obvious cause for concern for those planning to join the industry as a newly minted fresher. However, these conditions shouldn’t scare them away as entry-level salaries are being said to rise with the onset of the recruitment of new graduates.
According to a survey conducted by a recruitment firm TeamLease, in December 2019, the number of IT jobs in India are said to grow by 10% in the year 2020 along with the salaries. The latest report that is focused more on salary trends of fresher and mid-level managers in India highlights the fact that the salaries of I.T. freshers grew almost 15% between 2017 and 2019, compared with the mid-level salary base that increased only 11% during the same period.
There was also quite an interesting observation about temporary workers hired by I.T. companies between 2017 and 2019. Their salaries (of freshers) grew 26% against that of the mid-level employees whose salaries only grew up to 19% in the same period.
On the other hand, there are more many challenges that mid-level managers and employees would face. It’s expected that due to the fast-changing technologies, and slow growth in the economy, companies would be soon forced to let go of a sizeable share of their mid-level employees. While many companies are actively investing in re-skilling their employees, falling in the mid-salary bracket, the challenge to upgrade every recruited one is an uphill battle.
All of that doesn’t apply to fresh graduates as they are expected to be equipped with knowledge in new and emerging technologies along with industry-standard practices.
Hence, the jobs for freshers in India would be blossoming in CY20/FY21, as IT companies find more value in hiring freshers loaded with the latest technologies and skills than re-skilling everyone.
Future of IT Companies in India
There is no doubt that Indian I.T. giants such as T.C.S, Infosys and Wipro have indicated they are all geared up to foster worker engagement and reward high performing and valuable employees who join as fresh graduates in the industry. This will also help them finally cut off their dependency on subcontractors.
While this surely looks like a step in the right direction, these tech giants must also come to the conclusion that they are ageing pretty quickly and with that so are their employees whom these companies are letting go of. They must not forget that they have contributed a significant chunk to the growth of these companies and therefore there must be some alternative measure that these companies can come up with to battle this issue of skill gap.
One can suggest re-skilling the mid-level employees so they can strengthen and retain their core skills while developing new ones and expanding their overall skill-set.
We can firmly say, whatever be the case, the I.T sector in India is showing no signs of slowing down but only gearing up to get bigger and freshers who wish to join this industry can certainly expect to be the part of a technological revolution with the coming age of Artificial Intelligence, Machine Learning, Automation and other futuristic technologies.