Significant hiring of freshers over the last few years in the tech industry has pushed the share of Gen Z to 18–20 per cent of the total Indian employee base in FY22, according to a report by Nasscom titled “ Gen Z and Millennials: Reshaping the Future of Workforce.”
The Nasscom report also found that Gen Z is more willing to be in the office in comparison to millennials, with 85 per cent highlighting the preference to either completely work from the office or in a hybrid model.
According to the report, for millennials, job stability and flexibility are important parameters in choosing to continue working with an organisation.
Choice of job
The Nasscom report also found that over 70 per cent of Gen Z students are keen to take up technology jobs in the near future. More than 79 per cent of Gen Z were willing to work for more than 2 years in their first job. Generation Z, also called Gen Z, is the generational cohort following the millennials, or Gen Y, born between the late 1990s and early 2010s.
As of 2021, India’s share of millennials and Gen Z stood at 52 per cent, higher than the global average of 47 per cent, said the report, which stated that the trend is expected to maintain momentum till 2030, where the share of India’s Gen Z and Millennial population will be 50 per cent, higher than the world average of 46 per cent.
These statistics come at a time when top IT firms noted that attrition among new recruits and moonlighting was driving down efficiency for their organisations.
“With newer perspectives and ideas, Gen Z and Millennials are setting the future course of employee engagement, retention, and acquisition strategies. It will be interesting to see how these newer generations shape India’s future as the talent hub of the world,” said Sangeeta Gupta, senior vice president and chief strategy officer at NASSCOM.
