Amid macroeconomic headwinds affecting the US and Europe, hiring in the IT services sector was down 25-30 per cent, according to Quess Corp ‘The Skills Report.’
However, the situation has opened up new opportunities, with global capability centres (GCCs) ramping up talent acquisition and projecting an employee strength of 1.4 million. The hiring is likely to increase by 10 per cent, the report noted.
It revealed that the demand for talent with tech skills such as development, SAP, automotive design, testing and infra support, among others, has seen a surge in Q1FY24. Upskilling across industries has been a strategy adopted by companies over the last year to bridge the emerging skill gap in India.
Vijay Sivaram, CEO, Quess IT Staffing, said, “Our nation is currently at the forefront of global technology advancements, benefiting from the best demographic play and a highly educated STEM talent pool. The Indian stock markets continue to outperform, reflecting the confidence of investors in our thriving tech sector.”
As substantial infrastructure changes are being witnessed, foreign institutional investments (FIIs) are pouring funds into India, bolstering the economy. India’s tech industry is well-positioned to overcome uncertainties and seize opportunities, he added.
Among functional skill suites with the highest intent-to-hire in Q1FY24, development roles (28 per cent) held the highest share. Demand for developers skilled in over 65 technical proficiencies and platforms was noted. Interestingly, full stack skills exhibited consistent and upwardly trending demand within the consulting, automotive, banking and telecom sectors.
The demand for SAP (16 per cent) expertise has consistently remained high, encompassing both development and implementation aspects. As per Quess, a surge in demand for these proficiencies was particularly high within the consulting and GCC client domains.
Automotive design (14 per cent) is another top skill in demand. The global and Indian automotive sectors are experiencing a surge in demand for talent, which is attributed to the increasing adoption of digitisation and the need for technologically adept skills. Moreover, there is an increase in demand for testing skills (12 per cent) in both manual and automated domains.