IT-BPM Industry to create 3 lakh jobs by FY2023: Report

The Information Technology and Business Process Management (IT-BPM) industry in India is set to witness about 7% growth in its workforce – creating a whopping 300,000 jobs this fiscal year, says a report by Teamlease. The ‘Digital Employment Outlook Report for H1-2023’ released on Monday projects the ongoing demand for digital skills to shoot up to 8.4%.  

The report is based on survey findings gathered after interviewing 100 employers and inputs from engineering colleges across 500 cities. 

Riding on added investments and better technology, the demand for contractual staffing is set to increase, rising up to 21%. IT services and product development companies are expected to  contribute up to 70% of contract staffing. 

Seven out of 10 IT companies focus on hiring candidates equipped with digital skills from emerging locations and smaller cities. The two main digital skills would be MarTech (marketing technology) and IoT (internet of things), with MarTech being expected to increase to 7 per cent from 5 per cent, and IoT from 4 per cent to 6 per cent for the fiscal year. 

“IT-BPM industry continues to be a sunshine industry in India, being the largest employer in the private sector, employing about 3.9 million people, and contributing to over 8 per cent of the GDP. Our industry also amounts to 55 per cent of the global outsourcing market," says Sunil C, CEO, TeamLease. 

Thanks to the work-from-home set-up being standardised, non-metro locations are becoming  the hot-spot for digital skills. Now, it’s the jobs coming to people, instead of candidates migrating to cities looking out for jobs, quipped Sunil.

“Hiring of engineering graduates is also seeing momentum from emerging locations, but there is still untapped potential. Only 33 per cent of engineering graduates (4,95,000 from the 1.5 million) are getting hired and 35 per cent of the graduates are emerging from the top 500 cities," said Sunil.

He also highlights how 1.5 lakh professionals have upskilled themselves in digital-related technologies, which plays a major role in increasing employment opportunities.