With the onset of this pandemic in 2020, many sectors bear the brunt, not only that, many sectors have undergone massive layoffs, but now we are over 1,5 years of this pandemic, some of the regions Good news is starting to come. For experts, while we are staring at the prospect of a third wave, it seems that India Inc is slowly coming out of cautious mode and aggressively hiring young talent and giving its employees salary hikes. Thanks to the technology change required by this tiny virus. Even a simple job search on LinkedIn will give you an idea about the reported recovery in various sectors in terms of job vacancies.
According to the Indeep report, which effectively analyzed the impact of the pandemic on India’s job market. The report concluded that the demand for IT professionals has increased by 400 per cent. At the start of the pandemic in 2020, corporations, sectors and institutions adopted a wait-and-watch style of functioning, which was necessitated by the extreme uncertainty induced by this pandemic. In June 2020, a few months before the peak during the first wave of infections, recruitment dropped by 50 percent. With record technical job vacancies, the requirements of niche and super niche skill centric jobs are also witnessing a sharp increase. Want Skilled technical job roles such as Application Developer, Lead Consultant, Salesforce Developer and Site Reliability Engineer grew between 150-300 percent, becoming the top in-demand roles from January 2020 to February 2021.
The positive news is not just limited to hiring, but organizations are offering higher salary packages than last year. So, companies are giving more and candidates are now expecting more. The report also highlights the salary hike expectations in the case of full-stack engineers, with companies offering hikes in the range of 70-120 per cent. Which is unusual and far more than what was offered last year. By the end, the conversation regarding the hike was swirling around 20-30 percent.
IT services major Tata Consultancy Services (TCS) recently announced that it has launched its biggest ever recruitment drive for women professionals who are looking for job opportunities after a career gap. The tech giant has said, “Talent and potential will always be there, and ReBegin is an opportunity for talented experienced female professionals to inspire, re-invent and challenge themselves.” TCS, Infosys, Wipro and other big tech giants are aggressively hiring candidates from across India.
This means that the total wage bill for the entire IT sector will rise to $1.6-1.7 billion in FY22. This is a golden time for employees with the right skills who are looking for a new job and want to get a decent salary. Also for cities where the IT ecosystem is based like Bangalore, Hyderabad, Chennai, it means a booming real estate market and overall good discretionary consumption.