Tech still rules Indian job market

Even with instability in the market, the demand for tech workers does not appear to be going anywhere and neither is the industry’s trademark high compensation. Principal software engineer, engineering manager, data scientist, data modeler, and software architect are expected to be the top paying jobs in 2023.

Some good news has been heard. In March, BosonQ Psi (BQP), which recently launched the first quantum-powered computer-aided engineering (CAE) software suite – BQPhy®, announced active hiring of talent in deep tech and quantum computing.

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In March, Automovill, a Bengaluru-based full-stack mobility solution provider, announced plans to increase its talent pool by hiring an additional 100+ new employees by the end of calendar year 2024.

In March, Drone tech startup TSAW Drones announced hiring plans for 350+ new employees by the end of the calendar year 2023.

Even though layoffs and the funding winter are reasons for concern in a recession riddled economy, the need for techies isn’t going anywhere.

“The hiring effort is important for us because we understand that there are plenty of skilled individuals looking for exciting prospects at a time when major companies from the diverse sector are laying off their workforce,” Sambu Ramana Co-founder & CBO, of Automovill said.

Startups and companies in India have been hit hard by the funding winter and thousands of employees have been laid off recently. However, the addressable market for what we do at TSAW Drones is unprecedented, particularly in these times of economic turmoil and transition

Sudhanshu Mishra, Head of people of TSAW Drones

“Startups and companies in India have been hit hard by the funding winter and thousands of employees have been laid off recently. However, the addressable market for what we do at TSAW Drones is unprecedented, particularly in these times of economic turmoil and transition,” Sudhanshu Mishra, Head of people of TSAW Drones said.

Even in the skilling sector, opportunities for tech are on the horizon. For example, in February, Workruit, an AI-powered career and recruitment platform, announced plans to partner with over 500+ colleges to offer resume-building and career growth opportunities through its SaaS platform.

According to jobs site Indeed, tech jobs are leading the list in India in 2023. Despite the layoffs that were reported in the second half of 2022, technology job roles account for 15 of the top 20 titles in India.

Companies Are Snatching Up Available Talent

The reason for this pattern seems to be that with large tech companies undergoing a period of correction, other companies appear to be ready to snatch up prime technology talent. This is largely because tech roles have a larger volume of jobs as compared to any other job role. Technology roles are also sector agnostic, meaning that every sector has a requirement for tech roles. 

With increasing investment in IT and adoption of new age emerging technologies, job roles in these areas will also see a rise this year

Sashi Kumar, Head of Sales, Indeed India

“Overall, the year will continue to see tech roles hire the most. India is seeing a steady and stable growth and the short term impact of recession and layoffs are not likely to impact the future of tech roles in India. With increasing investment in IT and adoption of new age emerging technologies, job roles in these areas will also see a rise this year,” Sashi Kumar, Head of Sales, Indeed India predicted.

Tech Jobs Mean Workplace Flexibility & Higher Salaries

Additionally, technology jobs offer a lot of workplace flexibility as well as competitive salaries, both of which are qualities that jobseekers value highly. The high demand for technical skills both inside and outside of the technology sector is good news for tech employees and a clear indication of where opportunities exist for individuals beginning or changing careers. 

This trend is not only seen in India but also globally. In Indeed’s Global Best Jobs of 2023 list, tech jobs occupy the top three spots – full stack developer, data engineer and cloud engineer. This is an improvement from last year where only one tech job made it to the top ten. 

Indian Developers Most Sought After

Developers have emerged in India as the most sought-after role, especially those that can design, develop and maintain the front-end and back-end of a web application, making up five of the top 10 job roles. 

According to a Federation of Indian Chambers of Commerce and Industry (FICCI) Randstad startup hiring trends survey, almost 80% of early-stage startups, those with a current workforce of fewer than 20 employees, are looking to increase their workforce in 2023, despite the current trend of layoffs among larger corporations.

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80.49% of the total startups surveyed stated that they plan to increase their manpower hiring in 2023, while 15.78% plan to maintain their existing headcount, majority being early stage. 54.38% of startups attribute the high attrition rate to factors such as better pay packages offered by larger corporations, as well as concerns over job security in a startup.

The sectors depicting the highest hiring intent include the healthcare sector, IT/ITes, agri/agritech, AI/ML/DeepTech, Fintech and Manufacturing; while Hyderabad and Pune are emerging as regions exhibiting strong intent to hire for senior-level positions.