Covid-19 Impact : India ITBPM Hiring Slowdown on Current and Future Jobs
Posted on May 5, 2020
World has changed dramatically in the last three months since pandemic outbreak and as per IMF April "World Economic Outlook" projects global growth in 2020 to fall to -3 percent. Governements across globe, finacial control bodies, banking ecosystems and all public/private orgzanizations are in building various policy actions for effective in preventing bankruptcies, extended job losses, financial crisis and revive back strong economy to normal.
Mean time, various industry showed a steep decline in hiring in last 2 months (March & April) and we as talent consulting firm forasting there will be strong slowdown of new hirings till next 2-3 quarters in India. Publishing a quick trends and insights after our interactions with various talent acquisition leaders from the market players and also assessing as many as job enquiry calls from candidate ecosystems.
Talent trends in impact of pandemic:
- 8 out of 10 ITBPM market players hiring plan is on hold/freeze except offered candidate onboards for next 2 quarters
- 7 out of 10 of Han Digital’s SW services customers indicated that will continue to focus on optimization of work force by deploying their own current employee base with very limited new joiners
- More than 60% offer selected candidates are waiting to be officially offered on perm & contractual mode. These cases mostly driven by the customer decisions across large IT Services Players, Product Captives, BFSI and Non BFSI captive companies
- As part of work optimization plan, Top SW services companies are discontinuing their contractual work force mostly supporting traditional skills.
- Talent acquisition leaders indicated that their investments on TA will be depend on either ‘build or buy’
- 25+ Hot skills to be continue to make rhythms in hiring market - Hiring through internal TA team and maximu utilizatoin of ATS
- Cloud, Cyber Security, 3A skills (Artificial Intelligence, Analytics & Automation - RPA), Customer Experience, Digital currency, E-Commerce suite, iBPM and few others will expected to see job demand
- Graduate hiring on-boards may see delay in date of joining and we expect less than %60 of graduates onboards will happen to the ITBPM industry in 2020FY. Still need to wait and watch the intesity of pandemic in India.
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