Apprentice skilling in IT/BFSI industry will create 5 million jobs by 2025, according to a report by Quess Corp
- IBEF
- December 1, 2023
According to a report, although the country's information technology (IT) services industry may have slowed down the fresher intake, but it increased the hiring of apprentices by 250% in 2023.
According to Quess Corp.'s "Apprentice Skill Trends" report, the IT and banking, financial services, and insurance (BFSI) industries are projected to create around 5 million jobs through apprentice skilling by 2025.
The IT/ITES sector has seen a monthly increase in hiring as a result of its emphasis on apprenticeship engagement, which lowers labour costs, develops a skilled pool, and promotes employee loyalty. According to the report, over 79% of businesses in the IT and ITES sectors anticipate a rise in the number of apprentices hired in the upcoming months.
There are almost 900,000 apprentices between the age group of 23-26. Apprentices aged 20024 are likely to receive salary ranging from Rs. 11,000-75,000 from employers in the IT/ITES sector. According to the report, stipends in different industries vary and are based on educational background.
According to Ms. Girija S., Vice-President at Quess Corp, “The IT space in India has seen a drop in headcount and fresher intake due to global tensions. However, apprentice hiring has picked up substantially in the past year across the IT segment, with newer roles emerging that did not perhaps exist a year ago.”
Such hiring is happening in Tier-II and Metro cities. The growth of non-banking financial corporations (NBFCs) has also led to a boom in apprentice employment in the BFSI industry. But in the IT and BFSI sectors, there is an unparalleled opportunity for apprentice skill development and job creation. By 2025, the creation of over 5 million new jobs is expected,” Ms. Girija S. said, referring to NBFCs.
In this industry, recruiters are seeking candidates for roles in associate customer relationship management, business process outsourcing, voice and data entry, and IT support. In 2023, recruiters have noticed a notable increase in interest in positions such as embedded systems engineer, design engineer, data engineer, blockchain developer, Android/IOS developer, and cybersecurity engineer. Back-office executives, credit procurement, debit recovery, and microfinance are in high demand in the BFSI industry.
Furthermore, Pune, Hyderabad, and Coimbatore have emerged as major hubs for apprentice hiring.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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