NEW DELHI: The Indian IT-BPM industry is expected to add 3.75 lakh new jobs and reach a headcount of 4.85 million in FY22, according to a report by TeamLease Digital, the specialised staffing division of TeamLease Services.
The Digital Employment Outlook Report suggests the momentum in the Information Technology and Business Process Management (IT-BPM) sector is aided by increased investments in the sector and rapid adoption of technology by enterprises.
The optimism is not just restricted to overall hiring and is impacting the model of employee-employer contract as well, according to the research.
"While full-time employment commands the volume with 17% growth, it is contract staffing that will gain significantly from the positivity in the market. IT contract staffing is expected to reach a headcount of 1.48 lakh employees by March 2022," it reveals, adding digital skills is what the industry has set its eyes on this fiscal.
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Sunil C, Head, Specialised Staffing, TeamLease Digital said, "Apart from being the largest private sector employer, the IT-BPM industry is transforming India into a hub for 'Digital Skills'. 43% of our customers are expecting to increase Digital Skills hiring by at least 30% or more this year, however, what is concerning is the demand-supply gap. Addressing the talent deficit will require organisations to re-look at their HR strategies."
The attrition rate has also been on a rise, with it being the highest this year in the history of IT-BPM industry.
In FY2022, full-time employment attrition is set to cross from 13% to 24% and contract staffing attrition is expected to grow up to 49% from 40% in FY2021, said the report.