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NASSCOM Initiates Technology Re-skilling at HR Summit 2016

Calls for re-skilling to navigate technology imperatives of the future; Automation already upon us, changing the skills in demand

Focusing on need of re-skilling to keep up with the rapid technologies, NASSCOM has kick-started the 13th edition of HR Summit 2016 at ITC Grand Chola, in Chennai. With the theme “Navigating Uncertain Waters” the summit aimed at providing a platform for participants across sectors to come together and discuss the different facets of how digital technologies are reshaping HR and the proactive role it will need to play while technology leads to new job avenues. On the sidelines of the summit, NASSCOM also showcased the findings of its report titled “Technology Shifts and Workforce Priorities” to highlight the changes in the ecosystem and how companies and employees need to evolve.

According to the press release, the Indian IT – BPM industry currently employs 3.7 million employees, India continues to maintain its leadership in the global technology arena; with over 2 lac net additions and 3.5 lac digitally skilled employees. To continue this momentum of growth the report suggests that the industry will require 1.2 – 2 million employees to meet the revenue of USD 100 billion by 2025. Further the report iterates the five forces that are changing the world at an unprecedented pace and scale: Rise of emerging markets, ageing of the global population, power of disruptive technologies, integrating world and return of (geo)-politics

The report also highlights the growth of digital technology over traditional technology from 5% to 38% over the next decade. Due to changing technology and skill sets in demand, there will be a gradual shift of the industry towards automation and around 5 to 10% of existing jobs may be automated in the next 10 years; significantly changing existing skills across job functions. While Technology will displace some jobs, it will also lead to creation of some new jobs – biotech, nanotech, smart technologies to name a few. The report estimates that 60-70% of the existing workforce will be need to be re-skilled in technology, domain, social and thinking.

R Chandrashekhar, President, NASSCOM said, “Domain specialization and greater need for soft skills have become the new patterns that we are witnessing throughout the sector. In this new world order, technology and automation have taken the center stage, and companies are deploying them at a rapid pace to enhance productivity. This trend will bring in a sea change in talent re-structuring and deployment, creating healthy competition and re-skilling opportunities.”

NASSCOM also announced the annual rankings of Top 20 IT-BPM employers in India, for fiscal year 2015. Tata Consultancy Services is the largest employer, followed by Cognizant Technology Solutions at second position and Infosys at the third.

NASSCOM Top 20 IT-BPO Employers in India FY2015

Rank Company Rank Company
1 Tata Consultancy Services Ltd 11 Mphasis Ltd
2 Cognizant Technology Solutions India Pvt Ltd 12 iGATE Global Solutions Ltd
3 Infosys Ltd 13 WNS Global Services (P) Ltd*
4 Wipro Ltd. 14 L&T  Infotech
5 HCL Technologies Ltd 15 CSC India
6 Tech Mahindra Limited 16 Syntel Ltd
7 Capgemini India Pvt Ltd 17 EXL*
8 Genpact Ltd. 18 Hinduja Global Solutions Ltd*
9 Serco, Global Services* 19 Firstsource Solutions Ltd*
10 Aegis Ltd 20 MindTree Ltd

*indicate pure-play BPM firms.

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