Archive for the ‘Information Technology’ Category

Perhaps the most significant and direct contribution of the rise in the economy has been in the financial sector and banking arena where ever increasing opportunities have resulted in the explosion in job openings for people from various degrees and experience. As the stock markets are growing so are the opportunities in the capital markets and banking sector where the companies are trying to expand their operations like never before. This is also causing an upward trend in the salaries and compensation packages to retain the talent.

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The banking, financial services and insurance (BFSI) sector is having a dream run in recent times. The good thing is that the bulk of action is not only restricted to metros like Mumbai and Delhi but also in second tire cites and towns where the potential has been realized by companies. As per a recent human resources survey, 150,000 jobs will be created in this area in the private sector alone over the next 12 months. The latest Ma Foi Employment Tracker Survey (METS) reveals that 140,000 new jobs will be created in the BFSI segment in 2007, 18 per cent more than in 2006. Again, much of this is in the smaller cities.

Banks have positioned themselves as one-stop shops selling deposit products, loans, credit cards, debit cards, depository and custody services, investment advice, bill payments and various transactional services, apart from third-party products such as mutual funds and insurance to retail customers. So most of the hiring is at the junior and entry level as also at middle management level with people with right kinds of experience. The continued growth of this sector and the rising capital markets have also enhanced prospects for those working in the financial services.

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The buoyancy in the capital market has fuelled the demand for experienced as well as freshers in the sunrise industry. Opportunities lie in areas of investment management, compliance, sales and marketing, back office operations, customer care, risk management and other related areas. People with good experience in the field are much in demand and compensation packages are the best across all the sectors. There is right now a recruitment spree and a lot of international firms like Lehman Brothers, Merril Lynch etc. are opening their shops to be a part of the Indian success story.

Another related sector experiencing tremendous growth is financial consultancy and domain expertise where people with experience in the banking and capital markets are being hired as domain specialists by big IT companies to act as a interface between their global and Indian clients and their software developers for big projects. The field is extremely exciting and compensation packages offered are top of the line. Most of the big IT companies have ventured out in the area and are having big national and international projects in their kitty. So the demand for professionals in the area is only going to increase and salaries are also expected to rise further.

The IT Sector is booming on India thanks to congenial policies and tremendous talent available in the country. As per a recent estimate, the sector is expected to generate exports of 60 billion $ and contribute to around 8% of India’s GDP in coming years. Not only are off shore operations of the Indian IT companies contributing significantly to their overall revenues, even their local operations are on upswing. Sectors like banking, capital market, finance, manufacturing government, etc. are all gung ho about IT and their apparent benefit to improve processes and operations. According to industry estimates, this upswing will lead to India registering the fastest growth in the Asia Pacific region.

Manpower Requirements
The surge in the sector means positive news for employment generation and manpower requirements. While on the one hand it will lead to generation of more and more employment, on the other hand, it would also means that the manpower is also employable. This means that quality and industry relevance of education and experience gained by professionals would be given overriding importance as more an more critical and core operations of companies would need to be integrated with the help and support of IT.

As per industry estimate, India will fall short by almost 50000 ‘relevant IT professionals’ by the year 2010. What it means that the future growth of the sector is hugely dependent on availability of right kind of talent in the field. The talent would not only be having only pure technical knowledge and expertise but also functional and operational knowledge and understanding of processes. The IT sector is in critical need of techno-functional professionals who can act as a catalyst of change for clients and provide best possible solutions to business problems. All this would require a thorough understanding of business processes and ability to dissect the problem areas and find critical solutions. The next round of growth in the sector will be enjoyed by companies and professionals who can assimilate both technological knowledge and understanding and functional expertise and domain knowledge. Therefore the requirements for techno savvy professionals in the field is only going to rise and that too on a massive scale as there is a huge shortfall in this area.

Future Trends
As Indian companies find large number of projects and contracts to be executed overseas as well, there is a requirement to update oneself on an ongoing basis and that too on a much larger canvass. This would require understanding the business practices and processes of clients and ability to assimilate the critical elements involved therein. The future growth of the sector is thus hugely dependant on this critical ability of the IT workforce. How well the Indian companies respond to the challenge and build a reputation for providing world class solutions will mean the difference between success and failure.

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The survey has said that majority of Indian employers have reported an improvement in career advancement opportunities over the last 12 months.

A dominant 60 per cent of the surveyed companies have reported that career advancement opportunities for their employees have improved over the last 12 months.
While 40 per cent of the surveyed companies opined that career advancement opportunities had remained the same. Most importantly, this ‘employer opinion’ was endorsed by 58 per cent of Indian employees, evidencing a conclusive agreement that Indian employers are taking active steps towards offering advancement opportunities to their employees. The survey aimed at capturing the current global landscape of rewards and talent management brings out a scenario, which is quite encouraging for employers and employees in India alike.

Commenting on the global, regional and India specific inferences of the survey, Towers Watson India MD Dhritiman Chakrabarti said, “The impact of the recessionary environment was less harsh on India Inc and consequently on the Indian workforce, but what is important to note is the studied and measured response of corporate India to the slowdown as compared to the rest of world and the Asia Pacific region in particular.

Equally important, on a comparative note, is the affirmative and buoyant sentiment that has been expressed by corporate India, be it in terms of job security, skill development or opportunities to earn higher levels of compensation.”

The “compensation element” which hitherto is popularly considered as the prime motivator for employees, is another parameter where Indian employers score better.
While only 37 per cent of employers in the Asia Pacific region believe they provide their employees an opportunity to earn higher levels of compensation, around 54 per cent employers in India, which incidentally is the highest number within the Asia Pacific region, felt likewise.

An impressive 64 per cent of Indian employers surveyed believe to a great extent that optimal opportunities are available to their employees to rapidly develop skills and abilities, as against a 49 per cent Asia Pacific average.