‘You Cannot Do The Same Thing and Expect New Results’
The IT industry is changing rapidly. The skills which were once in demand are now becoming obsolete. With over 50,000 job positions lying vacant, upskilling and adapting is the need of the hour.
In a shocking move, Cognizant has let go of 200 employees to create room for new talent with relevant skills to offer. In a first-of-its-kind situation, the number of vacant job opportunities in Artificial Intelligence and Machine Learning outnumbers the number of job seekers in the country.
According to an industry report, this is because of the shortage of qualified individuals to cater to the industry needs. The game has changed and to stay on the top upskilling is the only way out.
“With more and more jobs increasingly becoming data-driven, the need of the hour is for professionals to upskill themselves to stay relevant,” says Hari Krishnan Nair, co-founder of Great Learning.
According to Nair, the primary reason for this massive void in information technology is that the projects which are undertaken by companies demand a higher skill set which is rare to find.
Related: Great Learning Skills Report 2018
“What people learn in colleges is not in sync with what is being used in industry,” he said.
“Most of these individuals passed out a while back. Now a lot of things are getting automated; newer opportunities are coming up. That is where there is a dearth of talent.”
According to a report by NASSCOM, nearly 40% of the industry professionals need to upskill or re-skill to stay relevant and avoid probable lay-off. For the employers, the shortage of skilled talent to fill in the empty seats is a significant problem, one which isn’t shrinking easily.
For analytics and data science professionals, Banking and Financial Services is the biggest market with over 44% of the total jobs being created in this domain in 2017. E-commerce is the second most significant market with over 12% of jobs created in this domain.
Healthcare (12%), energy and utilities (8%), telecom (6%), media (6%), retail, automobile, and travel are the other domains which are creating demand for data science professionals.
Cloud, Big data analytics, Machine Learning algorithms, Neural networks, and AI technologies will be the deciding factor for job seekers in this rapidly changing sector in India. The report comes from a study that covered 28,000 professionals in 3,000 organizations.
According to Gartner, 75% of the registered 10 lakh companies in India have invested or are likely to do so in data science, machine learning models, and AI research.
As this gap between IT/ITeS is widening due to lack of talent, this creates room for tons of opportunities as the industry continues to evolve for new technologies. According to the Talent Shortage survey, almost 40% of the employers face an acute shortage of talent in the industry, As daunting as it may sound, there is a silver lining to it as well.
According to the Great Learning report, while SQL programming has observed the highest number of job searches, Python is all set to become the lingua franca of coding due to greater support of machine learning libraries.
However, the jobs in SAS have declined. Data Scientist, Data Analyst, Data Architect, Data Statistician, Machine Learning engineer, ML Specialist, and Data Engineer are among the most talked about roles.
“The average jump one gets for a role like this is 45%, (and) in many cases it goes up much higher because of the demand-supply gap,” Nair said.
New emerging technologies demand IT professionals to be agile and adaptive more than ever before. Thus, upskilling and reskilling is necessary and no longer optional.
“New tech will continually evolve at a breakneck pace. Professionals need to upskill themselves, innovate and do newer things. Every four to five years, your competencies will have to change,” Nair said.
Apart from the IT industry, data science is now making its way through non-traditional sectors as well. Data science is gaining popularity in Banking, Aviation, Cybersecurity, Agriculture, Healthcare, and Autonomous driving cars, and is all set to impact the revenue growth substantially by 2020.
Upskilling and reskilling have had a significant impact on productivity over the past years. With organizations pouring big bucks into problem-solving, computer science, and research, it is the right time to master these skills and cement your position in the future.
Download the entire report to read the insights now.