FutureSkills Talent in India: Demand-Supply Analysis
Blog: NASSCOM Official Blog
The objective of this study is to map the supply demand gap in India with respect to FutureSkills technology talent. The model based on Zinnov’s Draup’s Proprietary Talent Database, analyses the entry level job roles, installed talent and demand, themes driving digital talent growth and talent supply and reskilling opportunities
Installed Talent and Demand
- FutureSkills Talent growth will be impacted in the short term owing to COVID-19, but as the economy recovers, it is expected to rebound to 3.5M – 3.7M in 2024
- India’s demand for Digital Talent jobs is approximately 8X larger than the size of its fresh talent pool. By 2024, this demand is expected to become 20X the available fresh talent pool.
Themes Driving Digital Talent Growth
- COVID-19 has fast tracked digital transformation initiatives by firms across sectors, focus shifting towards digital use cases (especially in AI BDA, Cloud Computing, and Cyber Security)
- Growing investments by global MNCs is expected to amplify the rising demand for talent, thereby further widening the demand-supply gap
Entry Level Job Analysis
- Entry level job openings constitute 68-70% of the total FutureSkills job openings
- India currently employs 1.2M – 1.3M FutureSkills talent at the entry level. The talent installed in these roles are growing at a CAGR of 16-20% whereas the demand for these roles is growing at a CAGR of 19-23%
Talent Supply and Reskilling Opportunities
- Even though the overall fresh talent pool supply is very high in India, the directly relevant fresh talent supply as of FY2020 that will transition to the Digital Talent Pool is 45K – 50K which is expected to grow to 57K – 63K by 2024
- Firms are already undertaking scaled reskilling exercises to close the demand-supply gap. Standardization of job roles will further speed up reskilling
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