Non-tech sectors to look at for jobs amidst tech sector layoffs
There has been a pause in growth for big tech companies in India following global layoff announcements. Despite technological layoffs by multinational technology companies, the report reveals an increase in nontech jobs in India, including healthcare, food services, construction, and education.
The start of 2023 has been eye-opening. The year started with a series of layoffs at big companies like Google, Microsoft, Amazon, and more following a year marked by geopolitical uncertainties and related effects. Almost all sectors have been affected by layoffs, but the technology sector has been the hardest hit.
Previously known as safe havens of stable jobs, Meta, Google, and Microsoft have also conducted mass layoffs. A survey has indicated that 14 startups in India have laid off over 2,100 employees in the first three weeks of 2023.
Three effects of the recent development have emerged: the Tech sector has lost its lustre in terms of talent demand, it's no longer an employee's market, and startups are no longer everyone's first choice.
The Surge in Demand for Talent in NonTech Sectors
Healthcare, food services, construction, and education have experienced a surge in demand for talent in December 2022, despite rumors of layoffs by global technology companies. Healthcare-related jobs made up 30.8% of all job listings on Indeed's platform in December 2022, according to its monthly jobs analytics.
It was followed by food services (8.8%), construction (8.3%), architecture (7.2%), education (7.1%), therapy (6.3%), and marketing (6.1). Post-pandemic economic routine has caused the construction and civil engineering industries to rebound, according to the survey.
In the past year, firms have realized the importance of marketing for improved customer experience as well as business and sales, contributing to the growth in demand. The marketing industry was among the first to see layoffs during the epidemic.
Data from Indeed job advertisements between December 2021 and December 2022 was used for this analysis.
A Survey of Cities
The survey shows that Bengaluru takes the top spot for job postings, accounting for 16.5%. Mumbai (8.12%), Pune (6.33%), and Chennai (6.1%) are all located close to Bengaluru, according to the report. Approximately 6.9% of this contribution comes from Tier II cities such as Ahmedabad, Coimbatore, Kochi, Jaipur, and Mohali, illustrating the growing need for talent in smaller cities.
A Major Boost in Domestic Job Market
Employees are seeking stable career options instead of high-paying jobs after big tech announced layoffs. The global economic downturn will likely boost the domestic job market and trained talents will find a lot of work. The tech sector is experiencing layoffs, indicating an impending recession. The news about Twitter's massive layoffs made global headlines, and the US media reported that Amazon and Google also had hiring freezes and fired large numbers of employees.
According to Fortune.com, Amazon announced it would no longer fill certain corporate positions, while Apple said it would stop hiring across most departments. These layoffs join the list of other mega-cap tech companies, including Facebook parent Meta and Google parent Alphabet, which have frozen hiring over the past few months." Tech layoffs are symptomatic of the global economic downturn affecting all sectors. Outsourcing enables companies to cut costs by focusing on their core operations while cutting down on supporting or supplementary functions.
Tech Employees Opting for Upskilling Courses
A skill gap cannot be bridged without upskilling; it has now become a necessity. Taking this into consideration, Imarticus Learning, one of India's leading professional education firms, analyzed professionals and released a report. There has been a 70% increase in students taking upskilling courses in the last year, according to the report.
The accelerated pace of digitization and the need for supply chain management, full-stack development, financial services, and cyber security expertise may contribute to this. Thus, in the last year, the demand for skill proficiency increased by 25%, and by 2025, it is expected to increase by 41%.
The layoff scare that has overtaken the economy has further heightened the need for upskilling. All industries are characterized by innovation and technological integration, and companies seek employees proficient with these tools and skills. The report from Imarticus Learning also shows an increase in learners from Tier I and Tier II cities.
A report reveals that these professionals are opting for courses that include a full stack developer pro program, a postgraduate and advanced cybersecurity certification program, a Master's degree in fintech, a postgraduate diploma in fintech management from BIMTECH, and a global professional certificate in fintech, in order of preference.
Things to Know
Despite the drop in numbers in the Technology sector, sectors such as Banking, Financial Services and Insurance (BFSI), Consulting and Professional Services, Education, Media and Advertising, Manufacturing, Health and Wellness, Infrastructure, and Telecom still have active openings. In addition, other sectors such as Retail, Goods and Logistics, Business Process Outsourcing, Consumer Services, and Automotive continue to add more openings.