Indian tech industry hired around 380,000 freshers in FY22, according to the findings of a Nasscom report, which added that over 70% of Gen Z students are keen to take up technology jobs in the near future. Generation Z, also called Gen Z, is the generational cohort following millennials or Gen Y, born between the late 1990s and early 2010s.
The report, titled “Gen Z and Millennials: Reshaping the Future of Workforce” done in partnership with hiring firm Indeed, revealed that a significant fresher hiring over the last few years in the tech Industry has pushed the share of Gen Z to 18-20% and millennial to 68-70% of total employee base in FY22. In fact, 79% of Gen Z are willing to spend more than two years in their first job, provided employers give them the right value proposition, said the Nasscom survey with job website Indeed.
As of 2021, India's share of millennial and Gen Z stood at 52%, higher than the global average of 47%, said the report, stating that the trend is expected to maintain momentum till 2030, where the share of India's Gen Z and Millennial population will be 50%, higher than the world average of 46%.
"With newer perspectives and ideas, Gen Z and Millennials are setting the future course of employee engagement, retention, and acquisition strategies. It will be interesting to see how these newer generations shape India's future as the talent hub of the world," said Sangeeta Gupta, Senior Vice President, and Chief Strategy Officer, Nasscom.
While brand value tops the chart for both millennials and Generation Z, culture and ethics and learning and growth are important criteria for the Gen Z population in selecting a company. Further, Gen Z is more willing to be in the office, with 85% highlighting the preference to either completely work from the office or in a hybrid model.
"Gen Z workers prioritise a positive work-life balance. They seek work environments that are empathetic and diverse, offer learning opportunities, and align with their core values," said Sashi Kumar, Head of Sales, Indeed.
Attracting and retaining quality talent has been a critical area for organisations, said Nasscom. Companies are focusing their investments on reskilling and forming partnerships with learning platforms to conduct offline and online training for existing employees and freshers. Along with this, they are also putting emphasis on creating a good work environment whilst redesigning office spaces and policies to enhance employee experience.
The research also highlights that going forward, designing the future of the workforce requires the creation of an engaging partnership between both employees and employers. “Building a consistent employee value proposition based on the foundation of trust, transparency, and understanding, will help them form a long-lasting and mutually rewarding relationship,” it said.
