Almost 60-70% of jobs in information technology, financial services, manufacturing and other sectors might get replaced completely in the next 3-4 years, says this prominent headhunter.
In a worrisome future trend for people working in transaction-heavy jobs, the work in key sectors such as IT, financial services, manufacturing, transportation, packaging, and shipping etc would be automated, a recent report has warned.
Roles of a data-entry clerk, cashier, financial analyst, telemarketer, customer-service executive, manual work operator/executive, factory worker, computer support specialist, retail salesperson and advertising salesperson are constantly getting disrupted, said a joint report titled ‘India Skills Report 2019’ by Global Talent Assessment Company Wheebox, HR tech company PeopleStrong and Confederation of Indian Industry.
“Automation has been impacting transaction intensive roles in the past 10-12 months. Almost 60-70% of such jobs might get replaced completely in the next 3-4 years,” Pankaj Bansal, Co-founder and CEO, PeopleStrong said to FE Online.
The study, which surveyed over 1000 employers across these sectors, noted that software and IT sectors have started hiring full stack developers with expertise in new technologies such as internet of things, artificial intelligence, virtual and augmented reality.
“Demand for artificial intelligence and machine learning is being driven by its widespread application across businesses. Startups and midsize technology companies would drive the demand for these profiles,” Bansal said.
The freeze in hiring by technology companies, particularly in the software industry, is beginning to open up after a gap of two years, the report added. The important job areas where companies including startups would be hiring are artificial intelligence, design, analytics, and research and development.
“Companies have shown the intent to hire 15-20% more compared to what they hired this year. This trend is spread across different types of companies – be it startups or mid-large enterprises,” Bansal told.
The other significant highlight of the report was the rise in the gig or freelance economy which is being driven by startups as its early adopters. “However, the impact of the gig economy in India would be seen by 2022 as Asia and India are late entrants to the market,” Bansal said.
“People would be able to earn at least two times of what they earn from their full-time jobs. One in every four gig workers globally are from India,” the report added.