New jobs and new skill sets to drive the job market in the next 5 years

A report commissioned by FICCI and NASSCOM in collaboration with EY on the ‘Future of Jobs in India’ throws up some interesting insights into how the job scenario is going to change in India by 2022. Factors like globalisation and disruption in technology will impact key sectors of the economy and the job creation in these sectors over the next 5 years.

9 per cent of India’s 600 million estimated workforce would be deployed in new jobs that do not exist today. When it comes to IT/ BMP (Business Process Management) sector, 10-20 per cent of the workforce will be deployed in new jobs by 2022 and 60-65 per cent will be deployed in jobs that will have radically changed skill set. A variety of new job roles will be created under this domain, some of which will be that of wireless network specialists, 3D modelling engineers, cloud architects and data architects.

This trend of creation of new jobs and jobs requiring radically new skill sets will be also seen in textile and apparel, automotive, BFSI and retail sector. In the BFSI sector 15-20 per cent will be deployed in new jobs that will not exist today and 55-60 per cent will be deployed in jobs that require totally new skill sets. Some of the new jobs created in this field are going to be that of credit analysts, cyber security analysts, robot programmers and block chain architects. Overall, some of the new forms of employment will include employer–entrepreneurs in technology enabled employment models, freelance workers on online platform models and employees in tech start-ups, among others.

In the organized manufacturing and service sector, the employment is expected to increase from the current 38 million to 46-48 million by 2022. This would increase the share of the organized sector in the overall economy to 10 per cent from current level of 8 per cent, i.e. approximately 60 million in a workforce of 600 million.

anaghpal@outlookindia.com