The Indian technology industry is facing its biggest-ever HR challenge with the need to recruit and skill more than 2 million professionals, as growing demand for 'exponential tech professionals' puts extreme pressure on it to remain globally competitive, according to a report.
The increasing competition has not left organisations with much of an alternative. They have to either embrace the challenge or perish, according to the report titled 'AI & Future Of Work: Redefining Future Of Enterprise' by BML Munjal University.
Employability with technology continues to be a problem despite India having a large number of higher academic institutions, it added.
"There is an expected supply of 7 million people for the Indian technology industry that consists of graduates, PGs (postgraduates), diploma holders and PhDs (but) overall employability is 18 per cent only," the report said.
On the other hand, it said, "Several jobs at the mid-level of indian technology companies are becoming redundant or changing dynamically. Massive re-skilling in exponential technologies required swiftly."
"It will not be an exaggeration to call the present scenario as the largest-ever HR challenge for Indian technology professionals and it is knocking hard at the gates of the Indian technology industry," it said.
The recruitment and skilling more than 2 million professionals, new and existing, through academic institutions, learning academies, training departments are daunting tasks, the report added.
Commenting on the findings, Sameer Dhanrajani, chief executive officer, AIQRATE Advisory & Consulting, an author of the report, said, "Today, we are witnessing an unprecedented change in the exponential technologies where legacy skills, tools and technologies have become obsolete."
New-age digital professionals proficient in artificial intelligence (AI) and internet of things (IoT) are being called upon to enter the talent workforce -- with a new set of skills, he added.
As per the report, addressing the challenges of re-skilling the aspiring and existing technology workforce will require change and initiatives from all stakeholders.
"At an individual level, there will be a need to reinvest in building exponential technologies, skills, and think of learning as lifelong requirement. Enterprises will need to support and encourage such behaviour and dramatically increase investments in training," it said.
At the same time, the government will need to provide the framework to support individuals and companies through the period of change, it added.
Speaking at the release of the report, BML Munjal University Chancellor Sunil Kant Munjal reiterated the need for up-gradation of academic structures through global and technological exposure, driven through the support of thought leaders in the industry as well as in academia.
He also pointed out the need to learn from China, Israel and USA which have been leaders in the development of technology and also called for integration of 3 Is -- Innovation, Inquiry and Impact -- with the new generation of technology-driven academia across various institutions globally.