Future of Work: Impact on the IT Industry

The IT industry is constantly evolving, and companies are always looking for the latest trends to stay ahead of the competition. Whether it is changing workplace policies, focusing on temporary or flexible employment, or using A.I. to enhance operational efficiency and talent management.

In this article, we will explore these changes in depth to help you gain insight into what could be the future of work in our IT industry. By learning about the current state of affairs and understanding how it is affecting companies and the workforce, you can be more well-informed about how to tackle all these changes to the best of your abilities.

Transforming the IT industry: Gig Economy

According to an article by Economic Times, the growth of permanent job openings in the IT industry has decreased by 5% this year while hiring of gig workers has increased by a whopping 40%. The IT industry is in the midst of a major transformation, as the gig economy gains traction as an increasingly popular way to hire.

Recent findings also revealed that 6 out of 10 companies are now hiring gig workers, compared to 2 out of 10 last year (CIEL HR research). This is a significant increase in demand for temporary or contractual employment. These changes present potential opportunities for both employers and freelancers - but it’s essential that everyone involved understands what these changes mean for them.

For IT professionals, this opens up a chance to join a rapidly growing workforce with better pay and improved flexibility. Companies also benefit from hiring remote workers - cutting costs, avoiding long-term commitments, and gaining efficiency through shorter project cycles.

The Emergence of New Platforms & Strategies

To cope with these dynamic changes happening in the work landscape, top IT companies have started to adopt a blended workforce strategy by combining their permanent, contractual, and gig workers to create an ideal mix of talent available through various channels.

Companies such as TCS, Infosys, Tech Mahindra, and LTIMindree are adapting to this trend by launching gig hiring platforms, allowing employees to take on external gig work, and using AI-powered talent marketplaces to identify gig workers internally and externally.

According to Manoj Shikarkhane, Chief Human Resources Officer at LTIMindtree, "Leveraging gig work or crowdsourcing platforms within enterprises can help access talent pools, offer opportunities, and enhance skills."

Changing Preferences of the Workforce

Did you know that employees at one of India's largest IT firms are leaving their jobs due to the company's decision to end its work-from-home policy? Interestingly, the majority of those leaving are women.

According to an article by Indiatoday, the company lost over 20% of its workforce in the previous fiscal year, with many women resigning due to their desire to work from home.

With a workforce of over 6 million, of which 35% are women, this 20% attrition (departure) rate reflects the challenges faced by the company in maintaining gender diversity in its workforce.

What does this trend signify? It highlights a growing preference for flexibility and agility among professionals who seek to take control of their careers and explore new opportunities.

The workforce has undergone a significant transformation over the years, with changing demographics, technological advancements, and globalization. As a result, work policies have had to adapt to meet the evolving needs of employees. It seems that traditional work policies, such as the 9-to-5 office routine, are no longer effective in meeting the needs of the modern workforce.

Conclusion

In conclusion, the gig economy is making waves in the IT industry, and companies are adapting to this trend by launching platforms, allowing employees to take on external gig work, and using AI-powered talent marketplaces to identify gig workers internally and externally.

This not only helps companies access a wider pool of talent but also offers more opportunities to employees and enhances their skills. As the workforce continues to change, it's essential for companies and employees to stay informed and adapt to the latest trends to stay ahead of the competition.

Share your thoughts on the future of work in the IT industry in the comments below and spread the word by sharing this article with your network.

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