The second half of 2021 saw a boom for tech industry entrepreneurs to support the movement of conventional businesses to integrate technology into their business in the form of communication, manufacturing, and distribution development after a difficult first half of 2021 caused by the cruel second wave of Covid-19. However, along with these enormous prospects for tech CEOs and unicorn companies, comes execution pressure.
Various models are being used by businesses, including full work from home, hybrid, and full work from the office. Tech and IT organisations have tailored their services to offer a secure working environment by taking into account varied needs. The Tech and IT industry reached a tipping point in FY2022 when its total sales surpassed $200 billion and its workforce surpassed 5 million people.
A recent CMR study on employability demonstrates how various educational institutions fared in terms of placing their students in the tech and IT industry along with all other engineering streams.
Background: Dataquest T-School Employability Index Survey 2022
The employability Index is one of the measures aimed at describing the transition from engineering graduates to employment. Overall, the report offers more guidance to students by indicating to the interested audience the potential of finding a job within the line of study is chosen.
Current Job Market 2022
The year 2022 is going well in terms of employment for engineering graduates as 95% of HR managers found the current job market great in terms of opportunities. However, they also raised a few gaps in the skillset of engineering students as per current industry requirements. The first one is the lack of technical knowledge which is obvious due to the increased demand for customized solutions.
Therefore, companies need to spend the first three months of their new employees’ employment training on skills essential to accomplish business objectives.
Introduction to the Real World of Industry
Through engagement with the industry, T-Schools are becoming more industry-focused. enhancing current teaching strategies and, most crucially, giving students a foundational education. By incorporating real-world scenarios into the classroom, industry engagement helps students make confident career decisions.
99% of T-Schools have an MOU in place with an industry partner, according to the DQ-CMR T-School Employability Index Survey 2022.
The DQ-CMR T-School Employability Index Survey 2022 found that 94% of the T-Schools surveyed have set up an incubator to support entrepreneurs. By serving as a conduit between T-Schools and businesses, the incubators enable students and teachers to receive business advice from corporate partners in charge of commercializing and scaling up the ideas.
Current Year’s Hiring Plan
Three in every four HR managers are bullish about campus recruitments compared to the last year.
In the current post-Covid world, the nature of work has fundamentally changed, indicating that we are on the verge of workplace disruption. The ways we work, collaborate, and do meetings/presentations, got changed so the recruitment process. More than half of the companies are opting for virtual interviews. Almost half of the companies are still offering work-from-home positions. Changing needs of different industries are resulting in more vacancies than the pre covid times.
Research Methodology and
Many prestigious IITs, NITs, IIITs, and private and government institutes participated in the T-School Employability Index Survey 2022.
The DQ-CMR T-School Employability Index survey 2022 was conducted in two phases:
Phase 1 – Initial Desk Research and Groundwork Phase
The EduTech Practice at CMR scanned its vast EduTech Knowledge Base and updated it via an intense desk study during the initial preparatory foundation phase of the T-School Employability Index Survey. The initial groundwork phase’s goal was to locate and list all of India’s technical schools and top hiring HRs. Higher educational institutions run by the government and private educational institutions were listed individually. The survey included colleges that were founded before 2018 and offered B.E., B. Tech., or similar level graduate technical degrees and hiring HRs of top companies.
At the end of the desk research phase, an invitation was extended to all short-listed institutions and HRs on behalf of DQ and CMR to participate in the nationwide survey.
Phase 2 – Primary Research
The T-Schools and HRs short-listed in Phase 1 were approached by the EduTech Practice at CMR. Online interviews were scheduled with the institutions and HRs to collect information around placements/hirings done within the campus.
The survey had at least one T-school participating from each of the major states of India. Southern region-based T-schools took the lead in participating in the survey with 60% of the respondent institutes coming from this region.
The data was collected using a standardised questionnaire with over 20 questions. These questions allowed the DQ-CMR team to create a comprehensive picture based on the T-Schools’ input. The T-Schools were given enough time to offer their filled-out nominations, either online or in person. According to the market research code of ethics, the contributions were inspected by the CMR EduTech Practice for completeness and accuracy of data provided, as well as through a random check process, with >30% of the submissions cross-checked. CMR Analysts contacted key stakeholders for further discussion, allowing for a comprehensive view of placements got by T-Schools.
The quantitative inputs from various T-Schools and HRs were then analysed, with absolute data being normalised to relative data in order to compare parameters among the participating institutions. A final score was obtained for each of the parameters, which was then factored with the pre-defined weights to produce the overall employability index of each participating T-school. The institutes were then ranked, with the one with the best overall score being placed first. The T-schools’ employability index was used to determine their rankings by category and region.
Especially the data collected from HRs shows the current job market in terms of opportunities the market. Their hiring plans for the year and what they see in a candidate during recruitment. Preferred cities, the source for finding a suitable candidate, organizational challenges faced, and also the employee’s wellbeing.
- At on average, 589 students per T-School opted for job placements.
2. At on average, 111 companies visited T-Schools for recruitment.
3. At on average, 492 students secured jobs via campus placements. The overall placement rate is 84%. This has been obtained by dividing the number of students placed with the number of students who opted for placement.
4. The average salary package remained INR 4.84 Lacs/p.a.
5. The maximum salary offered stood at INR 20.70 Lacs/p.a.
If we look at branch-wise placement, Computer Science Engineering (CSE) (90%) and Information Technology (IT) (89%) have achieved the highest placement rate.
When choosing candidates, HR considers grade points first, then the candidate’s general academic background. The least favored skill for selection by HR is numerical aptitude because software can now perform mathematical calculations quickly and easily. Another crucial trait that HR managers look for is an entrepreneurial mindset.
Internal job postings are the next most popular way to locate a qualified applicant after colleges. College enrolment is up 20% in this area compared to last year. According to the survey, the company mainly uses its own job portal rather than other job portals. Between hiring from a company’s own portal and hiring from other job sites, there is a significant difference. Although references are always listed on application forms for employment, they are the least desired source for hiring and integration into the organization.
The major factor that HR Managers take into account is a candidate’s potential for future high performance. The most important factor is “value for money” in the contemporary labor market. Candidates with fundamental competence who also possess strong interpersonal, behavioural, and positive attitudes are favoured above those who are extremely technically adept but struggle with interpersonal and intrapersonal skills.
HR managers confront many obstacles, but the main one is making sure that the required skill sets are available. Giving the best output with a limited budget is the next obstacle they must overcome, and it is one of the main causes of concern.
HR managers put strengthening student leadership styles as their number one priority in order to ensure the well-being of their employees. Bringing work-life balance is the next step, as many businesses continue to use remote or hybrid working arrangements.
The top firms are constantly looking for employees with the best talents and most in-demand qualities. Even if there are many technical and non-technical abilities required for high-paying employment and a successful career, these attributes also have a dominant order. Several abilities are in demand more than others. Among the skills that should be prioritized while preparing students for placements, are coding and software enhancement, networking development, algorithm designer, cloud computing, user interface designer, online frameworks, software computing, video production, audio production, blockchain, augmented reality, and virtual reality, as well as machine learning.
In the event that they are not a part of the primary engineering streams, institutions may add them as certificate courses.
By Sugandha Srivastava, Manager (Research), Industry Consulting Group (ICG), CyberMedia Research