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It’s Time to Skill it: Why Older Veterans in IT are getting Reskilled than the Young IT Audience?

The recent technology in today’s scenario has been bombarded by AI and ML which is one of the biggest opportunity creators and job creators in the economy today. India Inc will need a lot of talent in this untapped space which is opening to new positions day by day. Astonishingly only about 2% of the Indian workforce in the FINTECH sector have AI, ML and Data Science knowledge sufficiently equipped to handle global challenges at ease which we are also trying to close the gaps and address to the community at large. Mr. Joseph Jayakumar, Director Amstar Technologies has launched e-learning platforms for learning and unlearning and has also partnered with IBM and Arrow ECS to create reskilling programmes in AI and ML in the executive front successfully. Infact a study by LinkedIn also opines that 7 out of 10 emerging jobs in India in the technology sector are tech focused roles. They are concentrating majorly on AI/ML roles with deeper impetus in Machine learning engineering at the top and much sought after job in the list. Our partner Nasscom also reasons that emerging job roles in AI includes that of data architects, applied scientists, ML speech vision, Analysts in BI and DevOps engineers. Many HR leaders who have partnered with us also agree that the average hikes being commanded by AI professionals whilst switching jobs would be almost 40 to 50% compared to 20 to 30 % for other skills.

We have seen from our experience and understanding as a skilling partner that techies with around 7 to 15 years of work experience go for this type of programme. When we started we thought the course would get working professionals from the segment of 5 to 7 years of working experience as they are early in their careers and seek instant gratification. But surprisingly, the average enrollment is much higher. Sometimes we overlook the fact that people who will want something are the people who have the most to gain. However people who want something are the ones who have the most to lose. These people have resources but also have mortgages and personal commitments and cannot afford to lose the lifestyle built over a course of time.

The rising interest from senior professional’s looking to understand more about AI and ML and its applications across industries has persuaded them to working on crafting specifically designed for them. We see that lots of professionals enquire and enroll with us for such programmes because they are significant projects happening in their respective organizations in the AI and ML front and they are keen to be a part of the new revolution.

The reason for the new revolution in AI and ML getting so much enquiries and follow-ups are due to below reasons
- There are around 40,000 professionals for such a large and untapped field
- The 10 companies that employ the most professionals in India are Accenture, TCS, Cognizant, Infosys, Wipro, IBM, Microsoft, Amazon, Cap-Gemini and HCL technologies and the companies are expected to grow further creating more job roles.
- Increase of about 30% YoY in the number of companies setting up dedicated AI teams in India will grow dynamically as well.
- Average work experience of AI professionals is about 6.6 years and Senior Management is keen to jump to this role for skill enhancement where we can provide exceptional assistance on.
- Around 3,700 fresh recruits were added to the AI workforce in 2018 and we expect the number to further increase in days ahead to come.
- Bangalore leads the pack in terms of size of AI ecosystem. 32% of AI professionals in India are working in Bangalore in a myriad of projects across verticals. This is closely followed by Delhi NCR region at 22%
- 48 % of AI professionals look at reskilling themselves for skill enhancement
- The Median AI salary is 14.3 lac pa across all experience skill sets
- Around 40 % of AI professionals have an entry level salary of INR 6,00,000 onwards
- Almost 4 % command a salary higher than INR 50 lac.
After seeing these pointers we deduce that there is an increase in enquiries for programmes in AI and ML from school and college students as well. While their head counts aren’t significant they are clearly aware of AI and ML playing a major role in their careers and they want to be well prepared and financially stable for their future ahead.
While Technological advancements have historically reshaped skill requirements but the pace at which today’s next generation technologies are developing and is disrupting the global talent market is unprecedented and we can assist enterprises for that next big league move either in AI and ML or strategic RPO successfully.

Register for a complimentary AI and ML consulting session with us today

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