According to research by the banking and finance platform StrideOne, In the year 2022, 230,000 jobs were generated by Indian startups.
The research has the total following findings:
- Employment produced by start-ups increased at a rate of compound annual growth (CAGR) of 78% between 2017 & 2022.
- It is anticipated to increase at a compound annual growth (CAGR) of 24% between 2022 and 2027.
It also noted how efforts by the government to develop a digital economy would lead to a 70x rise in job penetration by 2025.
Over 70% of Gen-Z still aspiring for tech jobs in India despite mass layoffs
The latest study conducted by the IT and tech employee association, NASSCOM Study suggests that over 70 percent of Gen Z are still aspiring for jobs in the tech industry. The choice has been despite the mass and brutal layoffs faced by thousands of people in the tech industry.
As per a report titled “Gen Z and Millennials: Reshaping the Future of Workforce” by the National Association of Software and Service Companies:-
- NASSCOM states that 70 percent of college students in India, who fall under the category of Generation Z, still aspire for tech jobs.
- The report also states that 79 per cent of GenZ are willing to spend more than 2 years in their first job provided employers provide them with the right value proposition.
- The global average stands at 47 percent. It is also noted that out of the global population of Gen-Z, 20 percent lies in India.
- As per reports IT and Tech companies in India hired around 3.8 lakh freshers in FY 2022.
Sangeeta Gupta, Senior Vice President and Chief Strategy Officer of NASSCOM said, “The workforce is changing and so are the workplaces. With newer perspectives and ideas, GenZ and Millennials are setting the future course of employee engagement, retention, and acquisition strategies.”
“It will be interesting to see how these newer generations shape India’s future as the talent hub of the world”, Sangeeta Gupta added.
The survey found that GenZ is more willing to work from an office with 85 percent saying they prefer work from the office or hybrid work despite the growing demand for work from home among IT and tech employees.