Understanding Changing Expectations of the IT Industry from the Future

Human Resource

Globalization of Indian economy is compelling organization to rethink their

future strategies. It is now widely recognized that transformation is a pre-
requisite to their survival and growth.

Consulting firm Deloitte anticipates that the Indian IT industry is likely to add
over 2.25 lakh employees in 2011.

In its Technology, Media and Telecommunications Predictions for 2011,

Deloitte has mentioned takings from the IT and BPO outsourcing sector will
yield returns worth $71.7 billion by the end of 2011 and account for 5.8 per cent
of the country’s GDP.

According to the report the total number of employees working in this sector
will see growth of 22.3 lakh this year, rendering an addition of 2.26 lakh people
to the segment and also mentioning that 80 lakh professionals will receive
employment indirectly from the IT/ITeS (IT enabled services) sector, as the
global economy adopts a recovery approach.

The report comes at a time when IT magnums like TCS, Infosys, and Wipro
have increased their hiring and is looking to add more employees this season.

There's a great challenge facing business today: a basic shift in employment

expectations both from the employee's and the company's perspectives. Both
"the right person" and "the right job" are being redefined by changing values.

Potential employees whether; newly-graduated university applicants, transferees

from other companies, or internal candidates, are looking for different things
from their work life, than they were a decade ago.

Companies that want to attract dedicated, creative employees are ready to offer
more than competitive pay. Today, prospective employees look for benefits
such as family leave, tuition reimbursement, employee assistance programs,
flexible hours, job share opportunities and financial planning programs.

Companies' expectations have also changed. Employment ads now ask for
"team players," "consensus builders" and "creative thinkers" along with the
routine qualifications of literacy and specific experience. Employees at all
levels are expected to know more and do more.

Flatter organizations offer fewer opportunities to climb the corporate ladder, but
more potential for life-long learning through cross-functional teams, lateral
moves, and corporate training programs. Reward systems are adapting to the
new emphasis on knowledge. Performance evaluation processes are beginning
to demand and reward personal development.

Wages and salaries are still important incentives. Compensation is no more the
only indication of an employee's value to the company. However, compensation
is increasingly tied to an employee's knowledge level, to their ability to apply
learning, to their ability to extrapolate experience from one field to another.

"Being there" is no longer enough. Longevity is only relevant if it is tied to

contribution. Increasingly, experience is only rewarded if it is applied. More
companies are implementing team rewards. Compensation and benefits are
under constant revision to accommodate the changing work environment.

Employees should opt to work at companies that offer opportunities to

contribute and grow, than those offering fatter pay-packages. Those entering
companies that provide channels for personal contribution and growth, both
within the corporate environment and in "outside" endeavours, will be seen at
best positions in corporate world in days yet to come.