Engineering, telco, healthcare to add 12 million jobs by FY26
NEW DELHI: Engineering, telecom and healthcare sectors are likely to add close to 12 million new jobs by FY26, largely because of the focus on recovery along with technology proliferation and digitisation in these segments, according to a report.
Specialised staff or professional staff with high skill levels and expertise will account for nearly 17% of the overall jobs created, said the report by TeamLease Digital, the staffing division of TeamLease Services.
The report, titled ‘Professional Staffing—Digital Employment Trends Report’, is a qualitative research that has surveyed more than 750 employers and leaders from across sectors such as engineering, telecom, and healthcare. “The engineering, telecom and healthcare sectors are on the verge of an Industry 4.0 transformation. There is a shift from central industrial control system to one where smart products and processes are at the heart of their operations,” said Sunil C, head- specialised staffing, TeamLease Digital.
The production-linked incentive (PLI) scheme and foreign direct investment is driving exponential demand, more so for people with niche skills across these sectors, Sunil said. “There will be a 25–27% rise in job opportunities created by the three sectors together, demand for skilled talent or specialised staff will grow from the current 45,65,000 to over 90,00,000 (estimated) by 2026,” he noted.
Telecom, engineering and healthcare comprise nearly $1.5 trillion in market size by estimates, the report said. Together, they employ about 42 million people, which is approximately 8.7% of India’s entire workforce, and are estimated to create 12 million more jobs by 2026.
“It is not only the demand for talent, but also that the road to recovery and growth has led to a shift in the employment model. The share of contract staff has grown from 10–11% of overall employment to 16%. It is expected to be around 24% of overall employment by 2026. Further, employers and candidates are not hesitating to explore newer models such as gig. The percentage of the gig model will grow by 17% by 2023,” said Munira Loliwala, assistant vice president, engineering staffing and RPO solutions, TeamLease Digital.