Engineering, telecom, healthcare to add 12M jobs by FY26: Report

Engineering, telecom, and healthcare sectors are likely to add close to 12 million new jobs by FY26, largely due to the focus on recovery along with technology proliferation and digitisation in these segments, according to a report.

A report by TeamLease Digital, the staffing division of TeamLease Services, said, specialised staff or professional staff with high-skill and expertise will form nearly 17 percent of the overall jobs created.

The report, titled 'Professional Staffing Digital Employment Trends Report', is qualitative research that has surveyed and interviewed more than 750 employers/ leaders from across engineering, telecom and healthcare sectors.

"The Engineering, Telecom, and Healthcare sectors are on the verge of an Industry 4.0 transformation. There is a shift from a 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.

Sunil further said that the production-linked incentive (PLI) scheme and foreign direct investment (FDI) is driving an exponential demand, more so for talent with niche skills across these sectors.

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"While in overall, there will be a 25-27 percent rise in job opportunities created by the three sectors together, the demand for skilled talent or specialised staff will grow from the current 45,65,000 to more than 90,00,000 (estimated) by 2026," Sunil noted.

The report further pointed out that telecom, engineering and healthcare comprise nearly $1.5 trillion in market size by conservative estimates.

Together, they employ about 42 million people approximately 8.7 percent of India's entire workforce today and are estimated to create 12 million more jobs by 2026.

"It is not only the demand for talent, the road to recovery and growth has led to a shift in the employment model as well. The share of contract staff has grown from 10-11 percent of the overall employment to 16 percent. It is expected to be around 24 percent of the overall employment by 2026."

"Further, employers and candidates are not hesitating to explore newer models like gig. The percentage of the gig model will grow by 17 percent by 2023," said Munira Loliwala, AVP - Engineering Staffing and RPO Solutions, TeamLease Digital.

Instead of a traditional in-office full-time job with a single company, gig workers work as short-term, temporary, or independent contractors for one or a variety of employers.