New Delhi, Dec 16 (UiTV/IANS) – Indian tech industry hired around 380,000 freshers in FY22 and over 70 per cent of Gen Z students are keen to take up tech jobs in the near future, a Nasscom report said on Friday.
According to the findings, significant fresher hiring over the last few years in the tech Industry has pushed the share of Gen Z to 18-20 per cent and millennials to 68-70 per cent of total employee base in FY22.
In fact, 79 per cent of Gen Z are willing to spend more than two years in their first job, provided employers give them the right value proposition, said the Nasscom survey with job website Indeed.
As of 2021, India’s share of millennials and Gen Z stood at 52 per cent, higher than the global average of 47 per cent.
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This trend is expected to maintain momentum till 2030, where the share of India’s Gen Z and Millennial population will be 50 per cent, higher than the world average of 46 per cent.
“With newer perspectives and ideas, Gen Z 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,” said Sangeeta Gupta, Senior Vice President, and Chief Strategy Officer, Nasscom.
While brand value tops the chart for both millennials and Generation Z, culture and ethics and learning and growth are important criteria for the Gen Z population in selecting a company.
Generation Z is more willing to be in the office, with 85 per cent highlighting the preference to either completely work from the office or in a hybrid model.
“Gen Z workers prioritise a positive work-life balance. They seek work environments that are empathetic and diverse, offer learning opportunities, and align with their core values,” said Sashi Kumar, Head of Sales, Indeed.
Indian SaaS firm Freshworks lays off 90 employees
Indian software-as-a-service (SaaS) company Freshworks has laid off nearly 90 employees, or 2 per cent of its total workforce, citing rough global conditions behind the move.
The company’s Founder and CEO Girish Mathrubootham told employees in an email that this is not a company-wide layoff but “a structural change”.
“In all the changes we undertook we have deployed and retained the majority of our teammates, however a few around 2 per cent of 5,200 people or approximately 90 employees for whom we do not have a readily available open position,” Mathrubootham wrote in the email.
The CEO said that Freshworks will help impacted employees by providing them healthcare coverage and outplacement services.
“While we have reported a strong quarter, we are not immune to this slower economy. While new businesses picked up, expansion slowed down even as we reduced our growth forecasts and headcount needs,” he wrote.
Freshworks joins a growing list of tech companies that have laid off employees amid global macro-economic conditions.
The Nasdaq-listed firm was valued at $12.2 billion after it opened 21 per cent above the initial offering price of $36 apiece in September last year.
Mathrubootham, in interviews with media outlets, highlighted that the IPO created a lot of wealth for its employees as more than 500 of its employees turned crorepatis (millionaires).
He further added that about 70, of these 500 employees, are under the age of 30.
The company was valued at $3.5 billion when it raised $150 million funding from investors like Sequoia Capital, CapitalG and Accel in November 2019.
Founded by Mathrubootham and Shan Krishnasamy as Freshdesk in Chennai in 2010, the company started its journey as a helpdesk software for customer support. It decided to rebrand itself to Freshworks in June 2017 to incorporate the company’s growing software suite.
