What skills are required in different sectors?

In a modern commercial environment, dozens of skills may be required in different industries. Learning and acquiring new skills can only increase your employability. Different industries require different types of skills, and it’s sensible to try to acquire skills that increase your employability in different industries. The use of AI in recruitment process by recruiters can help them find the best talent more easily.

Some of the chief skills required across various sectors are related to new emerging technologies like machine learning, virtual reality, blockchain technology, Artificial Intelligence, etc. Many of these skills are not known to job seekers or students who may become job seekers in the future.

So, to assist you in acquiring new skills, we have compiled the following lists of different skills in different sectors:

• Automotive industry

First and foremost, let’s talk about the automotive industry, which is often considered a barometer of our country’s economy’s health. As one of Asia’s top vehicle producers, India has a giant automotive industry. A large number of its vacancies are for combination skills because Artificial Intelligence and automation have made jobs requiring single skills easier. Even the talent already employed in the sector will do well to acquire new skills.

Some of the chief skills in demand are Program managers, electronic and mechatronic engineers, expertise in fuel cells, system engineers, system integration expertise, AUTOSAR architecture, and battery management systems. There is also a requirement for more specialized skills such as big data analytics, Artificial Intelligence (AI), and Machine Learning (ML). 

• Banking, Financial Services and Insurance

Banking, Financial Services and Insurance (BFSI) sector is witnessing a dynamic change due to the advancement of digital technologies and the demand for a work-life balance. The domestic manufacture of vehicles in this sector is also helped by ‘Make in India’ initiatives.

According to the Decoding Jobs Sectorial Report 2023′ by Taggd, the BFSI sector employs 4 million workers, and as of 2021, India’s 22 private sector banks held assets amounting to over USD 800 billion, and 12 public sector banks held assets amounting to over USD 1.5 trillion.

Some of the skills most desired in the industry include Cybersecurity, Artificial Intelligence, Machine Learning, Blockchain, Digital Marketing skills, User Interface, User Experience expertise, Data and Business Analytics, Cloud computing know-how, and risk management.

• Global In-house Sectors 

Global In-house Centres (GICs) in India have become a powerhouse for MNCs, and the GIC sector is empowering businesses across various sectors like pharma, automobile, etc. It is also hungry for many skilled jobs, including opportunities for skills from various domains. However, traditional IT, digital-age IT, analytics, leadership, and domain expertise are some fields where they need top-level skills. Taking the services of the best RPO companies in India is the best way of finding jobs in this sector.

• Manufacturing and engineering sector

The manufacturing and engineering sector of India had once been the Achilles’ heel of the country’s economy. However, this is fast changing with increased interest by the Government of India (GOI) in the sector and its various Make in India initiatives. Apart from their core skills, some soft skills, like communication, problem-solving, and teamwork, are also expected from employees. Some other skills in demand in the manufacturing and engineering sector are Problem-solving, Growth mindset, Data Science, Data Analytics, AI, ML, and Cloud Computing. In general, the manufacturing and engineering sector needs to do a better job of finding and attracting the desired talent to increase its talent pool.

• Internet businesses

India is witnessing a formidable internet business revolution. A growth attitude and digital literacy are widely in demand. Some of the skills highly in demand are Blockchain expertise, Enterprise Resource Planning, Forensics, and Cybersecurity. Internet businesses have also contributed to the emerging gig economy as these businesses are experimenting with off-beat business models. However, that also means that the sector is most likely to be affected by government regulations likely to be introduced for gig workers.

• IT 

India’s IT sector currently outsources more than half of global outsourcing requirements. It has also been responsible for contributing much to the country’s economic growth in the past few decades. The sector has attracted a lot of talent over the past few years, but studies show they are generally dissatisfied. According to Decoding Jobs Sectoral Report 2023′ by Taggd, about 88 percent of workers are currently ready to quit. Of these 88%, 46% of employees are seeking work-from-home (WFH) alternatives, and another 46% of employees are seeking positions with higher compensation. The rest of them, too, find their work constrictive; they are unable to pursue other interests and pastimes (at least not without the addition of commuting times).

Employees, too, have their problems, like a lack of a higher than entry-level talent. Yet, it is hungry for many skills, with data science being the trendiest. However, with the emergence of the metaverse and Web3, the following will be the skills that shall be in the highest demand: DevOps, Cybersecurity, Blockchain, augmented reality (AR), and Virtual Reality (VR) in Online Gaming, Robotic Process Automation, IT Architecture, and Design and Cloud computing. The IT sector will do well to develop a healthier relationship between employers and employees, with employers respecting their workers’ work-life balance and helping them upskill in a way that increases their employability.

• Pharma industry

India’s pharma and healthcare industry got renewed interest and attention after the recent COVID-19 pandemic. The sector is attracting medical tourism and is also flourishing like never before. Apart from core field-related skills, some of the skills in demand are project planning, specialization, strategic thinking, management and compliance knowledge, data science, API, AI, ML, R&D, etc.

The pharma sector also has vast growth potential and will do well to attract new talent, which will enable it to grow. The increased government interest is also likely to boost the sector.

The Bottom Line

To wrap up, it is easy to conclude that while skills in demand vary, digital skills are generally most in demand and are likely to be most rewarding in coming years. 

Another trend worth observing is that job portals were the most popular source among recruiting companies as compared to others, like job fairs, consultants, on-campus placements, etc. Taggd is the best and leading job portal among employers in these sectors. According to Decoding Jobs Sectoral Reports 2023 Compendium, it has employed workers in over fourteen industries to over half a million employees since 2005 when it started its services. (Source: Taggd Capability Deck)