C. Jayakumar, the CHRO of Larsen and Toubro (L&T), one of India’s leading engineering and construction companies, faced a unique challenge in recruiting new talent last year. Despite having a requirement of 200,000 employees, his recruitment team could only manage to give offer letters to 1,500 students from leading engineering colleges. With L&T’s expansion into new-age industries such as hydrocarbon, green hydrogen, EV batteries, defence, and heavy engineering projects, the company struggled to find suitable talent that matched their needs.
To overcome this challenge, Jayakumar decided to take a different approach and advertised for freshers. The response was overwhelming, with over 75,000 applications flooding in. These applicants went through a rigorous selection process, including assessments on L&T-Edutech platform and interviews, resulting in 1,500 fresh graduates being hired. To ensure their success in their respective fields, the new hires underwent a one-year induction training program tailored to their specific job roles.
With L&T’s diversification into different industries, the company had to recruit mechanical engineers for defence equipment and manufacturing jobs and electrical engineers for electric batteries. Despite the unique challenges posed by L&T’s expansion into new-age industries, Jayakumar’s decision to advertise for freshers proved to be a successful strategy in finding the right talent for the job.
As India sets its sights on achieving economic growth through self-reliance in manufacturing, transitioning from fossil fuels to renewable energy sources, and taking the lead in emerging technologies such as green hydrogen, electric vehicles, and 5G, the country faces a daunting challenge: a talent deficit wider than ever before. The shortage of skilled professionals in critical industries such as semiconductor, 5G equipment manufacturing, climate technology and carbon capture, EV batteries, medical equipment manufacturing, and defence manufacturing is a significant hurdle for some of India’s largest business houses, including Tata Group, Reliance Industries, Adani Group, Mahindra, and Vedanta.
To bridge this talent gap, these companies must find innovative ways to attract and retain skilled professionals. They must focus on creating an environment that fosters creativity and innovation, invest in employee training and development, and offer competitive compensation packages. Additionally, they can collaborate with universities and research institutions to create specialized programs that provide students with the skills and knowledge required for these emerging industries.
As India pushes forward with its ambitious economic goals, bridging the talent gap will be critical to success. By investing in the development and recruitment of skilled professionals, Indian companies can position themselves as leaders in emerging industries, contributing to the country’s economic growth and competitiveness on a global scale.
A recent report by Amazon Web Services and Gallup highlights that advanced skill sets are crucial to handle businesses in emerging industries. It suggests that developing these skills could increase India’s GDP by $508 billion, indicating the significant potential for growth and job creation in these industries. As a result, numerous job opportunities have arisen across various sectors, ranging from information security to manufacturing, telecom, banking, and defence.
According to The World Economic Forum, by 2025, the shift in the division of labour between humans and machines could displace 85 million jobs, primarily due to advances in technology such as artificial intelligence, IoT, machine learning, and robotics. However, the report also predicts that these same technological advancements will create 97 million new roles, leading to a net increase of 12 million jobs globally.
In India, senior executives estimate that emerging job opportunities (direct and indirect) could reach 25-30 million in the next five years, indicating the significant potential for job creation and economic growth. As industries continue to evolve and adapt to new technologies and market demands, the need for advanced skill sets will only increase, creating exciting new opportunities for those willing to embrace change and acquire the necessary skills.
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