Realizing that his diploma alone would not suffice, Venkatesh took the initiative to upskill himself in the field of data science and artificial intelligence. He recognized that in the software industry, practical skills can be acquired through open-source materials or affordable courses. "If you possess the necessary skills, most companies do not prioritize degrees," he explained to Moneycontrol.
In June 2020, Venkatesh accepted his first internship with a company, where he was paid Rs 3 lakh annually. He received practical experience in creating data science and AI solutions throughout this internship. Over the next two years, Venkatesh held three jobs and accumulated valuable experiences. He is currently 23 years old and leads the machine learning team at a startup for business solutions. His annual salary is Rs 20 lakh.. Is Venkatesh an exceptional case among young tech professionals?
Upskilling in Challenging Times
Amidst the downturn in the job market, many companies have put hiring on hold. Startups, particularly affected by funding challenges and reduced demand, are focusing on reducing employee costs, which soared in 2021.
A survey by Longhouse Consulting, an executive search and personnel consultancy organisation, found that from June 2022 to May 2023, compared to the prior two years, there were 67 percent fewer available positions at startups. The number of job openings dropped from approximately 6 lakh to close to 2 lakh during this timeframe.
The IT industry also faced similar challenges and experienced delays in onboarding fresh graduates hired the previous year.
This scenario coincided with the rise of generative AI, prompting many employers to reassess their workforce. To increase their marketability in the digital-driven environment, job seekers from a variety of industries are now resorting to tech upskilling.
The Shift Towards Skill Prioritization
Moneycontrol interviewed employees, HR experts, and founders of upskilling startups to explore whether Indian companies have shifted their focus from traditional tech degrees to skills and are open to hiring candidates with non-traditional backgrounds but relevant expertise.
Hari Krishnan Nair, co-founder of Great Learning, a leading upskilling startup, stated that there has been a significant shift in hiring practices over the past decade. "Today, 70 percent of the companies that recruit through us prioritize skills over degrees," he explained. This shift is caused, among other things, by the increasing awareness of the shortcomings of traditional degrees in evaluating employability and the democratisation of digital learning.
Sekhar Garisa, CEO of talent-management platform foundit (formerly Monster APAC & ME), stated that although the tools for evaluating these talents were previously unavailable, the industry has long discussed the trend towards skill-based recruiting for non-traditional applicants. Companies are already using systems for skill validation and verification, such aptitude tests and coding challenges, which offer a more accurate evaluation of a candidate's talents than what is shown on a CV.
As a result, those that take part in coding challenges or talent verification competitions stand a greater chance of getting hired. Many platforms now provide calibration.
Seizing the Opportunity
Tech careers have always held a strong allure, promising lucrative salaries and opportunities for growth. However, the traditional path to a tech career, which often includes a degree in computer science or a related field, is no longer the only route. Companies are increasingly open to hiring candidates with non-traditional backgrounds as long as they possess relevant skills.
This shift presents a valuable opportunity for individuals like Prasanna Venkatesh, who took the initiative to upskill himself in data science and AI despite not having a tech degree. With the availability of open-source materials, online courses, and upskilling programs, candidates can acquire practical skills in various tech domains without pursuing a formal degree.
Startups, in particular, are known for their agility and willingness to hire candidates based on their skills rather than just their educational qualifications. They recognize the value of diverse perspectives and the potential of non-tech candidates to bring fresh insights and problem-solving approaches to the table.
Large tech companies are also joining the trend by implementing skill-based hiring practices. They are leveraging coding challenges, technical assessments, and real-world project evaluations to evaluate candidates' abilities and potential. This approach allows them to identify candidates who may have unconventional backgrounds but possess the necessary skills to excel in the tech industry.
The democratization of digital learning and the availability of online platforms that offer skill validation and verification are further fueling this shift. Candidates can now showcase their skills through coding competitions and assessments, which provide tangible evidence of their abilities. These verified scores are gaining recognition from recruiters and helping non-tech candidates gain a competitive edge in the job market.
However, while the industry is becoming more open to non-tech candidates, it's important to note that acquiring relevant skills is still crucial. Companies may prioritize skills over degrees, but having a strong foundation and practical experience in a specific tech domain is essential to succeed in tech roles. Upskilling programs, bootcamps, and online courses can provide the necessary knowledge and hands-on experience to bridge the skills gap.
In conclusion, the tech industry in India is witnessing a shift towards skill-based hiring practices, opening doors for non-tech candidates with relevant expertise. Companies are recognizing the limitations of traditional degrees in assessing employability and are valuing practical skills and real-world experience. This trend presents a valuable opportunity for individuals to upskill themselves and pursue tech careers, even without a formal tech degree. By acquiring the right skills and leveraging platforms that validate and verify their abilities, non-tech candidates can position themselves competitively in the evolving job market.
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