👍’IT firms need to be creators of talent and not just consumers,’ says Accenture’s Rekha M. Menon – BusinessToday

Clipped from: https://www.businesstoday.in/latest/corporate/story/it-firms-need-to-be-creators-of-talent-and-not-just-consumers-says-accentures-rekha-m-menon-367809-2023-01-27

In an exclusive exchange with Business Today around the Indian IT sector, Menon said, “Every business will need to evolve to become a creator and not just a consumer of talent and unlock the potential of people by combining the power of technology and human abilities.”

Accenture is one of the leading IT services companyAccenture is one of the leading IT services company

IT companies in India need to be creators of talent and not just consumers, especially in the socio-economic context of the country, said Accenture in India’s Chairperson and Senior Managing Director Rekha M. Menon.

In an exclusive exchange with Business Today around the Indian IT sector, Menon said, “Every business will need to evolve to become a creator and not just a consumer of talent and unlock the potential of people by combining the power of technology and human abilities.”

“This is especially true for India, considering our demographic dividend is crucial for us to realise our aspirations,” she added.

Indian IT sector employs about 50 lakh people, making it the largest avenue for white-collar jobs in India. When asked how the country can maintain its position as a talent leader in the sector, Menon noted that skilling in emerging tech areas should be priority for companies.

Also Read: Here is why Infosys, TCS, and HCL Tech reduced hiring in Q3 FY23 – BusinessToday

“[The IT sector needs to] strengthen its core in emerging and deep tech areas with increased investments in R&D, embed innovation and co-creation into the DNA of the entire ecosystem, and bring human centricity to the design of products and services,” she noted.

Menon also touched upon the growth potential of the sector in the ‘techade’. ‘Techade’ refers to PM Narendra Modi’s call for propelling India towards a path of progress via tech between 2021 and 2030.

She said, “To live up to its potential in the ‘techade’, the Indian technology industry must double down on existing priorities and create new ones. Sustain investments to bridge the skills gap and maintain its lead as a digital talent nation.”

Apart from skilling by companies, Menon also called for collaboration from the government to drive the impact of the IT industry at scale.

Also Read: Google, Microsoft, Amazon: 5 reasons why big tech companies are laying off employees – BusinessToday

“The government’s focus on digital infrastructure to power public services and provide last-mile access to healthcare, education, financial and agri-services speaks to the massive opportunity for collaboration. The India Stack, with Aadhaar, UPI, Co-Win, and the National Health Stack, has set a high benchmark for using technology to drive impact at scale,” Menon explained.

The Indian IT sector contributes nearly 10 per cent to the country’s GDP and is one of the largest exporters of services, making it an important revenue source for the government.

Long-term opportunities for growth globally will be led by technology, Menon pointed out, which will, in turn, help India if the country is ready to capitalise on the opportunity by building the right talent and the right tech.

“As businesses across the globe respond to these forces, all strategies will lead to technology, giving a fillip to the Indian technology industry. Further, its role in the larger nation-building agenda remains critical,” she added.

Menon also said that the Indian IT and tech industry stands at the precipice of a bright future if it plays its cards right. “There’s a famous saying, ‘the best way to predict the future is to invent it,’ and for the Indian technology industry, the opportunity is ripe to build a future full of promise,” she said.

Also Read: Wipro sacks freshers; 452 employees fired after internal test – BusinessToday

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