The MoU was signed by Shri T.N. Suresh, General Manager & Zonal Head – Chennai Zone, Bank of Baroda, and Smt. T. Charusree, IAS, Commissioner of Treasury & Accounts, Government of Tamil Nadu, in the presence of Hon’ble Chief Minister of Tamil Nadu, Shri M. K. Stalin. On the occasion, Shri Thangam Thennarasu, Finance Minister; Shri N Muruganandam, IAS, Chief Secretary; Shri T Udhayachandran, Principal Secretary to Government, Finance Department, and Shri Sreenivas Ravipati, Deputy General Manager – Chennai Zone, Bank of Baroda, were also present.

Speaking on the occasion, Shri T. N. Suresh, General Manager & Zonal Head – Chennai Zone, Bank of Baroda said, “We are pleased to have signed an MoU with the Government of Tamil Nadu. This collaboration will extend financial and insurance benefits to the employees of the State government, thereby supporting their financial aspirations and well-being. This package has been thoughtfully designed to provide extensive insurance cover to employees along with various other benefits like concessional interest rates with waiver in processing charges on Retail loans.”

Bank of Baroda’s customized Salary Account for Tamil Nadu State Government employees comes with complimentary insurance benefits like Personal Accident Insurance with maximum coverage of ₹1.55 crore, Term Life Insurance coverage of ₹15 lakh, Permanent Total Disability Cover of up to ₹1 crore & Hospicash Facility of Rs 2000 per day for daily hospitalization.

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MUMBAI: As reported by apna.co, a leading jobs, and professional networking platform, Bharat’s job market sees significant transformation in 2023, with Tier 2 cities dominating the employment landscape and fueling a surge in job applications across sectors. According to findings, this shift redefined the dynamics of the job industry, with over 100 applications received every minute from Tier 2 and 3 cities in 2023. Furthermore, every fourth job out of ten was specifically posted for opportunities in these emerging Tier 2 and Tier 3 cities, underlining their growing importance in Bharat’s job market.

Tier 2 and 3 Cities Lead the Way in Salary Growth and Job Market Diversity

In a significant development, Tier 2 and Tier 3 cities have witnessed a remarkable salary increase of 22%, outpacing the 15% average rise seen in metropolitan areas. This change signals a new era where these cities are competing on equal footing with larger metros, demonstrating that job opportunities and growth are no longer limited by location.

The job market in Tier 2 and 3 cities is not just growing in numbers, but also in the variety of roles and industries. There’s been an impressive tenfold increase in managerial job postings in fields like Sales Support, Enterprise Sales, Advertising, Real Estate, Inside Sales, Brand & Marketing, and E-Commerce. This diversity highlights the expanding range of career opportunities available.

Nirmit Parikh, Founder & CEO, apna.co, said, “Applications pouring in from women in Tier 2/3 cities, totaling 1 Crore, in Non-Metropolitan Areas, marks a seismic shift. The surge reflects the unstoppable rise of women in reshaping our workforce. This momentum is not just a statistic; it’s a loud declaration of women claiming their space in the professional arena. As we look ahead, this wave will only gain momentum, ushering in a future where women play an even more integral role in diverse sectors.”

Fostering entry-level talent and diversity in jobs

The job market is embracing freshers like never before, with 60% of job postings in Tier 2 and 3 cities specifically targeting those new to the workforce. This trend reflects an industry-wide openness to nurturing new talent, showcasing a significant commitment to fostering the next generation of professionals. With immense growth potential in these regions, employers are keenly focused on welcoming freshers, indicating a dynamic and inclusive approach to entry-level hiring.

In a remarkable surge, over 100 job applications per minute from women in Tier 2 and Tier 3 cities signal a turning point in the workforce dynamics. Notably, 80% of these applications are for office-based roles, underlining the eagerness of women to engage in the workplace physically, refusing to let the option of working from home limit their career growth. This enthusiastic participation highlights a growing trend of women seeking financial independence and career advancement in diverse fields. Their preference for on-site roles demonstrates a commitment to professional development and a desire to be integral, active participants in the workforce.

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INDIA: TeamLease Digital, one of the leading tech staffing firms, has released its niche report on ‘Initiative for Critical and Emerging Technologies (iCET) – Forces Shaping Future of Technology’ with a specific focus on Artificial Intelligence. The report illuminated the recently concluded iCET partnership between the US and India by exploring the growth as well as job opportunities in the area of AI. iCET was established in order to boost and expand strategic technology partnerships between the two countries and pledged cooperation in multiple tech areas like AI, quantum technologies, advanced wireless, etc. Being an IT powerhouse and the second largest online market in the world, the iCET initiative and a great government impetus in recent years, especially recent budget announcements in terms of skilling in new age technologies, create the enormous potential to benefit from the AI revolution.

This report has conducted a thorough analysis of AI’s potential in some of the selected industries and examined the key job roles and AI uses in these industries, demonstrating the increased demand for AI career aspirants and professionals specialized in AI. The report finds a wide variety of key job roles in the AI landscape across major industries, including Healthcare (Clinical Data Analyst, Medical Imaging Specialist, and Health Informatics Analyst, among others), Education (Edtech Product Manager, AI Learning Architect, AI Curriculum Developer, Chatbot Developer, etc), BFSI (Fraud Analyst, Credit Risk Analyst, Compliance Specialist), Manufacturing (Industrial Data Scientist, QC Analyst, Process Automation Specialist, Robotics Engineer, among others) and Retail (Retail Data Analyst, IT Process Modeler, Digital Imaging Leader, and others). Additionally, the report extends the importance of upskilling a pool of opportunities to freshers and experienced professionals by providing a list of job roles that are currently available.

The report also estimates the open job roles and salary packages for freshers and experienced professionals across occupations and industries, as well as the desire for AI skills that job seekers should have to secure future employment. The report has also evaluated that, as of February 2023, there are 45,000 AI job openings in India alone, with data scientists and ML engineers among the most sought-after careers. It is also highlighted that increased focus on scalable ML applications is leading to an increase in demand for AI professionals proficient in scripting languages, and building conventional ML models will be the foremost skill required for a career in AI.

According to TeamLease Digital’s research, the expected salaries for freshers in various technology roles in India are as follows:

Data engineers can earn up to INR 14 lakhs per annum
ML engineers up to INR 10 lakhs, data scientists up to INR 14 lakhs
DevOps engineers up to INR 12 lakhs
Data architects up to INR 12 lakhs
BI analysts up to INR 14 lakhs, and database admins up to INR 12 lakhs

Additionally, candidates with eight years of experience in similar fields can earn even higher salaries ranging from INR 25 to 45 lakhs per annum.

Sharing his views, Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said, “The AI revolution is transforming the job market, creating an urgent need for skilled professionals who can design, develop, and implement cutting-edge AI technologies. Fortunately, the Indian government is taking proactive steps to address this challenge by entering into a bilateral strategic partnership through iCET and setting up centers of excellence and training initiatives. TeamLease Services is uniquely positioned to help job seekers capitalize on these opportunities, offering a range of resources and support to connect individuals with the best possible AI job opportunities. With our assistance, talented professionals can thrive in this dynamic industry and contribute to the continued growth and development of AI in India.”

“In today’s rapidly evolving job market, upskilling with AI skills is becoming increasingly important for career growth and employability. With automation and AI transforming industries across the board, having a basic understanding of AI and its applications can give individuals a competitive edge in the job market. Moreover, developing AI skills can lead to higher-paying job opportunities and help individuals stay relevant and adaptable in an ever-changing job landscape. It’s never too late to start upskilling, and investing in AI skills can provide long-term benefits for individuals and their careers,” added Siva Prasad Nanduri, Chief Business Officer, TeamLease Digital.

According to a survey conducted by TeamLease Digital, 37% of organizations prefer to provide their employees with relevant tools to build an AI-ready workforce, and 30% of organizations stated AI learning initiatives are mandatory to unlock hidden talents in the workforce. Evidently, 56% of organizations expressed that necessary initiatives are being undertaken to fill the AI demand-supply talent gap. The survey also revealed that a majority of employees share their employers’ sentiments. 55% of employees expressed that AI unlocks new job opportunities, and 54% of employees stressed the fact that organizations take upskilling and reskilling initiatives to have a future-ready workforce. More than 40% of employees feel that building in-house capabilities and integrating AI into day-to-day operations enhance AI capabilities.

Finally, the report also takes into account steps announced by the Government of India (GoI) as part of the Union Budget for upskilling the youth in AI-related skills. One of the major initiatives taken is the creation of Centres of Excellence for AI. Such steps aim to provide a boost for interdisciplinary research, the development of cutting-edge applications, and scalable problem solutions in numerous segments. Another step by the GoI highlighted by TeamLease Digital in its report is the Pradhan Mantri Kaushal Vikas Yojana which aspires to provide on-the-job training in AI and other emerging technologies.

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PUNE:  HiLabs, a leading provider of artificial intelligence-based data analytics solutions for health plans in the United States has offered a 2-crore salary package to a woman candidate from the Indian School of Business (ISB). The international offer was made on the first day of campus recruitment. During campus hiring for 2022, the company offered a record-breaking 27 offers to highly regarded IIT and ISB students.

A total of three international offers have been made across campuses for hires to join HiLabs’ headquarters in the Washington, DC metro area. In addition to the ₹2 crores international offer to a woman candidate, the company has offered ISB students salaries between ₹40 to ₹60 Lakhs per annum with ESOPs for their India office locations. Also, the IIT India and US offer ranged from ₹29 to ₹80 lakhs per year for candidates who were hired to join any of the data science, engineering, and product management teams at HiLabs.

Amit Garg, Chief Executive Officer, and Co-Founder at HiLabs said, “Placements are a quantifiable way to measure the quality and value add of students who attend and thrive at an academic institution. We are delighted that HiLabs has performed well in the placements, resulting in record-breaking job offers to these highly skilled and qualified individuals. We are proud to have the ability to go on a hiring spree now,  helping students find great opportunities despite the current job market, which has seen large-scale layoffs and an economic slowdown across the tech industry.  HiLabs’ record-breaking campus employment is being driven by our exponential growth and unique culture, which includes giving our fresh graduates opportunities to address real-world challenges on day one and to accelerate their experience and career development. HiLabs is focused on improving data quality. To date, we have evaluated over 36 billion health data records and assisted health plans in detecting and correcting over three million data errors related to provider directories, clinical data, claims operations, and value-based care. Those who join HiLabs are highly qualified and understand how to approach challenges in a proactive and innovative manner by utilizing some of the most advanced technology”.

These new hires will immediately begin working with HiLabs’ AI-powered data quality platform, MCheck, to assist health plans to recover billions in lost productivity due to data quality issues. HiLabs has made a total of six product management offers, including an international offer at the Indian School of Business (ISB) campus in Hyderabad, a significant increase from previous years.

HiLabs is combining cutting-edge, explainable AI with healthcare-specific business ontologies to vastly improve data quality for its health plan clients across provider data, payment accuracy, clinical interoperability, and value-based care. This unique and valuable approach has earned HiLabs business with three of the five largest US health plans. HiLabs core platform, MCheck has performed analysis on over 36 billion health data records, covering over one-fifth of the US insured population. It proactively detects and corrects data errors throughout the health plan enterprise, improving operations and analytics, and resulting in significant cost savings and revenue growth opportunities.

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