Tag: foundit

AI adoption drives 50% increase in demand for AI and ML skill assessments: foundit

Mumbai, 18th July, 2024: foundit (formerly Monster APAC & ME), one of India’s leading talent platforms, today released a report on skills assessment trends in India. The data reported that there has been a 41% Increase in the number of skill assessments taken over the past two years (2024 Vs 2022) and a 21% increase over the last year alone (2024 Vs 2023). This significant increase in skill assessments highlights the growing importance of validated skills in the modern job market.

The report highlights a 50% increase in AI and ML skill assessments, a 30% increase in product management skill assessments, and a 55% increase in cloud computing assessments, reflecting the growing demand for these skills across various sectors and experience levels.

Concurrently, enrollment in AI and ML courses has surged by 50%, driven by the expanding application of AI technology in industries. This trend indicates a significant shift towards skills-based hiring and the prioritisation of practical competencies in the modern job market.

Speaking on the importance of skill assessments in recruitment, Sekhar Garisa, CEO of foundit (previously Monster APAC & ME), said, “The shift to skill-based hiring in recent years has been pivotal in creating a more dynamic and inclusive workforce. Companies are increasingly adopting this approach, widening the talent pool while ensuring they hire candidates well-suited to specific job requirements. This rise in skill-based hiring will undoubtedly lead to more equitable opportunities for job seekers: if you have the right skills, you will find a job. For instance, last year, 72 percent of companies valued a candidate’s adaptability and commitment to continuous learning over their degree and experience. This year, that number has risen to 81 percent. As organisations embrace this change, selecting the right approach to skill assessment and choosing the appropriate tools will be key to making informed hiring decisions.”

Note about Skillyst

Skillyst by foundit is an AI-enabled skill and personality assessment platform that offers recruiters detailed insights into candidates’ skill levels, significantly reducing hiring time.

For job seekers, Skillyst helps validate skills, distinguishing them from candidates who rely solely on academic qualifications, thereby greatly enhancing their appeal to employers.

Top Paying Skills in the Job Market: Artificial Intelligence, Machine Learning, and Product Management

Skill assessment trends indicate a growing emphasis on verifying capabilities in high-demand areas such as Artificial Intelligence (AI) and Machine Learning (ML). The increasing adoption of AI applications across various industries has increased the demand for talent, in turn leading to a rise in AI and ML skill assessments. Employers are specifically looking for proficiency in machine learning algorithms, deep learning, TensorFlow, and AI frameworks to ensure candidates have the necessary skills to perform effectively.

According to the report, there has been a 12% increase in AI and ML job openings over the last year. AI/ML freshers have the highest average minimum salary (₹7.8 LPA) and average maximum salary (₹10.3 LPA) compared to other roles, indicating strong demand and value placed on these skills right from the entry level.

This trend highlights the lucrative opportunities available for those with verified skills in AI and ML, making these areas some of the top-paying skills in the current job market.

Product Managers are highly regarded for their ability to strategise, execute, and deliver successful products, making them indispensable in driving company growth and market success. The data reveals a 30% increase in product management skill assessments, driven by a 30% annual increase in product management roles, reflecting the growing demand for these roles. Employers seek proficiency in agile and scrum methodologies, usability testing, customer research, and user experience to ensure candidates are equipped to meet job requirements.

The demand for product management skills has also seen a 40% increase in product management course enrollment by job seekers. Product management roles see significant salary increases at the mid-senior level, with average maximum salaries reaching ₹18 LPA. This highlights the high value and strategic importance of experienced product managers.

Growth Drivers in Today’s Digital Economy: Digital Marketing, Content Writing, & UI/UX Design

Skill assessment trends are key indicators of the growth drivers in today’s digital economy, particularly in digital marketing, content writing, and UI/UX design. With the rise of e-commerce and online businesses, there has been a 40% increase in digital marketing skill assessments. These assessments focus on critical skills such as SEO, SEM, social media, and content marketing.

The data reveals a 28% increase in digital marketing roles over the last year, which has consequently led to a 35% annual increase in enrollments in digital marketing courses. This trend underscores the importance of verified skills in the digital marketing domain.  Specialists with over 15 years of experience in digital marketing command high salaries (₹21 LPA to ₹29 LPA), underlining the importance of expertise and the growing digital economy.

The 32% increase in language and communication skill assessments highlights companies’ focus on content creation, brand communication, and public engagement, which are more crucial than ever. The rise also indicates that for many companies, effective communication is now a formal criterion for employment, cutting across roles and sectors.

The data also reveals a 28% annual growth in content writing jobs. Freshers in content writing have lower starting salaries (₹3.1 LPA to ₹5.3 LPA) compared to other tech and management roles, but the field shows significant salary growth with experience, reaching up to ₹30 LPA for those with 15+ years. This trend underscores the growing demand for strong language and communication skills in driving brand success and corporate growth.

Skill assessment trends reveal a 26% increase in candidates taking UI/UX assessments, reflecting the industry’s demand for expertise in user research, wireframing, prototyping, Figma, and Adobe XD.

The data also shows a 32% annual increase in UI/UX job opportunities and a 25% growth in enrolments for UI/UX design courses.  UI/UX design roles offer competitive salaries at the mid-level (₹10.3 LPA to ₹15.4 LPA), emphasising the value of skills in user research and design in enhancing user experiences.

 Tech Skills In Demand: Data Science & Analytics, Software Development, Cloud Computing

Skill assessments indicate a growing demand for tech skills, particularly in Data Science & Analytics. There has been a 50% increase in data science assessments, reflecting the industry’s focus on data-driven decision-making.

Data Science & Analytics specialists are crucial for extracting actionable insights from vast data sets, enabling informed decision-making and strategic planning. The job market for these roles has seen an 18% annual growth, with employers seeking proficiency in data analysis, machine learning, Python, and R programming. Professionals in data science and analytics at the mid-senior level (7-10 years) earn between ₹13 LPA and ₹20.8 LPA, showcasing the high value of data-driven skills in decision-making.

According to the report, skill assessments in Software Development have surged by 45% over the past year, reflecting the industry’s emphasis on continuous innovation and the need for validated expertise. Software Development jobs have increased by 21%, with top skills in demand including Java, Python, JavaScript, and full-stack development.

The rising demand for versatile developers is also evidenced by a 30% increase in full-stack development course enrollments.  Software developers with 4-6 years of experience earn between ₹11.4 LPA and ₹17.3 LPA, indicating the strong demand for experienced developers.

The past year has seen a 14% increase in cloud computing jobs, with a 55% surge in cloud computing assessments as cloud adoption accelerates. In-demand skills include AWS, Microsoft Azure, and Google Cloud Platform. Cloud professionals are crucial for implementing and maintaining cloud infrastructure, ensuring seamless access to resources and applications, which is vital for remote work and global collaboration. Professionals with 11-15 years of experience in cloud computing earn between ₹19.3 LPA and ₹29.4 LPA, underscoring the importance of cloud infrastructure expertise in modern IT environments.

Rising Demand for Cybersecurity, Financial Management & Accounting Skills Amid Growing Threats

Data reveals an 11% year-over-year increase in cybersecurity jobs, driven by the frequency of cyber-attacks. This surge has led to a 60% rise in cybersecurity assessments, highlighting the urgency for validated expertise in this field.

Cybersecurity professionals are vital for safeguarding sensitive information, ensuring regulatory compliance, and maintaining trust in digital operations. Freshers in cybersecurity earn between ₹5.1 LPA and ₹9.5 LPA, indicating strong initial demand and the essential nature of cybersecurity skills. While starting salaries are competitive, they significantly increase for experienced professionals, reaching up to ₹37.1 LPA for those with 15+ years.

 Top skills in demand within financial management and accounting include financial analysis, investment management, and proficiency in accounting software. The financial sector’s evolving landscape has driven a 20% increase in financial management assessments, underscoring the need for skilled professionals.

Professionals in this field play a vital role in guiding strategic decisions, optimising investments, and ensuring compliance with financial regulations. Professionals in financial management and accounting with 7-10 years of experience earn between ₹13.9 LPA and ₹23 LPA, reflecting the high value placed on financial expertise.