Analysis of Report: 83% of Engineers Do Not Get Jobs, 51% GenZ Professionals Do Freelancing

Employment Challenges

• Unemployment Rate:
  • 83% of engineering graduates remain unemployed or without an internship offer.
  • 46% of business school graduates face similar challenges.

Gender Pay Disparity

• Earnings Gap:
  • Two-thirds of female Arts & Science graduates earn less than ₹6 LPA (Lakhs per Annum).
  • Male counterparts in the same fields typically exceed this mark.
  • B-schools and E-schools show better pay parity.

Feedback Disconnect

• Performance Review Preferences:
  • 77% of GenZ professionals prefer frequent (monthly or project-based) performance reviews.
  • 71% of recruiters still rely on annual or biannual evaluations.

New Hiring Approaches

• Case Studies and Simulations:
  • 70% of GenZ candidates participate in case studies, ideathons, and simulations during hiring processes.
  • Only 25% of recruiters consider these as primary hiring tools.

Talent Over College Prestige

• Recruitment Priorities:
  • 73% of recruiters prioritize skills over degrees from premier institutions.

Most Desired Workplaces of GenZ

E-school Graduates:

1. Google
2. Microsoft
3. Amazon

B-school Graduates:

1. Google
2. McKinsey
3. Microsoft

Rising Companies:

• Zomato and Meesho are gaining traction as preferred workplaces.

Market Implications and Business Insights

• Talent Acquisition Challenges:

  • High unemployment rates among engineers highlight a disconnect between education and industry needs.
  • Businesses must focus on skill-based hiring to address this gap.

• Freelancing Trend:

  • 51% of GenZ professionals opting for freelancing underscores the shift toward gig economies and flexible work models.

• Competitive Dynamics:

  • Tech giants like Google, Microsoft, and Amazon remain top choices, while startups like Zomato and Meesho are emerging as alternatives.
  • Companies offering frequent feedback and skill-based hiring will have a competitive edge.

• Strategic Considerations:

  • Organizations should adopt innovative hiring methods (e.g., case studies, simulations) to attract GenZ talent.
  • Emphasis on skills over degrees can help reduce unemployment and bridge the talent gap.

• Long-Term Effects:

  • The freelancing trend may reshape traditional workforce structures, driving demand for remote work tools and platforms.
  • Companies prioritizing skills over prestige could foster a more diverse and inclusive workforce.

• Regulatory Impact:

  • Gender pay disparity issues may prompt regulatory scrutiny and push for fair compensation practices in India's job market.