India is witnessing a higher share of millennials and Gen Z as a percentage of the total population, while developed economies are seeing this lost shrink. As of 2021, the share of millennials and Gen Z in the country's population stood at 52 per cent, higher than the global average of 47 per cent. This trend is expected to maintain momentum till 2030, when the share of India’s Gen Z and Millennial population will be 50 per cent, higher than the world average of 46 per cent.
The technology industry in India is mirroring this trend, and becoming increasingly multi-generational because of the recent increase in fresher hiring. Around 380,000 freshers have been hired by the Indian tech space in FY22. Significant fresher hiring over the past few years here has pushed the share of Gen Z to 18-20 per cent and Millennials to 68-70 per cent of total employee base in FY22.
The National Association of Software and Services Companies (Nasscom) in partnership with Indeed, released a report titled 'Gen Z and Millennials: Reshaping the Future of Workforce'. Sangeeta Gupta, Senior Vice-President and Chief Strategy Officer, Nasscom, said, “With newer perspectives and ideas, Gen Z and millennials are setting the future course of employee engagement, retention, and acquisition strategies. It will be interesting to see how these newer generations shape India’s future as the talent hub of the world.”
While the world gets older, India is getting younger
-- 52% Share of Gen Z and millennials in overall population in India in 2021 (Higher than world average of 47%, China (41%), Europe & North America (39%)
-- 20% of world's Gen Z population is in India
-- 50% Gen Z and millennial population in India by 2030
-- 86-90% share of Gen Z and millennials in total Indian tech workforce
-- 18-20% share of Gen Z in total Indian tech workforce has been primarily driven by high fresher hiring over the last few years
-- 70% of Gen Z college students aspire to join tech companies
-- 41% of Gen Z students do not have a specific intent/plan to change jobs, while joining their first job