Indian giant Tech Mahindra added 500 jobs in the UK last year despite headwinds which limited opportunity in retail and manufacturing.
Jinender Jain, the firm’s senior VP & sales head for UK and Ireland, revealed the growth which focused mainly on “new age technologies such as artificial intelligence, the metaverse and sustainable tech”.
In April 2022, Tech Mahindra announced involvement in the UK Government’s plans for greater collaboration between India and the UK on AI development.
Tech Mahindra said at the time that it expected to add 1,000 jobs in areas such as artificial intelligence before the end of the year. However Jain said subsequent economic challenges such as alarmingly high inflation rates and wild currency fluctuations saw cuts to potential customers’ IT budgets as they sought to balance the books.
“Unfortunately, due to supply chain constraints and high energy pricing, the wider retail market and the manufacturing sector have both suffered,” he told BusinessCloud.
“As a result, Tech Mahindra’s opportunities in these markets over the last year were momentarily reduced, like other organisations in the region.
“[However] we predict that as new age technologies such as artificial intelligence and the metaverse begin to ease these supply chain pressures, these industries will perform better in 2023 and beyond.”
He expects the extra 500 jobs to be created in the coming months. “We are excited to fill the remaining vacancies and provide more jobs for people here in the UK, but our growth in 2023 will determine what these hires specifically look like and where they will be allocated.”
Despite the challenges, Tech Mahindra performed strongly within the UK in the healthcare life science, high-end retail and banking financial services verticals.
“Customers will continuously be buying products in these industries because the demand for HLS and high-end retail will always remain persistent,” explained Jain.
“Tech Mahindra’s involvement in areas such as BFS will grow. We believe this industry is set to expand significantly with a focus on capital markets and wealth management. Retail banking will also continue to innovate in 2023.
“HLS will accelerate adoption in new therapy areas like new cell and gene therapy, which aims to enhance and improve survival rates for patients. Tech Mahindra will continue to be at the forefront of developing affordable treatment for patients through our advancements in medicine technology.”
In September, Tech Mahindra launched a dedicated Google Cloud Telco Smart Analytics Lab in Milton Keynes to accelerate data-driven digital transformation for enterprises across diverse sectors, including the telecommunications industry.
“Through our co-innovation with Makers Lab – which explores the potential of research innovation from a wider community of not just associates but also academia and businesses – we can grow prosperity here in the UK and harness the power of emerging technologies to confront global challenges,” said Jain.
“The Makers Lab will bolster AI growth in the UK and across 90 other countries where it operates.”
In 2023, Jain expects organisations to focus on technologies which can help them to be resilient, optimise their operations, build trust, scale vertical solutions and delivery, and innovate with new ways of customer and employee engagement.
“Despite recent geopolitical events, we believe the UK remains a prosperous market and is constantly at the forefront of cutting-edge technology,” he said. “We will continue to bring new age technologies like green sustainable tech for operational and transformational benefits.”