GCCs to ramp up India hiring

NEW DELHI : Global Capability Centres (GCCs) will proceed to rent in India, creating round 364,000 new jobs over the following 12 months, a 38% rise from final yr, confirmed a report issued on Wednesday by staffing agency NLB Services.

According to the report, greater than 57% of GCCs wish to ramp up their workforce by 1 / 4 and even doubling them through the interval. Also, 200 new GCCs are anticipated to open in India within the subsequent 12-18 months in banking, monetary companies and insurance coverage (BFSI), telecom, IT consulting, healthcare, pharma, journey, and hospitality sectors, leading to extra hiring.

GCCs are centres of excellence arrange by giant multinational corporations to offer specialised tech companies, R&D, engineering, IT help, and enterprise course of outsourcing. They are usually positioned in rising markets reminiscent of India and are supposed to develop progressive options and enterprise practices that may be applied by the dad or mum firm.

Varun Sachdeva, APAC recruitment and enterprise chief at NLB Services, attributed the expansion in hiring exercise to a “spurt in service demand” from key global markets. He said 34% of the GCCs have an optimistic hiring outlook, while 8% believe their workforce will double in the next 12 months.

India is home to more than 1,500 GCCs across sectors such as BFSI, software, automotive, pharmaceuticals, retail, and oil and gas. A November report by Nasscom and Zinnov pegged the size of the Indian GCC market at $36 billion and that it is expanding at a 10.5% compound annual growth rate.

NLB’s Sachdeva said the top job roles that GCCs are eyeing include big data analytics manager, with an annual salary of ₹20 lakh, followed by IT manager and full stack developers, with an annual salary of ₹15 lakh and ₹14 lakh respectively. He added that GCCs surveyed by his firm have rated data science, data analytics, data engineering, statistical analysis, and UI/UX design as the most critical and in-demand skills.

Though hiring in GCCs holds steam, for now, many believe that they are not totally resilient to the global economic slowdown.

“While hiring by GCCs remains strong as compared to IT services firms and startups, it is subject to the influence of global slowdown on parent MNCs having captive centres in the country in the coming months,” mentioned Prasadh M.S, head of workforce analysis and analytics at specialist staffing agency Xpheno. Xpheno’s knowledge confirmed that the whole GCC headcount is anticipated to succeed in 1.5-1.6 million this fiscal yr and internet addition of jobs is anticipated at 120,000-150,000 this fiscal.

Other hiring corporations additionally agree that in case of a slowdown, hiring by GCCs may even get affected if their dad or mum entities get impacted. “Due to the prevailing market situation, we now have witnessed a drop of 40% QoQ (quarter-on-quarter) within the present hiring at GCCs in India,” said Siva Prasad Nanduri, Chief Business Officer at TeamLease Digital, a staffing firm.

That said, Kashyap Kompella, CEO at industry analyst firm RPA2AI Research, noted that despite a cautionary outlook, specialized skills, domain knowledge, and talent, especially mid-level talent with 5-10 years of experience will continue to be in demand for the next 12 months.

Closing the talent gap is yet another challenge. Arjun Ramaraju, CEO, Conneqt Digital, a digital IT services firm, believes that even though a few large GCCs in India have succeeded, small and mid-range GCCs still struggle to find the right talent. “With the emergence of Web3 technologies, these centers will need to develop new domain expertise, which will require talent with specific skills,” he mentioned.

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