GCCs in India to hire about 500k employees in FY24: Report

The employable talent pool for the skill sets Global Capacity Centres (GCCs) require is considerably larger in India compared to other countries

July 19, 2023

GCCs across sectors like banking, financial services, insurance, pharmaceuticals, retail, energy, automotive, and telecom are expected to achieve half a million gross hires

GCCs from Banking, financial services and insurance (BFSI) are expected to lead the hiring spree, contributing 25% of the net additions

Retail GCCs are also expected to have a positive outlook for the second half, potentially catching up with or surpassing BFSI GCCs in net headcount additions

India is a preferable destination for GCCs due to the availability of specialized skilled professionals, particularly in technology, digital, analytics, and Artificial Intelligence (AI)

Global Capability Centres (GCCs) of multinational companies in India are intensifying their talent search in FY24, and sectors like banking, financial services, insurance, pharmaceuticals, retail, energy, automotive, and telecom are expected to achieve over 500,000 gross hires, including attrition refills, according to a report from specialist staffing firm Xpheno’s.

This rise in hiring is in response to the demand arising from new GCCs and the expansion of existing centres. The current net headcount growth in hiring for FY24 is projected to surpass 200,000 as compared to 150,000 net additions in the last two financial years.

BFSI GCCs are expected to lead the hiring spree, contributing 25% of the net additions, according to the Xpheno report. Companies in the sector are planning to hire thousands of people in the next two years, with a focus on specialized skills in areas like engineering, technology, analytics, AI, cloud, and risk management.

Retail GCCs are also expected to have a positive outlook for the second half, potentially catching up with or surpassing BFSI GCCs in net headcount additions.

The employable talent pool for the skill sets GCCs require is considerably larger in India compared to other countries. However, GCCs in India benefit from a strong emphasis on innovation, a mature startup ecosystem, and cost-effectiveness, making India an attractive destination for global in-house centres.

Source: Economic Times

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