Good News: GCC is Creating Over 3.6 lakh Jobs in India in 2023
A new report on job opportunities in India Inc. revealed that the Global Captive Centres (GCCs) are adding close to 3.64 lakh jobs within the next 12 months.
The report also stated that by 2026, the India-captivating sector will scale up from the current 35.9 billion USD to 60–85 billion USD. From the NLB services sector and multinational transformational workforce solution providers, in particular.
The key reason to drive this talent demand is a 34 percent spike in service demand from key global markets. Nearly 78% of GCCs are looking to increase their talent pool by 10 percent to 100 percent in 2023. Only 5 percent of the surveyed GCCs seemed cautious about increasing their workforce.
In fact, more than 8% of GCC respondents plan to double their workforce in the next 12 months.
IT software and consulting topped the subsector list, with 33 percent of respondents eager to expand their talent pool. The next were banking, financial, and insurance services (BFSI) with 21 percent, and the third were internet and telecom (16%).
Among cities, Bengaluru leads in terms of job creation.
India currently, accounts for around 45% of the global GCC’s operations, and this share is expected to grow further. But the interesting fact is the transition in the way MNCs are looking at India. Their operations setups are creating a superior talent pool (78%), to assist the global demand for radical innovation (55%), to create business optimization strategies (49%), and not only for labour arbitrage.
The CEO of NLB Services stated, “The sector is expected to see a 10.8 percent CAGR growth in employment in 2023 alone.” “As India strengthens its position further in the scheme of strategic operations, accordingly, the demand for talent will grow.”
Skills and Roles in Demand:
About 8 to 9 percent of all GCC’s surveyed rate data science, data analytics, data engineering, statistical analysis, and UI/UX design as the most critical and in-demand skills for 2023. Further, 12 percent of GCCs rate communications, critical thinking, and interpersonal skills as the most demanding behavioral skills.
The Flourishing Skill Gaps:
The study found the highest skill gaps in skills like Python programming, running an analysis on Excel, and pulling in large datasets through SQL/ Hadoop.
Other skills like strategic management, sales engineering, and corporate communication are the most relevant and demanding skills with a 38 percent gap
Talent Sourcing Strategies:
The study found recruitment process outsourcing (RPO) is the most preferred model in talent sourcing, with high-demand companies also requiring robust talent sourcing mechanisms that allow them to focus on their core functions rather than hiring.
Nearly 67 percent of GCCs preferred to hire a permanent workforce, while 21 percent preferred temporary employment.
About 68 percent GCCs have policy-driven initiatives to promote and hire for gender diversity
Salary Trends in 2023 :
As the study revealed, “big data analytics manager, with a payout of Rs 20 lakh, is the top role GCC is hiring for. Other top job roles include IT manager and full-stack developer.
The study is based on the survey conducted around 211 GCC companies across BFSI, healthcare and pharmaceutical, internet and telecom, IT software and consulting, manufacturing, oil and gas and retail from Ahmedabad, Bengaluru, chennai, Delhi/NCR, Hyderabad, Kolkata, Mumbai and Pune.
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