Global Capability Centers (GCCs) in India are witnessing a remarkable surge in hiring, contrasting with Indian IT services firms that are primarily relying on their existing talent pool, as per their Q1FY24 results. This is owing to the recessionary pressures and macroeconomic headwinds restraining hiring in the West, especially for IT Sector. NLB’s recent study on GCCs in India revealed that out of over 1500 GCCs in the country, nearly 78% have established operations in India to augment or create a superior talent pool. Encouragingly, 8% of GCCs anticipate their workforce to double within 2023, resulting in the creation of approximately 3.64 lakh new jobs.
In response to the burgeoning growth of Global Capability Centres (GCCs) in India, Sachin Alug, CEO of NLB Services, said, “Despite prevailing challenges in the global economy, India’s expanding tech workforce and expertise in cutting-edge technologies like Generative AI, Quantum Computing, Robotic Process Automation, and Blockchain underscore India’s remarkable potential as a talent powerhouse to address GCCs growth strategy. Over the past year, industries such as Automotive, BFSI, Pharma, Retail, Energy, and Telecom have emerged as significant drivers of demand for specialized technology profiles, including Data Scientists, Sustainability Data Analysts, Statistical Analysts, Blockchain Experts, Cybersecurity Professionals, AL/ML Engineers, among others. Remarkably, this demand has displayed a consistent quarter-on-quarter increase of almost 12-15% throughout the previous year, and such momentum is anticipated in the current financial year as well. NLB, with its vast global exposure to these industries, is well-positioned to support the capability expansion plans of GCCs in India. We have been collaborating with various corporates to skill and place tech talent for emerging technologies and we will continue to focus on a hire-train-deploy model for fulfilling these niche requirements.”
In conclusion, despite the headwinds, GCCs will continue to leverage India’s vast pool of skilled professionals to bolster their workforce and fuel their growth trajectory. Automotive, BFSI, and Energy are anticipated to play a pivotal role in propelling this hiring surge both in tech and non-tech roles, as they continue to demand niche skills. As the number of GCCs in India is expected to surpass 2000 in the next 3-4 years, the optimistic hiring sentiments of GCCs serve as a testament to the country’s growing stature as a preferred destination for tech talent and a key driver of global expansion.
Below are some of the key skills that are expected to be in demand for FY24 from GCCs.
|Skills||Key Sectors||Expected demand in FY24|
|AI & ML||Financial Services, Manufacturing||20-25%|
|Data Analytics||Healthcare, Financial Services||15-20%|
|Cybersecurity||Telecom, Financial Services||15-20%|
|Cloud Computing||IT/ITeS, Retail||15-20%|