India outshines in GCC growth strategy, likely to create 3.64 lakh jobs in 2023
Mumbai, December 07, 2022: The market size and the job creation by Global Captive Centres (GCCs) as a sector is expected to see significant growth, states NLB Services’ latest report- India Captivating. According to the research report, GCCs will add close to 3.64 lakh jobs within the next 12 months and the sector will scale up from the current $35.9 to $60-85 billion by 2026.
“India Captivating” is a comprehensive research report from NLB Services, the fastest-growing multinational transformational workforce solution provider, covering the in-depth GCC ecosystem in India. The study throws light on the job creation trends, factors driving job creation as well as skills and roles that are in demand. It delves into the burgeoning skill gaps and salary trends in the GCC space as well.
According to the study, only 5% of the GCCs surveyed seemed to be cautious and not keen on hiring. The majority (78%) are looking at increasing their talent pool by 10-100%. In fact, more than 8% of the respondents are planning to double their workforce in the next 12 months. A spurt in service demand from key global markets (34%) is the key reason driving the demand for talent. From a sub-sector perspective, IT Software & Consulting with 33% of the respondents keen on ramping up the talent pool topped the chart. The next were BFSI (21%) and Internet & Telecom (16%). Amongst cities, Bengaluru leads in terms of job creation.
Elaborating on the report, Sachin Alug, CEO, NLB Services, said, “India currently accounts for around 45% of the global GCCs in operations and this share is expected to grow further. But what is heartening to know is the transition in the way MNCs are looking at India. They are setting up operations to create a superior talent pool (78% of the respondent), to assist the global demand for radical innovation (55%), to create business optimization strategies (49%) and not merely for labour arbitrage. The sector is expected to see a 10.8% CAGR growth in employment in 2023 alone. As India cements its position further in the scheme of strategic operations, the demand for talent also will grow.”
“In India, we have 1 million engineers graduating each year making the country one of the largest engineering talent pools in the world and international companies have started to realise the importance of leveraging this demographic deficit effectively. The demand today is for niche digital and machine learning skills like data science, data analytics, data engineering, statistical analysis, and UI/UX design today indicating how the centres are evolving to strategic centres.” added Varun Sachdeva, APAC Recruitment & Business Leader, NLB Services
The study also delved deep into the skill-gap affecting the eco-system. The skill gap was highest in the most desired skills like Python Programming, running analysis on Excel, and pulling in large datasets through SQL/Hadoop. Sub-sector wise Business operations-oriented GCCs were impacted the most. Strategic management, Sales Engineering & Corporate communication skills that are most relevant to the model are facing a skill gap of as high as 38%.
Further, the study also analysed how GCCs are looking at talent acquisition. According to the study, RPO (22%) is the most preferred mode of talent acquisition.
“As the demand for talent scales up, companies will require a robust talent acquisition mechanism which allows them to fret less about hiring and focus on their core functioning, RPO fits the bill perfectly in such a scenario. We are confident this year the RPO growth will be far higher at around 22%. Said Sachin Alug.
“India Captivating” is a detailed report sharing insights about the impact of Global Captive Centres (GCCs) on the Indian Staffing Ecosystem. The study surveyed 211 GCC companies across Banking, Financial Services and Insurance (BFSI), Healthcare & Pharmaceutical, Internet & Telecom, IT Software & Consulting, Manufacturing, Oil & Gas and Retail from Ahmedabad, Bengaluru, Chennai, Delhi/ NCR, Hyderabad, Kolkata, Mumbai and Pune.