With several new captives being created and more than 500 new GCCs to set up their captive technology centers by 2025, the total workforce is expected to double from 1.5 million to 3.0-3.2 million. By FY25, the market size is expected to increase to $60 billion from $36 billion, according to data compiled for ET by recruiting solutions firm Xpheno.
There are currently around 1,500 GCCs in India in sectors such as banking, financial services and insurance (BFSI), computer software, automotive, pharmaceuticals, retail, and oil and gas .
This cohort of companies together created around 170,000 jobs in India in 2021-22, while gross hiring stood at around 350,000, according to data from Xpheno.
The growth of GCCs in India has accelerated since the Covid-19 outbreak, leading to an increasing number of organizations opening up to the idea of remote working. As a result, places like India that have a talent pool – especially in technology – and cost advantages are increasingly turning into a strategic hotspot for multinationals, have said senior industry officials.
“India has a very large talent pool and a large number of resources from all walks of engineering and finance,” said Dilipkumar Khandelwal, CEO of Deutsche India, which will hire 3,000 people this year, mainly in its technological and operational teams. “India is a very important location in terms of Deutsche Bank’s overall footprint outside of Germany.”
He said the startup landscape in India is growing day by day and banks and financial services companies are collaborating with fintechs in specific areas, integrating these services into the technology stack, making India a preferred destination for talent.
Anil Ethanur, co-founder of Xpheno, said: “The post-pandemic hiring recovery is fueled by a release of pent-up demand and the expansion of hiring by active GCCs. Additionally, the hiring action by and for the new would-be captives added to the funnel of the hiring action.
The main recruiters among GCCs in India are BFSI companies. In FY22, the BFSI GCC cluster added more than 60,000 jobs, representing nearly one-third of total net additions in the fiscal year. Other major sectors include software, automotive, pharmaceutical, retail, and oil and gas.
Companies leading the hiring action include Amex, Bank of America, Wells Fargo, Citi, Barclays, Morgan Stanley, HSBC, Standard Chartered, Goldman Sachs, Amazon, Target, Walmart, Shell, GSK, Abbott,
J&J, , and , among others, according to Xpheno data.
“India as a market is very attractive from a business perspective. It also has one of the largest university systems with both the quality and quantity of talent,” Mohit Kapoor, global chief technology officer at consumer researcher Nielsen IQ, told ET in a recent interview.
Nielsen plans to hire more than 5,000 people in-country across its three global hubs in Chennai, Vadodara and Pune by the end of 2023. “Our Indian hubs will be a strategic advantage for us going forward,” said Kapoor.
In-demand roles span the spectrum. However, with an increased focus on post-pandemic digital transformation, top talent and in-demand roles are in the tech and digital space. Roles in solutions, core development, DevOps, cloud and cybersecurity, virtualization, data analytics, and enterprise mobility are in demand. That aside, roles in artificial intelligence/machine learning, Internet of Things (IoT), robotic process automation (RPA), and blockchain continue to be in demand.