iStockGlobal Capability Centers (GCCs) in India are expected to create 3.64 lakh jobs in India during 2023 even as the IT sector continues to indicate a muted hiring environment, said a new report by NLB Services.
GCCs 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 first quarter results for the fiscal year. This is owing to the recessionary pressures and macroeconomic headwinds restraining hiring in the West, especially for the IT Sector.
Also read | IT headcount may fall in Q1 as companies see dip in client additions
Sachin Alug, CEO of NLB Services, said that despite prevailing challenges in the global economy, India's expertise in cutting-edge technologies like generative AI, quantum computing, robotic process automation, and blockchain underscore its potential as a talent powerhouse for GCCs.
“Over the past year, automotive, banking financial services and insurance, pharma, retail, energy, and telecom industries have emerged as significant drivers of demand for specialised technology profiles. These profiles include data scientists, sustainability data analysts, statistical analysts, blockchain experts, cybersecurity professionals, AL/ML engineers, among others,” said Alug.
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, he added.
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.
GCCs 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 first quarter results for the fiscal year. This is owing to the recessionary pressures and macroeconomic headwinds restraining hiring in the West, especially for the IT Sector.
NLB's recent study showed 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, creating approximately 3.64 lakh new jobs.
Also read | IT headcount may fall in Q1 as companies see dip in client additions
Sachin Alug, CEO of NLB Services, said that despite prevailing challenges in the global economy, India's expertise in cutting-edge technologies like generative AI, quantum computing, robotic process automation, and blockchain underscore its potential as a talent powerhouse for GCCs.
“Over the past year, automotive, banking financial services and insurance, pharma, retail, energy, and telecom industries have emerged as significant drivers of demand for specialised technology profiles. These profiles include data scientists, sustainability data analysts, statistical analysts, blockchain experts, cybersecurity professionals, AL/ML engineers, among others,” said Alug.
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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, he added.
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.
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