Global Capability Centers in India Poised for Robust Growth A Look at the Factors Driving 3.64 Lakh New Jobs by 2023 Global Capability Centers in India Poised for Robust Growth A Look at the Factors Driving 3.64 Lakh New Jobs by 2023 Global Capability Centers (GCCs) in India have emerged as pivotal hubs for global businesses, and they are expected to make a substantial impact on the Indian job market. As we approach 2023, these GCCs are projected to generate a staggering 3.64 lakh job opportunities. A noteworthy aspect of this growth is that 25% of these net additions are anticipated to come from the banking and financial services sector. In this article, we delve into the reasons behind this hiring spree and explore how GCCs are transforming their workforce strategies.
The Resilience of GCCs During the Pandemic
One of the key factors driving the robust job creation in GCCs is their impressive performance during the COVID-19 pandemic. When many industries faced disruptions and uncertainties, GCCs in India demonstrated remarkable resilience. They swiftly adapted to remote work models, ensuring uninterrupted service delivery to their parent organizations across the globe. This adaptability showcased the importance of GCCs and solidified their position as strategic partners for global businesses.
The Normalization of Remote Work
The normalization of remote work has been a game-changer for GCCs. As organizations worldwide embraced remote work as a viable and effective option, GCCs capitalized on this shift. They leveraged their strong technology infrastructure and skilled talent pool to seamlessly transition to remote work environments. This trend has opened up new opportunities for talent acquisition, allowing GCCs to tap into a broader talent base regardless of geographical boundaries.
Accelerated Tech Advancements
In an era of rapid technological advancements, GCCs have become hotbeds for innovation and digital transformation. With organizations increasingly relying on technology to stay competitive, GCCs are at the forefront of driving these innovations. As they play a pivotal role in developing and implementing cutting-edge technologies, the demand for skilled tech professionals has surged, contributing significantly to the job creation spree.
Talent-Driven Approaches
GCCs are evolving their talent acquisition strategies to stay ahead in the competitive landscape. They are placing a greater emphasis on attracting and retaining experienced professionals at Vice President (VP) and executive levels. This shift reflects their commitment to fostering leadership and innovation within their organizations. As a result, India is witnessing a surge in high-paying, senior-level job opportunities within GCCs.
Diversification of Functions:
Another noteworthy development in GCCs is the diversification of functions beyond traditional IT and software services. GCCs are increasingly setting up finance, analytics, and creative functions. This diversification not only aligns with the evolving needs of their parent organizations but also creates a wider spectrum of job roles. It brings forth opportunities for professionals with diverse skill sets and backgrounds to contribute to the growth of GCCs.
Global Capability Centers in India are experiencing a remarkable growth trajectory, and their contribution to job creation in the country is undeniable. Factors such as their resilience during the pandemic, the normalization of remote work, rapid tech advancements, and a focus on talent-driven approaches have all played pivotal roles in this hiring spree. As GCCs continue to evolve and diversify their functions, they are expected to play an even more substantial role in shaping India’s job landscape in the years to come.
