They are looking at a period of significant growth and opportunity over the next 12 months. That means they are ready to hire aggressively with many preparing to expand their workforces by 50 to 100 per cent. Clearly they are gearing to deal with global operational demands. After all, they have evolved in the Indian market where they have come to be major hubs of transformation thanks to the immense opportunities in digital excellence, innovation and skills. Who are ‘they’? What are we talking about?
‘They’ are the global captive centres or GCCs that have mushroomed in cities across India, including Pune, Chennai, Bengaluru, Mumbai, Delhi NCR and Hyderabad.
Why are these offshore offices of big multinationals significant? Well, in the next five to six years, GCC-led job creation will be much more than that of information tech or IT services says a report by NLB services, titled ‘India’s Talent Takeoff: The GCC 4.0 Story’.
A whopping 86 per cent of the respondents of the survey plan to set up new GCC units. That isn’t all; about 57 per cent of the media, entertainment and gaming sectors are headed for dynamic growth. This will only make the GCC portfolio more diversified.
So, clearly that is where all the opportunities are awaiting India’s young job seekers. What is even better is that 64 per cent of respondents expect fresher hiring to go up by one to 20 per cent in 2025.
India has witnessed a significant evolution in the structure and capacity of GCCs since she started welcoming them. These GCCs are readying for extraordinary growth in the next year or so. During this period, 35 per cent of industry leaders will expand their workforce by at least 50 per cent, while some expect to expand by 100 per cent or more. This is a result of the growing demand for digital transformation and automation.
As per the report, which is based on a study of over 200 GCCs across the country, 11 per cent plan to double their workforce, which means they will hire aggressively to deal with global operational demands. About 24 per cent predict significant growth, and hence are looking to double their workforce. Around 30 per cent are aiming for steady and strategic growth while about 10 per cent are eyeing long-term stability and focusing on consolidating operations. This also indicates that they are in a position to scale up when the time is right.
The GCCs surveyed are operating in various sectors including banking, financial services, insurance, IT software and consulting, pharmaceuticals, healthcare, energy and automotive. The study finds that GCCs are definitely driving job growth and how! About 56 per cent of the respondents expect the GCCs to outpace IT services in terms of job growth by 2030. A whopping 72 per cent of the GCCs in Delhi/NCR agree to this. In fact, GCCs expect to generate 4.24 to 4.5 lakh new jobs. That means their role in economic growth in the short term cannot be ignored. After all, there are more than 1,710 GCCs in the country and over 2,975 operational centres. Together, they have generated a revenue of $64.6 billion and are a source of livelihood for at least 1.9 million professionals.
The report also highlights a significant growth in specialised roles in GCCs. For instance, engineering roles have witnessed a 30 per cent rise, while product-management roles have seen a 50 per cent rise and architects have seen a spike of 66 per cent. Leadership roles have increased four times since FY2019.
A significant 15 per cent of the GCCs project a 20–50 per cent rise in fresher hiring, with growing focus on automation, digital transformation, and innovation-driven roles. While in Hyderabad and Mumbai 69 per cent of companies expect about 1 to 20 per cent hike in fresher hiring, 17 per cent of firms in Bengaluru hope to hire 50 per cent more freshers in 2025. So freshers, head for the GCCs!