According to ET reports, Global capability centres (GCCs) of multinationals may hire 500,000 people in India in Fy24 even after the macroeconomic recession.
Over the last few years, more than 1000 multinational corporations have established Global In-house Centers (GICs) in India to leverage the nation’s highly skilled, low-cost talent pool and reduce the cost of ownership and delivery.
As per reports, Ernst & Young in June said that it expects multinationals to set up “global capability centres” for all types of industries in tier-2 cities such as Jaipur, Vadodara, Kochi, and Chandigarh.
Deloitte announced the opening of three offices in Pune, Chennai, and Kolkata and nearly doubles its workforce in 3 years.
In the coming year, over 10,000 skilled professionals specializing in various areas such as artificial intelligence, data analytics, cybersecurity, cloud, human capital, assurance, tax, valuations, and mergers and acquisitions will operate from these locations; Pune, Chennai, and Kolkata.
Deloitte, with a workforce of over 100,000 in India, says it will hire 50,000 more staff over three years, and expand its footprint in new towns while KPMG plans to hire over 20,000 over the next three years.
Deloitte, PwC, and IBM have opened offices in Bhubaneswar to serve Indian and global clients as the labour cost and operational cost is also lower in these cities.
The sectors including banking, financial services, insurance (BFSI), pharmaceuticals, retail, energy, automotive, and telecom expect to have hiring in-house units of global companies in India.
It is expected that these in-house units will be hiring near half a million gross hires. The reports also suggested that the hiring in the previous two financial years 150,000 net additions each. I
t is expected that the net headcount growth for FY24 is estimated to cross 200,000. Additionally, The BFSI GCCs will continue to lead hiring action, contributing 25% of net additions.