The year 2021 was indeed a momentous year when it comes to tech hiring. As the pandemic effect helped digital technology stand out, hiring across tech and IT continue to bloom. Amid such transformation and the emerging need to quench the talent thirst, global companies seek the opportunity to expand their GCCs in India, making the nation a hub. But last year didn’t conclude GCCs blooming growth. This year, indeed, tech hiring in GCCs gained momentum rapidly.
‘India Captivating!’ is a recent report by NLB Services that focuses on the growth of GCCs in India and how this immense growth is affecting the staffing ecosystem. The report highlights that currently 1510+ GCCs in India with a market size of $35.9 Bn, and this may go up to 2000 in the next 3-4 years.
Addressing the factors that are driving the increasing hiring needs of these GCCs, the report found that 27% of all respondents state that expansion of skill capacity is one of the key reasons for the increase in hiring. This fact, per se, proves how essential skills have become for GCCs when it comes to hiring. If not eliminated completely, the percentage of hiring based on roles plummeted as skill-based hiring is replacing it, emerging as the key player in hiring.
Again, there are many organizations that are facing challenges in the reskilling and upskilling workforce due to skill shortages, but in spite of the need to skill the workforce, the demand for tech jobs has been flourishing more than ever. And the chief reason is the advancement in technology which has expanded the digital landscape of businesses so that they can be a step ahead in the fierce market competition.
With underlying opportunities, today, GCCs are growing at an amazing 10.8% CAGR while staring at the market in the need to acquire highly-skilled and tech-savvy candidates. As digital technology is booming further in India, GCCs are all set to embrace Indian talent, increasing the demand for some most sought-after skills more than ever.
But to embrace the skills and rope in quality talent, there is a dire need to eliminate the skills gaps which are indeed widening rapidly. A few skills where the study recorded major skill gaps are programming languages, such as Python, Java, and C++, followed by the capability to scrutinize data and figures via Excel tools and retrieve massive databases using SQL. Moreover, the knack to work with AWS is also an essential skill. However, each of these skills reports a skill gap of 20%-40%, which in turn showcases their value in the market.
Coming over to business-oriented opportunities, GCCs seek professionals with hands-on experience in skills, including Strategic Management, Sales Engineering, and Corporate Communication. The gap for these skills is as high as 38%. Other important skills in 2022 for GCCs include Design Engineering, AutoCAD 3D, and Software Development.
If we look at the desired skills from the outlook of the in-demand job roles today, the report highlights that the demand for tech and tech-fused job roles dominates other conventional non-tech top job roles in GCCs. While the Big Data Analytics Manager role tops the list with a payout of INR 20 LPA. This also comes along with the fact that a range of data and data analytical skills and design skills are more important than other technical skills. With that, new-age tech skills take a back seat.
The report reflects that 8%-9% of all respondents rate Data Science, Data Analytics, Data Engineering, Statistical Analysis, and UI/UX Design as highly desired, whereas 6% of all GCCs rate Cloud Computing, Cyber Security, DevOps, Artificial Intelligence, and Blockchain as the next set of essential technical skills. But where are the future skills in all this? Unfortunately, AR/VR and Web 3 hit 3% in the in-demand tech skills chart.
With hard skills, we often tend to forget the other aspects of the skills that shape the individual as a whole—behavioral skills. GCCs seem to develop a soft corner for behavioral skills with Communication, Critical Thinking, and Interpersonal Skills getting a vote of 12%. Among these skills, other behavioral skills that entail the capability to execute tasks with collaboration and coordination (Planning and coordination, Complex Problem Solving, and Cross-functional collaboration) are also of great importance.
As the intention of the GCCs preferring skilled candidates is quite clear in our eyes, it’s time we start evaluating our existing workforce with these in-demand skills. Don’t worry, there’s always room for reskilling and upskilling. In fact, many global companies are swamped with people who are continuously taking courses to brush up on their skills and knowledge. It’s time to up your game and stand out in the ocean full of opportunities.
President – Americas