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Growth of GCCs: How India is nudging GCCs to thrive
By Varun Sachdeva
Businesses worldwide have witnessed an overwhelming overhaul, thanks to digital transformation, making evolution and adaptability inevitable. While we constantly stare at the industry evolution, one thing’s sure, India’s agility to source talent is increasing at an explosive rate. The mere fact of GCCs setting their foot in the Indian markets proves that.
Whether it is a robust talent pool or tech-driven digital infrastructure, MNCs across the globe have been ticking India as prominent destination to set up Capability Centers. A report by NLB Services, ‘India Captivating!’ states 1510+ GCCs are in operation in the country across multiple fields including Banking, Financial Services and Insurance (BFSI), Healthcare & Pharmaceutical, Internet & Telecom, IT Software & Consulting, Manufacturing, and more. And as the GCCs continue to increase at an exponential rate, the job opportunities they are creating are also rising at an exponential rate. According to the report, about 3.64 lakh jobs are likely to be created by GCCs in the next 12 months.
There was a time when Global Captive Centers were established to handle back-office duties and corporate business-support functions. But, today, digital interference has reshaped the priorities of GCCs, with technology and innovation becoming the major focus.
Envision Business Success by Planting a GCC
Backed by technological expertise, GCCs possess the power to handle crucial business operations while serving a center of excellence (CoE) in areas of Big Data, Automation, and AI & ML, among others. And global companies have seemed to realize its versatility, expanding their insights with GCCs in India. Furthermore, we are living in an era of Big Data and Automation, where analytics decides the future of an organization.
The GCCs are built in a certain way that they hold the cost-effectiveness and expertise to adapt to emerging trends. And as cutting-edge tools become our prime focus, the best approach is to continue exploring tech-driven advancements through GCCs seamlessly.
Agility is yet another reason why GCCs are weaving a successful narrative for MNCs around the world. They offer a certain level of control and transparency that businesses require to set their goals and objectives, running operations in a dynamic environment of digital technologies.
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Why India is a pivot of opportunities for GCCs
India has remarkably prepped its talent for technological development, becoming the most sought-after talent source in the world. Whether it is hunting digital-savvy candidates or diverse minds to take real-time ownership of projects, India has a vast talent pool that has the ability to drive innovation across industries and sectors.
The report by NLB Services further states that 78% of GCCs have set up operations in India to both create and add a line of superior talent. This shows how tremendously GCCs are investing in the Indian markets, trusting their talent-sourcing capabilities. And the reason is obvious—the Indian talent market offers an amalgamation of skills. In fact, GCCs have an optimistic outlook for the future and the majority of them are all set to increase the workforce by 25% or more.
Another fair point to add to the growth of GCCs in India is the way the government has changed its policies and programs. Not only do the new policies supporting digital India have simplified the business processes but also nudged GCCs forward to continue finding their flow, thriving further. Even colleges and universities understand the significance of booming technology, modifying the courses based on the practicality of the domain to go well with the business needs. This is in turn another move to upskill talent for the future, considering how demand has been outstripping supply and the need to enhance skills. In a nutshell, India offers a mix of talent, cost, digital technology, and tech infrastructure.
The growth of GCCs in 2023 and beyond is obvious. The number of global centers is expected to increase as India anticipates 2000 GCCs in the next 3-4 years. But in order to continue with success and growth in the long run, GCCs in India will have to redefine their strategic outlook and emerge as the leading sector. The first step to leading the market is to focus on building talent based on their skills and qualities. Another significant aspect is to retain that talent for a sustained period. To ensure sustainable growth, it’s not about quantity but about quality, and experience builds quality over time.
