In this fast-paced world of business and technology, the idea of Global Captive Centers (GCCs) has evolved as a life-changing force, bolstering economic growth while driving innovation. Not to mention, the pandemic—apart from weaving a journey of struggles—has shaped technology and created a foundation for the GCC growth, whether it is managing operations or recruiting employees.
Despite all the uncertainties and odds amid the hard times, India’s emergence as a prime destination for Global Captive Centers is a testament to the nation’s unique amalgamation of cultural diversity, competitive cost structure, abundant talent pool, favorable business climate, etc. In fact, according to Zinnov-Nasscom India GCC Trends quarterly analysis, there are 1510+ GCCs in India, as of September 2022. This immense number sheds light on the power India holds in attracting companies to set up their operations in the country. Moreover, a report by NLB Services, ‘India Captivating!’ states that 78% of GCCs have set up their operations in India to augment or create a superior talent pool, which further showcases the significance of the availability of talent in India. Even a report by EY estimates that the GCC market size will potentially reach US$110 billion by the year 2030
There has been a great shift in the placement of people, technology, and infrastructure within the Indian Global Captive Center landscape in the last few years. However, the year 2023 has skyrocketed the convergence of trends fundamentally designing how businesses operate, adapt, and excel. With the rapid dissemination of AI models and the surge of product-driven innovations, 2023 stands as a year that marks a pivotal turning point in the evolution of Global Captive Centers in India.
In 2023, these Captive Centers have been largely focusing on the profit center to identify opportunities that can help generate more revenue. Now you may wonder, what’s so monumental about focusing on the revenue model? Isn’t it always a focus of an organization?
Here’s your answer. An increased focus on profit centers in today’s digital arena has been benefitting Global Captive Centers by leaps and bounds. Profit centers not only contribute directly to the organization’s bottom line but also optimize operations, resulting in increased efficiency and better resource utilization. Moreover, with a revenue-focused mindset, these Global Captive Centers can respond more effectively to the dynamic market scenario and customer preferences. Thus, the first and the most important trend of GCCs in 2023 is the changing focus to profit centers, surrounded by enhanced strategic alignment, business expansion, improved efficiency, market agility, and more.
The pandemic induced a shift in the corporate ecosystem by making remote work a necessity rather than a privilege. Despite the work-from-home scenarios, businesses were able to flourish and generate productivity. However, 2023 has addressed this by fostering a hybrid model approach to recapitulate the value of in-person connections. But that doesn’t demonstrate a rebirth of traditional workspaces. The modern hybrid model has made it easier to allow employees to collaborate with people with the same focus to work toward a larger goal through a more flexible yet integrated setup. It will continue to focus on real employee engagement while elevating productivity. This trend has also spurred innovation in communication tools and cybersecurity protocols.
In 2023, the focus of most of the GCCs has been smart recruiting techniques to convert people into long-term assets. Big data and AI have nudged growth by enabling recruiting managers with insightful and actionable data. Even due to the talent abundance in India, talent demand is still outstripping supply pushing HR managers in GCCs to put more focus on retaining top talent.
Additionally, the recruitment tactics lately focus on hiring diverse and inclusive talent, eliminating bias.
With the increasing digitization of operations, there have been increased concerns for Global Captive Centers in India. GCCs have invested in robust cybersecurity frameworks, data encryption, and compliance management systems to protect sensitive information. They are working on enhanced security, and strive to reduce the risk of data breaches. Regulatory changes, such as implementing the Digital Personal Data Protection Bill have heightened the awareness of data security.
Environmental, Social, and Governance (ESG) has a crucial role in building a company’s reputation among its stakeholders. That’s the reason why Global Captive Centers in India have deployed a plethora of sustainability practices, from adopting green technologies for operations to putting more effort into supporting local communities. Moreover, they have seamlessly integrated ESG action plans while indulging in clean working methods, thereby reducing any social, environmental, and legal repercussions. This trend has a direct relation with the product-led innovation that many mature GCCs are involved in to create products and services that are not just user-friendly but also environmentally friendly in all ways.
On that note, it’s best to join this new wave of Global Captive Center and thrive in the business world Join hands with NLB Services, which has Global Business Services: End-to-end Global Captive Center solutions to help you accelerate your journey.
Chief Executive Officer