Global capability centres (GCCs) of multinationals in India have ramped up their talent search this fiscal year even as recessionary pressures and macroeconomic headwinds keep hiring muted in the West, said top industry officials.
The in-house units of global companies in India across sectors such as banking, financial services and insurance (BFSI), pharmaceuticals, retail, energy, automotive and telecom are set to clock half a million gross hires, including attrition refills, this fiscal, Net headcount growth for FY24 is estimated to cross 200,000 against 150,000 net additions each in the previous two financial years, show data based on current active openings and ongoing hiring negotiations.
Recruitment conversations with GCCs have gained speed this fiscal as they are looking at restoring hiring volumes and velocity,” said Kamal Karanth, cofounder, Xpheno. “With projected attrition remaining high in the 18% to 22% range, replacement hiring action will remain high this fiscal.”
A combination of factors including wide availability of specialised skilled professionals, especially in the areas of technology, digital, analytics and AI, This is estimated to increase to 4.5 million by 2030. Citigroup, which recently exited its consumer banking business in India, is among those looking at a talent acquisition spree. Head of human resources Sara Wechter said Citi Solution Centres (CSCs) in India will hire at least 5,000 people in the next two years, taking the strength to more than 32,000 from 27,000 now. The focus will be on specialised skills in the areas of engineering, technology, analytics, AI, cloud and risk among others.