Cost rationalisation and digital transformation are driving a majority of business agendas today. The pandemic has accelerated the evolution of GICs (Global In-house Centres) to deliver enhanced business value to the parent organisations by reducing costs. There are obvious advantages that GICs can offer to business, including cost and availability arbitrage.
India is very lucrative in terms of offering a skilled workforce, and this has reflected in the hiring trends that have spurted over the last few months. TransUnion recently announced its expansion in India, stating that it will expand its workforce by approximately 50% over the next one year.
Established GICs in India over the years have become a core of global technology innovation teams. A majority of organisations will embark upon their digital transformation journey this year, or move further ahead with a quick pace. This in turn will also create the need for ramping up data security efforts. And for both these critical needs, players will rely heavily on their GIC capabilities.
Looking at GICs through an Indian Lens
India is currently home to more than 1400 GICs, including globally established players like JPMorgan Chase & Co, Goldman Sachs, Qualcomm, Intel, Deutsche Bank, Nokia and United Healthcare. According to Nasscom, these GICs generated revenues of about $28.3 billion in the last financial year alone. With the pandemic catalysing need-based hiring or interim hiring for critical talent, companies are looking to derisk via such uniform and standardised structures.
GIC talent in India is not only advantageous at a skill and availability level, but also at a financial level. The nimble display by Indian GICs, since the beginning of the lockdown, propelled by the government’s policy announcements, has enabled them to prove their mettle. This has led to the emergence of GIC talent as a key driver of the overall business goals, firmly establishing their strategic importance as a part of the global ecosystem.
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