Hiring by global capability centres in India slows amid western disturbances
global capability centres (GCCs) in India slowed in the year to March based on a dipstick survey of 80 companies by specialist staffing firm Xpheno for ET.
While India remains a hotspot for GCCs, with the number of such centres growing, the segment added a net 50,000-80,000 people in FY24, down from 150,000 in FY23.
Experts attributed the slump to a cautious approach by companies since 2023 amid multiple global headwinds — inflation, geopolitical conflict, supply side challenges and high interest rates. Xpheno data show that with 16-18% average attrition, GCCs in FY24 had a gross talent demand for over 250,000 people.
«As a reflection of the uncertainties and slow recovery in the West and global markets, GCCs have kept a cautious capacity growth trajectory in FY2024,» said Kedar Pathak, GCC specialist, Xpheno.
Year of Caution
The GCCs surveyed were across sectors and included IBM, Oracle, Bank of America, Citi, American Express, Barclays, JPMorgan, Wells Fargo, HSBC, BNP Paribas, Grant Thornton, Google, Target, Walmart, Shell, BP, Novartis, AstraZeneca and British Telecom.
«In 2023, companies across the world were confronted with a bearish geopolitical outlook, macroeconomic uncertainty and credit tightening,» said Rohan Lobo, partner, Deloitte India. «While companies continued to configure their business to adapt to such changes, they were cautious with large technology spends and consequently with their talent acquisition plans. Moreover, the
