MNCs may hire half a million in India this fiscal
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 year, according to data from specialist staffing firm Xpheno.
They are looking to meet the talent demand emerging from new GCCs and the expansion of existing centres. 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, as well as a favourable cost environment make India a preferred destination, said top executives at Citi, PwC, EY and Grant Thornton.
According to EY estimates, the GCC headcount in the country is currently about 2 million. This is estimated to increase to 4.5 million by 2030.
«The overall employable talent pool for skill sets GCCs are looking for is far larger in India than in any other country,» said Arindam Sen, partner and GCC leader, EY India. «Also, the
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