Bengaluru:Global companies are increasingly hiring higher number of employees in India with specialised engineers in the field of AI (artificial intelligence), cloud computing, and data science witnessing the highest demand.
HR experts are of the opinion that GCCs (Global Capability Centres) or technology captives of global enterprises are investing heavily in India as they migrate most of their technology work from offshore locations like India. With India being the STEM (science, technology, engineering, mathematics) talent hub, many companies have slowly transferred their bases from countries like China to India in recent years.
“Hiring by GCCs (technology captives) remains strong. Though there is an uptick in hiring by IT services firms, we are witnessing sustained hiring by GCCs. Hopefully, overall talent uptake by GCCs, IT firms and tech-powered startups will be better in 2024 as compared to last year,” Supaul Chanda, an HR expert with decades of experience on the staffing space, told the Education Bytes.
Another HR sector expert said that most demand is coming in the space of new technologies like AI, ML, data science, cloud computing, and GenAI segments.
Recently, a report in the South China Morning Post said that US-based aviation major Boeing is significantly increasing its engineering recruitment in India compared to China in recent months. The report noted that this initiative seems to be an effort by the US company to reduce reliance on Chinese talent amid geopolitical tensions.
While Boeing has 83 openings in engineers and support roles in India, it has only five job openings in China. As far as total employee strength is concerned, while Boeing employs 2,200 people in China, it has an employee base of more than 6,000 people in India.
India has emerged as a major GCC hub for global enterprises with the presence of most of the Fortune 500 companies of the world. The country houses more than 1,580 GCCs by the end of 2023. Estimates show that this number will touch around 2,400 by 2030.
Recently, a note shared by ICICI Securities said the share of GCCs in India’s GDP is expected to double to 2 per cent by 2030. “These offshore units of multinational companies collectively generate about $46 billion in revenue, which is likely to touch $100 billion by FY30,” the brokerage has said.
On the back of such a rising graph, the scope of employment for engineering graduates has increased manifold. On the back of higher compensation and better work-life balance, Indian engineers prefer jobs in GCCs over domestic IT services firms.
Top companies having GCCs in India:
- Accenture
- Dell
- IBM
- Amazon
- Cisco
- HSBC
- Nokia
- HP
- JP Morgan
- Microsoft