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12/29/2023

2023 was largely a foregettable year for IT companies which reflects in the employee base as well.
But GCCs pick up hiring slack amid IT slowdown.
Tushar Deep Singh with the details.
For the latest news and updates, visit: http://ndtvprofit.com

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00:00 2023 was largely a forgettable year for IT companies.

00:03 That's reflecting in their employee base as well.

00:06 Net hiring was going to be muted for the next two quarters as well.

00:11 Outsourcers have also skipped campus hiring this year as well.

00:14 And there was a first since 2008.

00:16 IT sector headcount has dwindled the most in five years in the second quarter, that

00:21 is July to September of FY24.

00:24 So where do GCCs actually fit in?

00:28 Like what you mentioned, Pallavi, they are going to create about 3.6 lakh jobs by fiscal

00:32 2025, that's by about March 2024.

00:36 Essentially they'll add about 40,000 to 50,000 workers in the second quarter, that's July

00:40 to September, as well as January and March, which is seasonally the strong quarters as

00:46 far as hiring is concerned.

00:48 That's when IT companies are actually not hiring across the board.

00:52 So 30% of the GCCs are also poised for substantial talent absorption.

00:58 The number of GCCs are also going to rise from 1,580 at this moment to about 2,500 by

01:04 2028, which means the runway itself is also looking very good for GCCs among the pains

01:10 that the IT sector is facing right now.

01:12 So in terms of numbers, absolute numbers, GCCs will have about 1.68 million employees

01:18 at this point of time.

01:20 In the long run, they're looking at about 3.5 million employees by 2025.

01:25 So clearly India is becoming a profit centre for GCCs.

01:30 India is becoming a profit centre for multinationals who have set up shop here from a cost centre.

01:34 [Music]

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