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Multinational tech arms outpace IT companies in hiring

Tech park in Bangalore, India

Tech arms of multinational companies in India are on a hiring spree and are expected to outshine the traditional IT services companies this year. 

In the first quarter of the fiscal year 2023-24, the big four IT services companies saw a workforce reduction, with a combined loss of nearly 18,000 employees. 

Only TCS had a modest net addition of 523 jobs, while Infosys, Wipro, and HCL had declines of 6,940, 8,812, and 2,506 employees, respectively. 

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This drop in headcount is even worse than what was experienced during the initial quarter of FY21 when the pandemic struck.

The MNC's tech arm, called global capability centres (GCCs) is actively hiring, and many new centers are being established in the country to attract talent. 

Lalit Ahuja, the founder of ANSR, a workspace, and HR solutions platform, predicts GCCs will add an incremental 4-5 lakh employees in the FY 2023-24. 

He says GCCs work with the enterprise's core programs and expects several global companies to replace their onshore contractors with their GCC workforce.

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Nasscom estimates that India's tech workforce totals approximately 5 million, and the GCC talent pool accounts for more than 1.6 million. 

India currently houses 1,580 tech centers of GCCs, with this number continually increasing each month. 

US luxury retailer Neiman Marcus Group recently established GCCs in India and plans to employ 500 people for the Bengaluru tech hub in the next eight to 10 months.

Inspire Brands, the second largest restaurant chain in the US, recently established a tech innovation centre in Hyderabad.

India houses 25 percent of global retail/CPG companies' GCCs, having over 50,000 employees.

Around 63 retail and CPG companies have tech centers in the country.

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