NEW DELHI: After Bengaluru, Hyderabad is slowly emerging as the second preferred city for BFSI companies who are looking to establish Global Capability Centres (GCCs) or expand their operations in India, talent solutions provider Careernet observed in its report.
BFSI or banking, financial services and insurance, is the industry’s umbrella term for companies that provide a range of such financial products or services. As per definition, Global Capability Centers (GCC) are established by organisations worldwide to make use of available global talent, resources and expertise.
Going further, Hyderabad is increasingly becoming the second most preferred city, after Bengaluru, for BFSI professionals looking to relocate, as per the report. American multinationals constitute two out of three BFSI GCCs in India maintaining a significant presence through their local offices. These GCCs operate on a large scale, with over 50 per cent employing over 1,000 individuals and 15 per cent surpassing 10,000, the report highlights.
It further reveals that approximately 35 per cent of BFSI GCCs are in more than one location; overall 18 per cent have a presence in three or more locations.
The report highlights that Bengaluru secures the top spot as the premier destination for BFSI GCCs, hosting an impressive 35 per cent of all BFSI GCCs and a thriving talent ecosystem, where 26 per cent of active job seekers bring the in-demand skills that fuel industry innovation.
According to the observations, the active job seekers in the tech domain are predominantly found in Bengaluru (25 per cent), followed by Hyderabad (19 per cent), and Pune (17 per cent).
“With a vast pool of skilled professionals, India offers GCCs the ideal ecosystem to drive growth, innovation, and transformation. By 2030, we envision over 250 BFSI GCCs and around a million BFSI professionals propelling India’s ascent as a global talent hub. Contrary to the traditional talent supply-demand gap in India, the current job market is witnessing an abundance of skilled professionals interested and available for BFSI GCC’s to attract and employ”, Neelabh Shukla, Chief Business Officer, Careernet, stated.
“India’s emergence as a global hub for financial talent is driven by the perfect confluence of a robust talent pool, a thriving existing BFSI GCC industry, and a growing demand for digital innovation driven from India hubs”, he added.
The tech domain boasts the largest talent pool, accounting for 34 per cent of active job seekers, followed by the infrastructure and functional domains, which are tied at 19 per cent each. In contrast, the operations domain has a relatively lower skilled workforce availability, at 12 per cent. However, emerging fields like analytics and NextGen are gaining traction, each representing 8 per cent of job seekers, reflecting the growing interest in next-generation technologies and functional expertise.
Highlighting the diversity, the report added that BFSI industry stands out for its excellent diversity ratio, boasting a significantly higher proportion of female talent compared to other industries. While the typical industry average is 80 per cent male and 20 per cent female, BFSI GCCs defies this norm with most having ~30 diversity to some which have got to a 40 per cent diversity range. (ANI)