The war for talent
Global Capability Centers (GCCs) have observed a seismic shift in the services supported. As per the EY GCC Pulse survey 2021, 74% of the participants believe, that GCCs are acting as the global hub for digital skills and innovation. While GCCs in the early 2000s primarily delivered transactional activities such as IT helpdesk and customer support services, the focus now has moved towards high-end services around emerging technologies, IP creation and innovation. This shift has also added to the talent crunch, as the demand for people with the right skills is higher, than the supply.
These trends are forcing global organizations to set up scalable capability centers to bridge the talent gap. As per HRD Ministry’s AISHE report, India hosts more than 5,0002 engineering and technology institutes with an average of 1.5 million2 students graduating every year, thus providing a large talent pool for the capability centers. The digital skillset of the India is also increasing, with the advent of the start-up ecosystem which promotes the reskilling and upskilling of employees, and academia’s with courses focusing on data, AI-ML and others.
Reimagining talent value realization
As talent continues to be a competitive lever, the need of the hour is for organizations to shift their value proposition closer to the actual expectations of talent. Key themes of focus in the EY GCC Pulse survey 20213 were war for talent, future of work, and growing digital. About 76% of survey participants believe that they need to improve their ability to attract and retain talent.
An employee value proposition is built on various pillars ranging from organization brand to rewards and benefits, based on the foundations of business strategy and organization values and culture. GCCs are working towards the 3 Cs of talent: capability, cost and value creation by focusing on three key pillars rewards, professional growth, and engagement and experience.
GCCs are building capability in-house through talent reskilling and upskilling programs to meet changing global needs. Organizations are investing in building fit-for-future leaders who can drive transformation and become a lever for growth in the organization.