From cost-centric to innovation-first approach
The covid-19 pandemic has had a significant impact on the global economy. A significant impact was felt across industries where organisations had to deal with the uncertainty of revenues, renewing the shift towards cash conservation and cost management. In effect, this is the USP of Global In-house centers (GIC) or captives.
India houses over 1800 GCCs across different sectors employing nearly 1.2 Million manpower. The agility displayed by the captives during the lockdown days has enabled them to achieve organisational goals and cement their importance in the global ecosystem.
Key changes in GICs since lockdown
- The centres have introduced work from home (WFH) policy to allow employees to operate virtually
- In case of existing WFH policy, the same has been revised to provide additional support
- There has been a shift in HR policies, particularly those relating to healthcare benefits
- Concerted efforts have been made GICs ensure that the workforce has the required infrastructure to operate smoothly. As a result of greater technology adoption amongst the employees.
- The business function which faced the biggest impact in the initial stage of lockdown was risk management & analytics bearing around 40 per cent impact.
The trends reported are as follows:
- Minimal workforce disruption
With over 91 per cent of the workforce being able to work from home, there wasn’t any major impact in terms of delivery.
- Minor impact on employee compensation
Around 97 per cent of the employees highlighted the fact that there was none to minor impact on the benefits provided to them.
- Hiring on the rise
Based on reports, 98 per cent of the organizations will maintain or increase the workforce.
It is this display of resilience by GICs which makes them an emerging talent hub to lead and deliver high-value services to clients.
Setting up a GIC in India
From the 1990s when companies such as Texas Instruments, GE and Citigroup began to embrace the GIC model, India has continued to remain a viable alternative for setting up new captives.
Despite the global slowdown, the GICs continue to hire, though maintaining a cautious approach. The latest entrant to India is the GIC of Canada based Sun Life Financial which plans to onboard over 1800 employees.
Being a successful outsourcing hub global corporates can reap benefits of the skilled and experienced talent pool in India.
How can your organization fast-track growth?
Over the years GICs have transformed from just being a low-cost back end processing centre to a technological innovation centre built on talent.
As a company establishing a GIC takes time and manpower to evaluate the talent pool, available infrastructure, the regulatory environment and tax concessions available. In view of the same, this is where Optimar comes in.
We provide trusted advisory & consulting services to businesses in BFSI, Fin-tech, Analytics, Advertising and Healthcare sector.
Taking note of your business requirements, we help you identify quality talent, hand-pick resources and choose an infrastructure set up.
Our Models include the following:
Under this model, we work with an organisation to select and set up the infrastructure, manage the project and transfer the final project ownership when the organization is ready to take full ownership.
This service delivery model follows the footsteps of the BOT model, however here we continue to manage and execute the operational aspects of the business instead of the organization.
Let’s co-create the path to sustainable growth
As a business, you have varied options when it comes to setting up a GIC or a virtual in-house captive. Our team of experts are leading the change across sectors, platforms and functions, to help your business go global, emerge stronger, and be prepared for the unforeseen future.
Get in touch with us to unleash the true power of your business, as we offer an unrivaled sector-specific expertise.Contact Us