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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