According to a recent article by Rica Bhattacharyya posted on The Economic Times which talks
about Industry leaders report that talks about how multinational corporations are offering
substantial compensation packages to recruit experienced professionals for
their global capability centers (GCCs) in India. Over the past two years, there
has been a noticeable increase in GCCs offering annual salaries ranging from Rs
3-6 crore to specialized leadership talent.
Multinationals
are increasingly lining up top dollar offers in a bid to attract seasoned
professionals who can help rapidly scale up their global capability centres
(GCCs) in India, said industry executives.
The
proportion of GCCs paying Rs 3-6 crore a year to niche leadership talent has
grown over the past two years as the captive units have risen up the value
chain with an increasing number of strategic leadership and global roles based
out of India, according to search firms and company executives.
In
addition, these units are trying to shed the “back office” stereotype to
attract senior professionals from across industry sectors, they said.
About
16-18% of the large GCCs hiring for leadership positions are offering their top
executives in the Rs 3-6 crore a year range, up from less than 10% about two
years ago, according to compensation data from executive search firm Xpheno.
Salaries of
managing directors or country heads of some of the larger GCCs have reached the
$1 million mark (about Rs 8.3 crore) with maturity and increase in the capacity
of the centres, said people in the know.
Salary
packages at some corner offices have nearly doubled in the past three-four
years, they said.
Over the
last couple of years, GCCs in India have been turning into business drivers for
the global multinationals from the earlier back-office operations for delivery
of services, said Siddharth Verma, head of executive search at Xpheno.
Senior
talent with knowledge of artificial intelligence (AI), machine learning (ML)
and other emerging technologies are the most sought-after, according to those
in the know. Companies are also looking to attract talent from the pool of
Indians in the US and Europe who may be willing to relocate, they said.
“GCCs are
prioritising professionals with skill sets in AI and ML. Earlier it was good to
have skill but now it is more of a must have for many of the CXO roles for
which we are also looking at the returning Indian talent pool,” said Meenakshi
Thakar, partner at Transearch India.
Jaspreet
Singh, partner, Grant Thornton Bharat, said, “The salary hike for senior roles
in global capability centres in India is driven by increased demand for highly
skilled professionals due to the expansion of GCCs into more complex tasks like
AI and digital transformation.”
According
to a survey conducted by ANSR, a consulting company that helps build and scale
up GCCs, more than 90% of the GCCs in India plan to harness the potential of
AI, ML and cognitive computing technologies in the next two-three years. More
than $60 billion is projected to be spent on AI and integration in the next
three years, while AI could potentially contribute $150-275 billion in
operating profits across retail, travel and financial services GCCs, it said.
Read
more at:
https://economictimes.indiatimes.com/jobs/c-suite/mncs-now-offer-best-salary-package-to-seasoned-professionals-to-scale-up-their-gccs-in-india/articleshow/110373360.cms