|
|
From 1985 to 2010, around 700 Global Capability Centers (GCCs) set up operations in India. And guess what? It only took another decade to nearly double that number! Today, India boasts over 1,600 GCCs, collectively employing 1.6 Mn individuals. This staggering growth has rightfully earned India the moniker of the “GCC Capital” of the world.
But with this rapid growth comes a new challenge: the war for talent is getting more and more fierce. In the past, a handful of companies competed for the crème de la crème of the talent pool. Now, hundreds of organizations are vying for the same skilled professionals. This means that GCCs need to step up their game and create strong talent strategies to attract and retain top talent.
One key aspect of a successful talent strategy is a strong employee benefits package. In times of economic uncertainty, when companies can’t offer big salary bumps, a well-designed employee benefits program can be a game-changer. By providing a range of benefits that cater to the diverse needs of a multigenerational workforce, GCCs can stand out in the talent market and create a loyal and engaged team.
What Global Capability Centers (GCCs) must recognize is that the current market conditions favoring employers are temporary. The talent landscape is inherently cyclical, and there will inevitably come a time when the market shifts back in favor of employees.
GCCs that fail to establish robust Employee Benefits mechanisms today may face long-term repercussions on their talent strategy. When the market dynamics change, these organizations may find themselves at a disadvantage in attracting and retaining top talent, as employees will gravitate towards companies that offer more comprehensive and attractive benefits packages.
This is particularly crucial given the increasing diversity of the workforce in India’s GCC landscape. As the employee demographic continues to evolve, GCCs must embrace the diverse needs of a multigenerational workforce.
India’s GCC workforce is a vibrant mix of Gen Z (18-20%), Millennials (68-70%), and Baby Boomers and Gen X (10-12%), each bringing unique skills and expectations to the table. This makes it essential for organizations to create inclusive benefits packages that resonate with every employee.
Gen Z, the youngest cohort, craves career growth, flexibility, and learning opportunities. Millennials, who make up the lion’s share of the workforce, prioritize work-life balance, childcare support, and professional development. Meanwhile, Baby Boomers and Gen X, though a smaller percentage, often hold leadership roles and value robust health insurance, retirement planning, and ample paid time off.
To attract and retain top talent across generations, GCCs need to offer a well-rounded benefits mix that caters to these distinct priorities. This might include learning and development (L&D) for Gen Z, family-friendly policies for 68-70% of Millennial employees, and comprehensive healthcare and financial planning for the 10-12% of Baby Boomers and Gen X.
Moreover, as the gig economy gains momentum, GCCs should consider extending benefits like health insurance, retirement plans, and skill development to this growing segment of the workforce. In fact, 7% of GCCs already offer retention bonuses to gig workers. By expanding benefits, GCCs can tap into a wider talent pool and foster a more inclusive and engaged work environment.
In light of these changes, the employee benefits landscape is ripe for innovation. This report, titled, “Employee Benefits Study – An India GCC View” aims to shed light on these trends and provide actionable insights for organizational leaders seeking to navigate the complexities of the post-pandemic, hybrid work environment. By understanding the unique needs of the growing Gen Z workforce and tailoring benefits to support the demands of a hybrid work model, organizations can position themselves as employers of choice in the evolving world of work.
THANK YOU
FOR YOUR RESPONSE
