Employees always take precedence when it comes to an organization’s growth strategy, making it critical to understand the business ecosystem of today to retain and onboard skilled talent. This report analyzes the salary, increase, attrition, and hiring trends of 2023, with industry-wide case studies to help leaders get an outside-in approach of the talent market.
As per our analysis, organizations are seen to prioritize salary increases as part of their talent strategy in 2023 — but perhaps not as much as they did in 2022 when inflation was a major concerning factor.
2023 started with the scare of mass layoffs across tech giants and start-ups alike. As a direct consequence, we see salary hikes stabilizing from last year’s payouts with companies becoming a little more cautious in these economically turbulent times.
Employers are trying to find the right balance when it comes to their compensation plans figuring out how to lure potential talent and retain employees longer, with a global recession in the backdrop.
So far, organizations worldwide have been acting on the fears around global macroeconomic conditions, even as they deal with poorly planned overhiring phases. On a similar note, the technology ecosystem is experiencing a massive crisis between mass layoffs and skilled talent scarcity. How can organizations weather the storm while not letting it impact customer experience?
When we consider Indian GCCs — what’s interesting to note is that even after this atmosphere of fear and instability, the demand for these centers is still strong. In fact, last year 65+ GCCs were set up in India out of which US-headquartered MNCs accounted for nearly 69% of them.
These centers are increasingly focusing on modern technology capabilities like Artificial Intelligence and Cloud, among others, making the need for skilled technology talent non-negotiable.
This report, ‘Salary Increase, Attrition, and Hiring Trends — An India GCC View,’ provides an in-depth view of the current talent dynamics in Indian GCCs. What factors are influencing salary increase, attrition, and hiring across job levels? What should CXOs be cognizant of in their talent strategy? This report will provide data-rich insights and more to help leaders make informed and data-driven decisions.