Hyderabad Becomes Second Favorite for BFSI Companies After Bengaluru
Hyderabad is slowly emerging as the second preferred city for Banking, Financial Services, and Insurance (BFSI) companies looking to establish Global Capability Centres (GCCs) or expand their operations in India, according to a report by talent solutions provider Careernet.
What are BFSI and GCCs?
BFSI stands for Banking, Financial Services, and Insurance, which is an umbrella term for companies providing a range of financial products or services. Global Capability Centres (GCCs) are established by organizations worldwide to utilize global talent, resources, and expertise.
Hyderabad’s Growing Popularity
Hyderabad is becoming the second most preferred city for BFSI professionals looking to relocate, following Bengaluru. The report highlights that American multinationals make up two-thirds of BFSI GCCs in India, with many employing over 1,000 individuals and some surpassing 10,000 employees.
Bengaluru Leads the Way
Bengaluru remains the top destination for BFSI GCCs, hosting 35% of all such centers. The city also has a thriving talent ecosystem, with 26% of active job seekers possessing in-demand skills that drive industry innovation.
Job Market Insights
Active job seekers in the tech domain are predominantly found in Bengaluru (25%), followed by Hyderabad (19%), and Pune (17%). The tech domain boasts the largest talent pool, accounting for 34% of active job seekers, followed by Infrastructure and Functional domains at 19% each.
Diversity in BFSI
The BFSI industry stands out for its excellent diversity ratio, with a significantly higher proportion of female talent compared to other industries. While the typical industry average is 80% male and 20% female, BFSI GCCs defy this norm, with some achieving up to 40% female representation.
Future Outlook
Neelabh Shukla, Chief Business Officer at Careernet, stated, “With a vast pool of skilled professionals, India offers GCCs the ideal ecosystem to drive growth, innovation, and transformation. By 2030, we envision over 250 BFSI GCCs and around a million BFSI professionals propelling India’s ascent as a global talent hub.”
Doubts Revealed
BFSI -: BFSI stands for Banking, Financial Services, and Insurance. These are companies that deal with money, like banks and insurance companies.
Global Capability Centres (GCCs) -: Global Capability Centres are offices set up by big companies in different countries to handle important tasks like customer service, tech support, and more.
Careernet -: Careernet is a company that helps other companies find the right people to hire for jobs.
American multinationals -: American multinationals are big companies from the United States that have offices and do business in many countries around the world.
diversity ratio -: Diversity ratio means the mix of different kinds of people, like men and women, working in a company. A high diversity ratio means there are many different kinds of people working together.