The market for Shared Service Centres (SSCs) in India is dynamic. Finding the right people is increasingly challenging due to the rapidly evolving trends that are impacting the supply and demand of talent.
A recent survey by Ernst & Young India highlighted that the expansion of SSCs in India could reach $110 billion (USD) by 2030. That’s a $65 billion (USD) increase from today’s market. As India continues to be a global hotspot for SSCs, addressing the escalating demand for talent becomes a pivotal question.
Navigating talent shortages
In a constantly evolving market, SSCs’ success hinges on being able to react quickly. Whether it is launching a new SSC or expanding the current workforce for a particular project, it is vital to be able to scale talent functions up and down at speed to avoid unnecessary hold ups.
There is a considerable need for talent in the market, as evidenced by the fact that 57% of SSCs in India want to increase their workforce, maybe even doubling it over the course of the next year. In fact, according to a recent NLB Services report, SSCs will add 3.64 lac new jobs over the next year – an approximate 38% growth from the previous year.
An RPO partner can provide the agility a business needs in view of market demands. Hiring managers can source, engage, and acquire the right talent more quickly and effectively, leveraging on the scalability the RPO partner offers during peaks and troughs.
Accessing expertise when you need it
Businesses are shifting away from general positions toward hiring for specific niches. There is currently a great need for employees to retrain and upskill in hard-to-find technology skills. The need for talent with expertise in technical skills such as AI/ML, ERP, advance engineering and cyber security has increased dramatically over the past 12 to 18 months.
When working closely with an RPO partner, businesses can harness decades of market experience across a range of global industries and recruitment campaigns. This includes working with specialist sourcing teams with access to wide talent pools, from entry-level roles to specialist and niche skills.
Leveraging this depth and breadth of expertise and insight, SSCs will be well-supported at every step of the recruitment journey. From sourcing to onboarding, an RPO partner can help design, build, and run a fully optimized talent acquisition function that is tailored to the needs of the business.
Finding the right strategy
Amid the intensifying talent war, SSCs are fighting for the best candidates – globally and locally – from an ever-shrinking talent pool. SSCs are recognising the need to attract and retain highly skilled talent, with 67% of those in India agreeing that their ability to attract talent needs improving. For that, a robust talent strategy is vital.
However, crafting such a strategy can be challenging. Businesses can partner with RPO providers equipped with expert advisory teams embedded in every aspect of TA – from Employee Value Proposition (EVP), technology, to diversity, equity, and inclusion (DEI) and employer branding. With access to their data and market insights, and the ability to tap into a wide client base covering many sectors, this advantage can help businesses create a successful candidate attraction strategy and position themselves as an employer of choice.
Investing in the right technology
Technology is changing the way we work. As SSCs move towards a more technical and data-driven approach to recruitment, many agree that having the right technology in place will deliver better candidate outcomes.
Specifically, around 96% of recruiters identify Artificial Intelligence (AI) as one of the best ways to enhance their recruitment processes. For instance, it can help businesses save time by eliminating admin bottlenecks, allowing them to focus on other critical tasks, such as connecting with candidates.
However, it can be overwhelming to choose the best talent technology tools for your business when there are plenty of options available.
An experienced RPO partner will determine the best technology stack for your business goals – evaluating, implementing, deploying, and optimizing the right technology for your specific challenges. They can even train TA teams on using the new technology if businesses opt for in-house integration.
In conclusion, as SSCs navigate the multifaceted challenges of talent acquisition, strategic partnerships with RPO providers can emerge as a linchpin for success, ensuring that SSCs are well-equipped to thrive in the evolving landscape and secure the right talent every time.
Look out for the next article in this series, where we will do a deep dive into each of the above on how AMS can sharpen your hiring strategy.
Find out more about AMS’ solutions by getting in touch today.