Offshoring Wave: Riding on Technology
The top 4 focus areas for HR professionals in GICs
1. Honing vs. buying talent: The HR professionals are now being tasked with
devising the talent strategy for various businesses and identifying the appropriate talent mix and pyramid.
2. Managing divergent expectations: The talent pool that is now being hired is far
more competitive and exhibit a greater understanding of their rights and the accompanying responsibilities. The
existing HR policies and systems are not meeting their expectations. Their focus is more short-term and immediate
which is proving to be a good business case for the HR to re-think its policies.
3. Managing budgets: With increasing costs and the vendor partners gradually
increasing their capabilities, it has become imperative for the HR professionals to manage their cost structures
more efficiently. The change in the talent and hiring mix; where we are now competing for talent with larger and
diverse set of organizations, has made it imperative for the HR professional to develop far more cogent
guidelines, which are backed by in-depth analysis of the past information and market benchmarks. There is an
increasing need to highlight the impact of budget and managing the return on the investment.
4. Customized benefits: With increasing commonality in the
employee value proposition being offered by companies across the salary component; the next big differentiator is
benefits and the learning and development opportunities. Employees have clearly articulated that they would like
to have “a choice”, and have their benefits programs customized to suit their needs. The HR managers
are spearheading many such initiatives to build in this choice without impacting the
overall costs.While the HR professionals are working towards managing the change that has now come
into place, the business landscape that the GICs are operating in is far from stable. The impact of the global
scenario is still being faced in India, which would mean that the HR professionals have to gear up to manage more
such complex scenarios.
Data Source:
1. Global Spend: IT Spending in Banking, a Global Perspective, Celent Research
2. Retail Banking Spend: Retail Banking IT Priorities for 2014 and Spending Forecasts to 2018,
IT003-000609, Celent Research
3. Wholesale Banking Spend: IT Tech Spending in the Financial Markets, Ovum Research
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