 "In the April-June quarter of FY20, Wipro paid a retention bonus of ~1,00,000 to the freshers, who were hired via campus placement and completed one year")
Equiniti India, a UK-based outsourcing firm focused on financial and administration services, plans to hire about 800 employees by 2024 as part of its expansion plans in the country.
Equiniti India, the offshore arm of Equiniti Group, currently has a total of about 1,500 employees in India across Chennai and Bengaluru. In 2023 alone, the company hired about 400 employees so far. Nearly 50 per cent of employees in India are in operations, 30 per cent in information technology, and 10 per cent in finance. Globally, the company has about 6,000 employees.
“We plan to have 50 per cent of our global population in India in the next two years,” Anand Ramakrishnan, managing director at Equiniti India, told Business Standard. “A large part of our operations is run out of India, including OTC (order-to-cash) process, R2R (record-to-report) process, procurement process, and a few other operations."
As part of the expansion, the company plans to set up a new office near Tidel Park in Chennai. He also said that the company's India arm is working towards bringing its pension scheme policy to enhance customer experience.
According to the company, Equiniti in India has grown from a “captive centre” to a “global competency centre” with 90 million shareholder records at present. It is going through a lot of digital transformations to ensure “utmost security and trust” for their customers, Ramakrishnan said.
Also Read
The company plans to introduce a new project to ensure the entire processes of the company maintain uniformity and transparency.
Commenting on the slowdown in the banking, financial service and insurance (BFSI) space, Ramakrishnan said, “Initial public offerings (IPO) in the UK and the US have come down. The slowdown will continue for some more time.”
Given the domain-specific knowledge requirements of the sector, tapping into the right talent is one of the continuous challenges faced by the company, Ramakrishnan said.
Equiniti India focuses on “productive work” done by the employees rather than increasing the number of employees, Ramakrishnan said. He added that the company is focusing on automating the systems and processes to push employee productivity. “Tech and human interface should get better,” he added.
