How Genpact Is Making Talent More Industry-Ready
The emergence of big data, regulatory changes and social media are causing a big shift in the way businesses operate and young professionals need to learn how to combine process, analytics and technology to make organizations smarter in this dynamic new world. In an exclusive interaction with CXOtoday, Amit Bhaskar, Vice President and Head, Financial Services Analytics at Genpact states that as an analytics services firm, Genpact is aiming to make the talent pool more industry-ready.
In a step to this direction, the IT services major has recently signed a Memorandum of Understanding (MoU) with one of India’s premiere universities, Jadavpur University. With this MoU, the two organizations will work together to develop an Analytics and Research program that will be offered in the Masters in Economics stream run by the university.
Bhaskar states that the challenge for higher education in India today is to develop a strong interface between university and industry which is a mutually beneficial process. “Our idea is to help young professionals build a deeper appreciation of analytical tools and their application, making the brightest minds job-ready in a dynamic industry.”
This proprietary program will leverage Genpact’s rich experience and broad suite of analytics solutions serving multiple banks globally and helps students gain experience with tools, business applications and the latest industry trends and expectations.
Bhaskar says, “The program will provide students with direct exposure to risk management and financial services analytics applications, which will be imparted through guest lectures and workshops conducted by Genpact’s subject matter experts and training partners. The course aims to provide both theoretical and practical experience in analytics as applied in different industries. Upon successful completion of the program, students will become eligible for employment in the Risk Analytics practice at Genpact.”
Last year, Genpact tied up with the Calcutta University for jointly developing and running a research and analytics program at the post-graduate degree levels. The program entailed special lectures and workshops on the subject on business data analytics with a focus on its applicability in the banking and financial sector. “Competitive strategies in predictive, descriptive modelling, research and regulatory risk management are part the program content,” he says.
Prior to that the IT firm signed an MoU with IMT Ghaziabad to develop and implement analytics elective for their two year PGDM program, where students are made eligible for employment in Genpact’s analytics practice upon completion of the course.
To keep up with the extremely dynamic and competitive business environment and to address the talent gap in the industry, Genpact has established the ‘Risk Academy’ in order to hire, train, develop and manage talent. A combination of complex and ever-increasing regulations and an increasing cost of hiring experts are impacting the banking and financial services industry worldwide, resulting in the surge in demand for risk analysts with specialized skills in data management, statistical analysis and risk management.
Market research firm IDC says business analytics software market will grow to $50.7 bn in 2016. As for the demand for big data expertise and Data science, across a range of occupations saw significant growth over the last 12 months. The hiring market for analytics professionals and data scientists has gone into an overdrive, a recent TeamLease Jobs and Salaries Primer report says adding that statistical analysis and data mining are some of the top skill sets needed in the coming years.
Despite salary increases, companies are still struggling to hire the right talent. As Dr. Suranjan Das, Vice Chancellor, Jadavpur University says, “There is a need for coordination between the industry and academia for bolstering research and innovation.”
Jadavpur University has a long tradition of industry-institute partnerships and therefore he states, “This MOU between two significant entities in their respective domains, namely Jadavpur University in academics and Genpact in data analytics, is a very positive step in tapping the vast human capital and in creating a pool of industry-ready talent. lt will also address the demand-supply gap in the analytics sector.”
Bhaskar believes Analytics is the way, going forward, “As more analytics professionals get accustomed to working with unstructured data, we believe that a natural evolution of analytics is likely to occur. This will result in more analytics professionals picking up the skills necessary to work with the unstructured data,” he sums up.
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