New Delhi, Oct 24, 2024, IANS

New Delhi, Oct 24 (IANS) The Indian business process management (BPM) industry, that generated $48.8 billion in revenue in FY24, must rethink hiring strategies and prioritise right skills for the next phase of growth, according to a report on Thursday. Job movements now revolve around deep domain expertise, with a premium on candidates who can blend technical prowess with industry expertise. While technology adoption is a major growth driver, talent shortages remain a key challenge, as nearly four in five BPM organisations report a widening gap between the demand for skilled professionals and available talent. The report by Nasscom, in collaboration with job search platform Indeed, emphasises the need for BPM firms to move beyond routine tasks and address more complex, strategic challenges, while offering valuable insights into the emerging skills that will define the future of work in this dynamic industry. According to Harita Gupta, Chair, Nasscom BPM Council, organisations must focus on nurturing talent by investing in continuous learning and upskilling programs. “Building capabilities in AI, data analytics, and specialised domain knowledge will be key to unlocking the full potential of this transformation and ensuring that the BPM workforce is ready for the challenges of tomorrow’s digital economy,” said Gupta. Over the next three years, technology is expected to significantly accelerate the emergence of new job roles across BPM functions. Emerging roles include data scientist analyst and AI strategy director in finance, HR data scientist and Chatbot HR specialist in human resources, and AI conversation designer and virtual assistant trainer in customer services. “Over the next three years, more than 80 per cent of organisations are actively seeking to employ experienced professionals resulting in changes across the organisational structure,” said Sashi Kumar, Head of Sales, Indeed India. Nearly 45 per cent of BPM companies plan to allocate over 12 per cent of their revenue to technology, with an 8 times increase expected in those spending above 20 per cent in the next three years. “Additionally, there is a growing emphasis on specialised micro-verticals, such as loan processing, claims processing and revenue cycle management,” the report noted.