ECONOMYNEXT – Acuity Knowledge Partners, an independent knowledge process outsourcing firm is looking to double its workforce in Sri Lanka over the next 3 to 4 years to 1,000, driven by a fast expanding client base in commercial banking, officials said.
During the Covid-19 period the firm had unexpectedly expanded, helped by remote working, which turned out to be a “rocketship”, Acuity Knowledge Partners Country Head Jehan Jeyaretnam said.
“The world has flattened,” he told a forum in Colombo. “Our clients are comfortable with the model of having smart, intelligent talent pools, not from their home locations in New York, London, Hong Kong or the Middle East, but to use locations like, Sri Lanka, India or Costa Rica.”
Fast Growth
Compared to December 2019 the Colombo head count had doubled now to around 500. In the next two to three years the firm wants to grow to a 1000-person organization in Colombo.
“So, we need another 500 resources to add to this pool,” Jeyaretnam said. “With the current situation in the country, we are seeing a lot of people leave so we have a significant attrition rate.
“We roughly need about 200 people to join the firm every year for the next three to four years to meet this number.”
Globally the firm is looking to grow to 10,000 to 15,000 persons over the next 3 to four years.
Acuity Knowledge Partners is a knowledge services provider targeting financial firms and capital markets, with offices in countries including the US, UK, India, Costa Rica, Mauritius and China, staff of around 5750 and over 500 client firms including banks and asset managers.
The firm started in Sri Lanka as Amba Research 2003.
Acuity has centres in Colombo, Bangalore, Gurgaon and Pune in South Asia. The San Jose office provides real time support for the Americas.
New Shoots
Acuity has moved further from the original investment research analysis, is now supporting commercial banks and engaging in compliance work.
The firm has also built a technology platform and grown IT support teams.
Commercial banking, called the lending services, is a fast growing area with 800 people. The sector will also drive growth in Sri Lanka.
“The career prospects are much wider than what we always thought the firm was offering,” Jeyaretnam said.
“We are now offering careers to people with solid marketing skills, solid creativity skills, who can do web designing and who have an understanding about finance to come and work with our financial marketing services division.”
Clients are also provided editorial services.
Emerging areas where skills are in demand include sustainability linked bonds, like Green bonds.
Acuity alumni have also joined some of the global corporations that the firm supports.
Globally 37 percent of the staff was female, but it was 50 percent in Colombo. The average age was 30.
“I think it will come down again with the next hiring wave we are planning.”
Building Talent
Acuity has built partnerships with universities in Sri Lanka and other professional organizations like CFA Sri Lanka and CIMA.
Acuity is looking for individuals with the “right qualification, right skills and the right attitude,” Nuwan Jayawardana, who is driving university outreach at the company says.
The firm has short-term and extended internship programs, runs competition and guest lectures which increases the employability of young graduates.
One of the latest initiatives is to have a series of webinars for universities by senior Acuity executives.
In paid internships candidates could get about 45,000 to 50,000 rupees a month.
A six-month internship for selected candidates may lead to permanent employment.
Acuity is now attracting students from foreign universities to Sri Lanka for summer internships.
These include Sri Lankan students in foreign universities. (Colombo/July25/2023)