New Delhi: Financial Inclusion being the agenda of the government, the BFSI (Banking, Financial Services & Insurance) sector will expect to create considerable number of job opportunities. With the issuance of new licences and efforts being made by the RBI and the Government to expand financial services into rural areas, the job opportunities in this sector are expected to increase significantly. This year BFSI sector will see job spurt with increase of 24% in hiring this year in comparison to last year which was 20% & add 2.2 Lacs number of jobs this year. This is as per India Skills Report 2016, a joint initiative of PeopleStrong (PeopleStrong is India’s leading human resource (HR) solutions and HR technology company, enriching experience of over 175+ corporate customers and over 500,000 users.), Wheebox (Global Talent Assessment Company), in collaboration with Confederation of Indian Industry, LinkedIn (World’s largest professional network) & Association of Indian University(AIU)
According to Pankaj Bansal, Co-founder & CEO – PeopleStrong HR Services Pvt Ltd, “Banking and insurance are like chock and cheese in the world of recruitment, banking would be leading the sector in terms of new job creation, though the number of jobs created would be around 2.2 Lacs, the overall market sentiment will be upbeat. As far as insurance is concern with the market maturing, the quality of jobs has improved resulting in a drop in attrition.”
Current economic volatility is exerting pressure on financial organizations to redefine their business processes and operating models. The growing costs due to changing labor laws and employment regulations coupled with the increasing awareness about HRO benefits such as staffing flexibility, access to new technology and skills, and greater alignment between HR and business are some of the key factors driving the BFSI segment’s growth in this market.The hiring will take place across the levels but more action happening more at entry levels & middle management levels. There is demand for degree (35%), Vocational (23%) & Management (21%) candidates. There is very less demand for ITIs, Diplomas & engineers in BFSI sector in comparison. The report states that employers are preferring candidates between 22-29 years having an experience of 5 -10 years. This year demand for freshers has decreased.
This article was published on indiaeducationdiary