The swift adoption of digital payments and the use of ever-evolving technologies such as AI, ML, and blockchain has largely enabled the growth of the banking and financial sector in India. Data from the online recruiting platform Monster.com indicates that the Indian BFSI industry has witnessed an optimistic year-on-year growth of 27 per cent in February 2022 as compared to the previous year. This is a promising growth pattern given that the industry reflected a 26 per cent de-growth last year (Feb 2020 vs Feb 2021).
With the increased adoption of digitisation and new-age tech, which essentially paved the way for recovery in the industry, recruiters in the banking and finance industry are on the lookout for professionals adept in technical and analytical skills. The demand for BFSI professionals has seen an uptrend with finance-related roles taking up nearly eight per cent of total jobs on the platform, as per Monster data. Financial Statements, Credit operations, Analytical skills, Wealth management, Investment banking, Internal Audit, and Cybersecurity are some of the top skills in demand in the industry today.
When the Covid-19 crisis hit India in March 2020, the BFSI industry witnessed growth of only 10 per cent as compared to the previous month which saw an uptick of 29 per cent (Feb 2022). Hiring intent in the BFSI space saw a continuous dip in the period April 2020-May 2021, owing to the pandemic which disrupted the functioning of industries on a large scale across the globe.
However, the industry bounced back and has exhibited a consistent growth pattern since June 2021 which saw a promising seven per cent improvement in the intent to hire. This demand continued to grow with July 2021 noting a spike in demand for professionals at 22 per cent year-on-year. The industry is currently witnessing flourishing demand for talent given the emergence of tech transformations in the industry and subsequent recovery from the pandemic impact.
As of February 2022, Top Management (over 15 years) held the largest share for BFSI jobs and comprised 32 per cent of the workforce as compared to all other experience levels. The second largest share was interestingly held by Entry level (0-3 years) talent at 23 per cent followed by Intermediate (4-6 years) professionals at 21 per cent, and Mid-Senior level (7-10 years) professionals at 16 per cent. Senior level (11-15 years) accounted for the lowest share comprising only eight per cent of the workforce.
The demand for BFSI professionals has surpassed its presence in metro cities and penetrated into Tier-2 and Tier-3 cities. Given that the past two years have seen much recruitment happen virtually and work undertaken remotely, the growth for professionals has expanded beyond Tier-1 cities as opposed to pre-pandemic trends.
Sekhar Garisa, CEO, Monster.com, a Quess company, said, “The burgeoning demand for skilled talent in the Banking and Finance industry today is clearer than ever, and we expect these numbers to grow further given the vast innovations in the space. Recruiters are on the hunt for talent adept in new age skills and there is no going back for this industry that has efficiently adapted to the challenges posed by the pandemic over the past two years. In light of this bolstering growth, we have launched Finrise 3.0 by Monster, a virtual career fair for Finance professionals, in an effort to connect top financial companies in the country with a pool of talent adept with digital-ready skills.”