The banking, financial services and insurance (BFSI) sector has been on a high-growth path in India for the last few months, and grew by 27 per cent in February 2022 as compared to the previous year, online recruiting platform Monster.com said.
This is a promising growth pattern given that the industry reflected a 26 per cent de-growth last year, Monster.com said in a release, adding that skilled professionals are in high demand in the industry.
The platform attributed the growth in banking and financial sector in India to swift adoption of digital payments and use of technologies such as Artificial Intelligence, Machine Learning, and blockchain.
"With the increased adoption of digitisation and new-age tech, which essentially paved the way for recovery in the industry, recruiters in banking and finance industry are on the lookout for professionals adept in technical and analytical skills," it said.
The demand for BFSI professionals has seen an uptrend with finance-related roles taking up nearly 8 per cent of total jobs on the platform. 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.
Growth in BFSI
When the COVID-19 crisis hit India in March 2020, the BFSI industry witnessed growth of only 10 per cent as compared to 29 per cent growth in February 2020. The hiring intent in the BFSI space saw a continuous dip in April 2020-May 2021, owing to the pandemic which disrupted the functioning of industries on a large scale across the globe, the release said.
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"However, the industry bounced back and has exhibited a consistent growth pattern since June 2021 which saw a promising 7 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," Monster.com said.
It said the industry is currently witnessing flourishing demand for talent given the emergence of tech transformations and subsequent recovery from the pandemic impact.
Where are jobs coming from?
The demand for BFSI professionals is not only in metro cities but also in 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," Monster.com said.
While Jaipur led the chart with 56 per cent growth in February 2022, it was followed by Pune (41 per cent) and Mumbai (37 per cent).
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Within the BFSI industry, top management (over 15 years) held the largest share of jobs and comprised 32 per cent of the workforce. The second largest share was 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 8 per cent of the workforce, Monster.com said.
Given the continuous revival and growth of the BFSI industry in India and the spike in demand for professionals in the field, Monster.com said it has launched Finrise 3.0, a mega virtual career fair exclusively for finance and allied professionals.
"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," Monster.com CEO Sekhar Garisa said.
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