As swift adoption of digital payments has led to strong growth of the banking, financial services and insurance (BFSI) sector in India, data from the online recruiting platform Monster.com indicates that the Indian BFSI industry has witnessed a 27% year-on-year growth in February 2022 as compared to the previous year. This is a promising growth pattern given that the industry reflected a 26% de-growth last year (February 2020 vs February 2021).
With the increased adoption of digitization 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.
The demand for BFSI professionals has seen an uptrend with finance-related roles taking up nearly 8% of total jobs on the platform, as per Monster data. Financial statements, credit operations, analytical skills, wealth management, investment banking, internal audit, and cyber security are some of the top skills in demand in the industry today.
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 7% improvement in the intent to hire.
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.
“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,” said Sekhar Garisa, CEO, Monster.com, a Quess company.