India’s banking, financial services and insurance (BSFI) industry is quite optimistic about the outlook and is reportedly hiring at least three lakhs in the current fiscal year, unlike the “bare minimum” hiring observed during the year previous, industry observers said. .
Boom in activity
Interestingly, financial activities with the general public have increased dramatically over the past 15 months. For example, 1.44 crore of new demat accounts were added in FY21, compared to 0.48 crore in FY20, according to Motilal Oswal Financial Services.
âTo meet this booming demand, the entire BFSI industry in the country is preparing. Many new jobs are being created in space, âsaid Sudhir Dhar, Human Resources Manager at Motilal Oswal. âBrokerage firms alone are expected to hire over 35,000 people in subways in FY22,â he added.
âThe BSFI industry, in general, appears to be very optimistic about hiring and is expected to hire at least over 3 lakhs this fiscal year,â said BS Murthy, CEO of Leadership Capital, a CXO recruiting firm. âNational and multinational banks, insurance companies, mutual funds, private equity, venture capital and angel investors and other types of financial services and advisory firms are in developing their staff base, âhe added.
Motilal Oswal said it would hire 3,500 brokerage agents, financial advisors, analysts, sales and marketing staff this fiscal year to bring its staff complement to nearly 12,000. The company said that by then it would have a strong IT team of 500 including testers, program managers, coders and data analysts. âWe are hiring 3,500 graduates, MBAs and technicians,â said Mr. Dhar.
“This will also include over 600 people for our housing finance business as collection agents, relationship managers and sales staff,” he added.
As the BFSI sector was doing well, attrition was also on the rise. Attrition was over 30% in the financial advisers‘ job portfolios, human resources experts said.