BFSI Sector and Recruitment Sector in India
Posted: Oct 25, 2016
According to a report by KPMG-CII, the Indian banking sector has the potential to become the fifth largest in the world by 2020 and third largest by 2025. Today, banks have started using the latest technologies like the internet and mobile devices to increase their customer base. This has given rise to BFSI recruitment consultants in India as more and more workers are required to fulfill the growing demand.
The sector is likely to contribute more than 6% & towards the Indian economy, which will increase the BFSI jobs and the need forBFSI Recruitment Consultants is likely to increase exponentially.
The demand for life insurance agents, health insurance agents, taxation, compliance and general banking professionals is high. The finance industry is booming like never before and more than 70% of the BFSI companies are likely to outsource their hiring to recruitment consultants and reduce their cost.
Outsourcing the recruitment process will definitely decrease the turnover cost, save time and reduce the training cost. The HR manager can focus on improving the productivity of the employees through various professional methods.
When the BFSI sector is booming, no company wants to take the risk of a bad hire as such employees come as a burden.
Furthermore, the employment in this sector will surge because companies are making investments in digital solutions and modernize their back end-systems. This will make the role of BFSI recruitment consultants in India both tough and crucial for the company.
According to experts, as per the recent trend, hiring in this sector will primarily occur across regions with preference to many lower tier cities in the country. With the expansion of the expanding sector in Tier 2, 3 and 4 cities, the demand for sales executives, business correspondents and other banking professionals is likely to increase. The major focus is to reach the rural population, which is going to give rise to new job opportunities.
As per a report by Randstad India, the top three cities that will witness the maximum hiring in the coming 5 years is NCR, Mumbai and Chennai. Therefore, BFSI recruitment consultants should focus on hiring these talents from this region and give these three regions priority.
In the next five years, BFSI jobs will open up at all levels, but entry level officers and clerical roles in PSU will witness the highest intake. In short, the BFSI players are focusing on technological changes and innovations to rebuild their business model and the need of digital literate employees is essential.
Author has been a professional in article writing for over 10 years. His experience is extensive and he provides professional Placement Agency and BFSI Recruitment Consultants in India and consulting services.