BFSI sector in India comprises Banking, Financial services and Insurance sector which is valued at Rs. 81 trillion and is likely to become fifth largest in the world by 2020 and third largest by year 2025. The following report focuses on bridging the talent gap in the sector with a special focus on the key hiring metrics, key recruitment trends and challenges, and the major priorities for CHROs in 2022.
The BFSI sector in India is likely to register a 25% increase in hiring in 2022 over 2021
The early layoffs during the epidemic, the increased attrition rate, and the ongoing talent war all contributed to this unprecedented surge in hiring. Businesses anticipate a rise in hiring in 2022 as the industry stabilizes and recovers.
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President, TiE Mumbai
India currently boasts of the third largest Startup ecosystem in the world. Approximately, 1.7 lakh jobs were created by them during the 2020-21 period alone. With a bounce-bock in business, funding, revenue and rising consumer affinity for new-age products & services, Indian Startups are firming up ambitious hiring plans for 2022 Startups in health-tech, e-pharmacy, edtech, gaming, enterprise and fintech space have been aggressively hiring across all roles and positions Contemporary digital skills, such as Al, ML, cloud architects and data analysts, are in demand, as the pandemic accelerated the digitization of industries across the economy.
Chief People Officer, U GRO Capital
The Industry now is geared for the real talent war. The talent today has more options and can make a choice to join an organization that is working on a differentiated approach. So, talent attraction and retention is the key priority for today's organizations. Gig Hiring Part-time talent engagement, Flexibility in working schedules have already started being a part of the workforce. The future will see this as a major source of talent in organizations. Organizations will be talent-driven and agile organizations will be the first to attract them.
Head HR, Deutsche Bank India
Corporate India is expected to see a sharp rise in job opportunities in 2022 and the BFSI sector will be no different. With an expanding franchise and increasing focus on technology, we too are constantly looking for high caliber talent to fill a variety of roles at Deutsche Bank. As businesses move into the new normal of hybrid working arrangements, hiring and retention. will remain critical for success. Organizations will have to invest in upskilling teams on agile ways of working while building on the right levels of employee engagement. The employee experience will need to remain central to all processes.
President, TiE Mumbai
Chief People Officer, U GRO Capital
Head HR, Deutsche Bank India
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