In a positive development for young jobseekers, banks and non-banking financial companies are expected to hire more than 70,000 freshers in India in the next three years. According to an estimate by TeamLease, a portal for entry level jobs, employment opportunities will shoot up in the BFSI (banking, financial services and insurance) sector as finance services companies expand their footprint. The report adds that this segment will make up for nearly a fourth of entry-level jobs in India as an increasing number of people in the country are now buying financial products.
In the last six months, hiring in the BFSI sector has already gone up by over 25 percent. Besides, leading banks and finance companies have already announced their plans to recruit more people. For instance, the largest private sector lender, HDFC Bank, plans to hire more than 2,500 people in the next six months to achieve its aim of reaching 2 lakh villages in the next 24 months.
Similarly, Shriram Group will recruit 5,000 people across its several companies. Meanwhile, ICICI Home Finance is looking to hire 600 employees by December and Kotak Mahindra Bank aims to resume hiring at closer to pre-COVID levels.
The increase in hiring is reflective of situations returning to normalcy. During the peak pandemic phase, hiring in financial institutions had come to a screeching halt. However, with more business coming in, financial companies are adding to their full-time workforce to stay ahead of the competition.
According to TeamLease, growth in other sectors -- like residential real estate and technology -- also seems to be having a positive impact on the BFSI sector. This growth is not just limited to urban centres as semi-urban and rural pockets have also become crucial markets for the BFSI sector.
The TeamLease report comes after an HSBC survey which revealed that most Indian businesses are investing in their workforce. The survey said that companies are looking to rebuild after the pandemic. Around 80 percent of the businesses in India -- surveyed by HSBC -- are likely to increase their full-time workforce over the next 12 months.
