27-Nov-2024
The BFSI sector in India encompasses a wide range of financial services, including banking, insurance, asset management, and capital markets.As of 2023, the sector contributes approximately 7% to the country's GDP and is expected to grow at a CAGR of 11-12% over the next few years. A report by the Indian Brand Equity Foundation (IBEF) states that 2025 will be the year the Indian banking sector tops $1 trillion.
The BFSI sector is vital to the Indian economy, and continuous evolution and expansion will result in a rising demand for skilled workforces.
In the past year, hiring trends in the BFSI sector have shown a marked increase. A report from Naukri.com indicated a 20% rise in job postings within the BFSI sector between Q1 and Q3 of 2023.
The demand has been primarily driven by digital transformation initiatives and regulatory changes that necessitate a skilled workforce.
The fintech sector will attract near to $15 billion in investment by 2025, providing endless job opportunities. With attention to upskilling and reskilling current employees, organisations require training and development experts.
As concerns of the environment swell, roles focusing on sustainability in finance will emerge.
Looking to the future, the hiring landscape in the BFSI sector is set for immense growth. Near 1.5 million BFSI sector jobs will become available in the course of five years. Reasons for this are technological progression, rising fintech investment, and expanding emphasis on customer-centric services.
Due to rapid changes and growth within the BFSI sector, recruitment agencies hold a vital position in bridging talent gaps.This industry requires specialised knowledge and services that these agencies possess. They identify candidates with niche skills who are often hard to find traditionally.
This blog helps you first understand the role of recruitment agencies in this BFSI sector.
Understanding the Banking, Financial Services, and Insurance Sector
Recruiters in the Banking, Financial Services, and Insurance sectors need a clear understanding of the specialised skills and staff compliance requirements. Hiring firms know what to look for and how to hire based on the standards and rules.
These agencies have experience in BFSI recruitment and know how to hire for roles like:
- Risk analysts
- Wealth managers
- Accountants
- Relationship managers
- Customer support
A recruitment expert can fill the above roles and many more. Companies will not face such ease when seeking people who match their needs. Widespread experience in this field ensures that the agencies can take on the entire recruitment process in BFSI firms.
6 Ways Hiring a BFSI Staffing Agency Is The Ideal Solution
If you haven't started thinking about outsourcing talent acquisition in BFSI, here are some reasons to start thinking about it.
1. Custom Banking and Finance Staffing Solutions
While a regular recruitment firm focuses on all industries, some focus on finance and banking. Partnering with them will reduce the time and costs of hiring the perfect candidate.
These financial sector hiring solutions will deliver a custom solution to the firm's industry and needs. They pay more attention to the role and what it requires from the person.
This way, firms can continue running their companies instead of worrying about staffing problems.. Meanwhile, the recruiter looks for the ideal candidate with the correct skills for BFSI professionals.
2. Expert in Local Insurance & Finding Insurance Experts
Insurance is a crucial element between Banking and Finance. Staffing agencies ensure insurance job placements are rewarding for the company and the skilled person.
They check their experience and look for the skills that matter, like:
- Claims management
- Underwriting
- People skills
- Handling time and maintaining a team
Because their insurance industry recruitment process is so good, companies can trust them to solve skill gap issues!
3. Solving BFSI Recruitment Challenges Head On!
Companies face countless issues while sourcing staff for their banking, financial services, or insurance firms. A few of the staffing problems that these companies face are:
- A low reach means they cannot get the attention of top-skilled candidates.
- There is competition from other firms offering benefits and packages.
- Their hiring teams may not be experienced in the HR practices in the BFSI industry, leading to poor retention.
During times of high demand, they cannot find the deal candidate fast enough.
These are just a few of the many issues top recruitment companies in India can solve with their services.
4. Talent Management & Retention
These staffing agencies don't just focus on hiring. They also help offer BFSI talent management, which ensures:
- The company can retain the top candidates.
- They ensure correct and timely solving of all staff-related issues.
- They look ahead to be able to handle any staff shortfalls or events that lead to lower staff numbers.
5. Knowing BFSI Recruitment Trends
Expert recruitment firms know what the market is like and what trends are approaching. They take time to research and study these trends so they can prepare and help companies prepare for their effects.
Knowledge of trends helps staffing companies adapt to the hiring trends in banking and finance. So, working with a staffing firm is ideal if you want to know the recent hiring trends. Partnering with one will spare you from doing the long research yourself!
6. Creating Job Opportunities
Banking recruitment agencies can help direct companies and candidates on growth options. It helps them learn about what's happening in all banking, finance, and insurance firms.
They guide both parties on career opportunities in BFSI, salaries, job roles, and skills. Staff can use this insight to prepare for their career journey and work towards growth in every area.
Conclusion
The BFSI sector in India is the foundation of the economy, contributing greatly to GDP and showing strong growth capacity. With a growth rate nearing 11-12% and a positive future in the next five years, the sector is set for expansion.
Hiring trends are robust, with a notable increase in job opportunities across various domains, highlighting the need for skilled professionals to meet the evolving demands of this dynamic industry.
There is no denying how vital the BFSI industry workforce is and the companies that source them. The expertise of these staffing companies is necessary.
Without them, companies struggle to find people to fill the roles for the core of the Banking, Financial Services, and Insurance sectors. It shows the need for an expert partner to rapidly supply relevant staff.
If you are looking for winning BFSI talent acquisition strategies, contact us for an agency that provides permanent recruitment solutions that deliver!
FAQs
What benefits are there in using recruitment agencies for BFSI hiring?
Staffing companies specialising in hiring Banking, Financial Services, and Insurance staff have a big network, expert hiring process, lower costs, and a well-rounded knowledge of all the legal actions to take.
What roles can BFSI recruitment agencies fill for my company?
These recruitment agencies in BFSI can fill the most difficult spots in your team. It includes senior positions like a Bank manager or senior financial risk officer. Or they can source less experienced freshers and new graduates.
Are banking, financial services, and insurance hiring services affordable and suitable for my business?
Yes, these agencies go out of their way to find a solution that suits your business and its needs. Using digital recruitment in BFSI, staffing agencies take care to understand your staffing needs. They then use an approach that works and saves costs. It lets you stay within your budget and get top talent to make a good change.