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‘Banking, financial, insurance sector to hire 3 lakh this fiscal’

The Indian Banking, Financial Services and Insurance (BSFI) sector is quite bullish on the outlook and would be hiring at least three lakh people in the current fiscal in contrast to the ‘bare minimum’ recruitment it witnessed in the previous year, industry observers said.

Boom in activity

Interestingly, financial activities among the general public have seen a dramatic increase in the last 15 months. For instance, 1.44 crore new demat accounts were added in FY21, as against 0.48 crore in FY20, according to Motilal Oswal Financial Services.

“To cater to this burgeoning demand, the entire BFSI sector in the country is gearing up. Many new jobs are being created in the space,” said Sudhir Dhar, head, HR at Motilal Oswal. “Broking firms alone are expected to hire over 35,000 people in metros in FY22,” he added.

“The BSFI sector, in general, seems to be very bullish on hiring and is expected to hire at least more than 3 lakh people this fiscal,” said B.S. Murthy, CEO, Leadership Capital, a CXO hiring firm. “Domestic and MNC banks, insurance companies, mutual funds, private equity, venture capital and angel investor firms and other kinds of financial services and consulting firms are busy scaling up their people base,” he added.

Motilal Oswal said it would hire 3,500 broking agents, financial advisors, analysts, sales and marketing staff in this fiscal to take its people’s strength to close to 12,000. The company said it would have a strong 500-member IT team comprising testers, programme managers, coders and data analysts by that time.“We are hiring 3,500 graduates, MBAs and techies,” Mr. Dhar said.

“This will also include more than 600 people for our housing finance business as collection officers, relationship managers and sales staff,” he added.

As the BFSI sector was doing good, attrition was also on the rise. Attrition was as high as over 30% in the financial advisor job portfolio, said HR experts.

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