How the Pandemic Has Galvanized Hiring Trends in the BFSI Sector

18 Nov, 2021 15:47 IST|Sakshi Post

According to Industry Leader, with the necessary, adaptable skill sets, the sky is the limit for applicants.

The pandemic has changed the world in irrevocable ways, and though the world has faced setbacks in terms of health markers and social and economic well-being, there has been an upside to the downside. Aspirants are gravitating towards the banking, financial services, and insurance (BFSI) sectors in India and globally thanks to the flexibility of hybrid and remote working modules, growth prospects, and competitive remuneration.

Alok Bansal, Visionet Systems India's MD and Global Head of the BFSI Business, says, "The world has now grown even more reliant on technological innovations, especially over the last two years." Adaptive technologies and a resurgent and expanding digital environment have created a huge demand for innovators and fresh talent in BFSI companies. There will always be a demand for conventional roles, but companies like ours now also want versatile applicants who can play hybrid roles in tech and domain knowledge."

The BFSI sector industry has quickly adapted to post-pandemic scenarios, and its economic recovery has been rapid. By August and September 2021, job numbers had risen to pre-pandemic levels.

Mr Alok says, "The BFSI sector is driven by customer experience and we are now seeking applicants who can make it better. We are looking to hire cyber security experts, blockchain and application developers, cloud engineers, data scientists, big data analysts, and AI/ML engineers. There is a skill gap that we are seeking to bridge through our ‘Unnati for India’ initiative. This is primarily to make the youth adaptive to new careers."

According to the National Skill Development Corporation (NSDC), the Indian BFSI sector will need an additional 1.6 million skilled hands by 2022, and Alok thinks India's youth would do well to respond to this opportunity.

He concludes, "With more and more sectors digitising processes, we are going to need people who do not just have technical and analytical skills but also managerial skills, and without training the workforce for tomorrow, we will not realise our full potential. Our education modules also must now skill our young to adapt to the post-pandemic world because traditional degrees can no longer make students employable in a digitally altered reality."

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