Bengaluru Dominates With Skills In Demand For BFSI; GCCs Finds: Careernet Report

This report provides insights about the talent pool of active jobseekers with the skills sought after by BFSI GCCs in India, highlighting the skills in demand and talent availability across domains and experience levels.

The data from the sources was combined with expert opinions and surveys with professionals in Talent Acquisition and HR space. With a sample size of 2,41,623 candidates actively looking out, the analysis maps the talent supply against the skills in demand at BFSI GCCs. The report highlights that American multinationals constitute 2 out of 3 BFSI GCCs in India maintaining a significant presence through their local offices. These GCCs operate on a large scale, with over 50% employing over 1,000 individuals and 15% surpassing 10,000. The report reveals that approximately 35% of BFSI GCCs are in more than one location; overall ~18% have presence in 3 or more locations.

The domains considered for the active job seekers are Tech, Analytics, NextGen, Infrastructure, Functional, and Operations. The skill sets considered for Tech domain are Full Stack, SDET, Cloud Engineer, and Big Data Engineer. For Analytics domain, Data Analyst, Data Scientist, and Data Engineer. For NextGen domain, Blockchain, RPA, and Gen AI.  For Infrastructure, Cyber Security Engineer, Network Engineer, SRE, and DevOps. For Functional domain, Business Analyst, Project Manager, Product Owner, and Scrum Master. For Operations domain, Risk, FP&A, PCVC, and Regulatory Reporting.

The report highlights that Bengaluru secures the top spot as the premier destination for BFSI GCCs, hosting an impressive 35% of all BFSI GCCs and a thriving talent ecosystem, where 26% of active job seekers bring the in-demand skills that fuel industry innovation. Bangalore is followed by Pune with 15%, Hyderabad with 14% and Chennai with 12% of the active talent pool with in-demand skills in the sector. Delhi/NCR has 10% of them, Mumbai has 8% of the total active talent pool for the in-demand skill sets, while the remaining 15% are spread across other cities. Notably, Hyderabad is gaining popularity as the go-to preferred destination for companies looking to set up new centres or expand their operations in India. Moreover, Hyderabad is increasingly becoming the second most preferred city, after Bengaluru, for BFSI professionals looking to relocate.

The Tech domain boasts the largest talent pool, accounting for 34% of active job seekers, followed by the Infrastructure and Functional domains, which are tied at 19% each. In contrast, the Operations domain has a relatively lower skilled workforce availability, at 12%. However, emerging fields like Analytics and NextGen are gaining traction, each representing 8% of job seekers, reflecting the growing interest in next-generation technologies and functional expertise. 

The report shares an analysis of the preferred cities to relocate to for professionals in various domains, measured by their willingness to move from their current city to another.

Active job seekers in the Tech domain are predominantly found in Bengaluru (25%), followed by Hyderabad (19%), and Pune (17%).
A similar trend is observed in the Analytics domain, where Bengaluru (23%) leads, followed closely by Hyderabad (19%), and Pune (18%).
The NextGen domain also sees Bengaluru (25%) dominating, with Pune (18%) and Hyderabad (17%) following suit.
In the Infrastructure domain, Bengaluru (27%) boasts the highest talent pool, followed by Hyderabad (19%), and Pune (17%).
The Functional domain mirrors this trend, with Bengaluru (26%) leading, followed by Pune (18%), and Hyderabad (17%).
Lastly, the Operations domain sees Bengaluru (23%) topping the charts, followed by Pune (21%), and Hyderabad (16%).

The report shares an analysis of the leading skill sets in supply in the pool of active talent for various domains.

In Tech domain, the leading skillsets in supply are SDET and cloud engineering with 32% and 30% of candidates respectively.
In Analytics domain, the leading skillsets in supply are Data Analyst (33%) and Data Scientist (30%).
In NextGen domain, the leading skillsets in supply are Gen AI (32%) and RPA (25%).
In Infrastructure domain, the leading skillsets in supply are SRE (34%) and DevOps (32%).
In Functional domain, the leading skillsets in supply are Product Owner (26%) and Scrum Master (23%).
In Operations domain, the leading skillsets in supply are FP&A (28%) and Risk specialists (28%).

The report provides the experience spread of the talent pool across various domains, categorised by years of experience. It revealed a notable trend in active jobseekers, with entry and mid-career professionals in the Analytics domain, whereas mid and senior-level professionals are more prevalent in Functional and Operations domains. In contrast, the Tech and Nextgen domains demonstrated a unique balance, with talent pool availability evenly distributed across all experience levels, from entry-level to senior positions. Commenting on the report, Mr. Neelabh Shukla, Chief Business Officer, Careernet, said, “With a vast pool of skilled professionals, India offers GCCs the ideal ecosystem to drive growth, innovation, and transformation. By 2030, we envision over 250 BFSI GCCs and around a million BFSI professionals propelling India's ascent as a global talent hub. Contrary to the traditional talent supply-demand gap in India, the current job market is witnessing an abundance of skilled professionals interested and available for BFSI GCC’s to attract and employ. India's emergence as a global hub for financial talent is driven by the perfect confluence of a robust talent pool, a thriving existing BFSI GCC industry, and a growing demand for digital innovation driven from India Hubs.”

The gender breakdown of the actively seeking opportunity pool reveals males comprising 78% and females 22%. A closer look at various domains shows that female jobseekers are lowest for Infrastructure (18%) and NextGen (20%), slightly more for Tech domain (21%) and Operations (22%), and relatively higher for Analytics (25%) and Functional domain (29%). However, in India, the BFSI industry stands out for its excellent diversity ratio, boasting a significantly higher proportion of female talent compared to other industries. While the typical industry average is 80% male and 20% female, BFSI GCCs defies this norm with most having ~30 diversity to some which have got to a ~40% diversity range.