Trends To Watch Out For In 2024: Hiring In BFSI Sector

The Banking, Financial Services, and Insurance (BFSI) sector has undoubtedly been a significant contributor to India’s economic growth, accelerating India’s endeavour to become a five-trillion-dollar economy. Amid the ongoing economic recovery, the BFSI sector has accepted the shifts of technological revolution, adapting to an age characterised by digitisation. The accelerated growth, coetaneous with the need for a tech transformation has led to a vigorous rejuvenation in the top hiring trends across myriad verticals in the BFSI industry.

As the BFSI industry evolves, the world is witnessing an enormous change in recruiting trends, which is being pushed by technological innovation. In combination with this, Instahyre, India's AI-driven HR software platform, has curated research that explains how new hiring trends arise in the ever-changing BFSI sector. Furthermore, the paper dives into how forward-thinking platforms may capitalise on these dynamic trends to attract the greatest personnel.

Delivering a panoramic view of the evolution in hiring in the BFSI sector, Sarbojit Mallick, Cofounder of Instahyre, commented, “In today’s competitive BFSI industry, it is more than important to stay ahead of the curve by hiring experts, specialising in delivering a seamless customer experience. With the recruitment process departing from ads and referrals, the advent of tech assimilation in the recruitment process has been a game changer. Backed by technological progress, BFSI companies integrating top hiring trends into the recruitment journey will be able to create a network of professionals.”

Instahyre’s ebook revealed Social Media recruitment as an emerging trend, with 91 per cent of employers using it as a part of the employment process. Social Media has emerged as a powerful tool for both employees and employers, as 36 and 40 per cent of job seekers in the banking, accounting, and finance industries respectively, leverage social media networks to search for job opportunities. 

Proving to be more than effective, with a staggering 73 per cent of millennials finding their last position directly through a social media channel. In addition, millennials are the most active job age group on social media as 85 per cent of them are incorporating it into their job search. 

Instahyre’s ebook highlighted that the blockchain solutions market size for the banking structure and financial institutions stood at $0.28 billion in 2018 and is expected to escalate further, touching approximately $22.5 billion by 2026. Further, the ebook unveiled that 45 per cent of financial intermediaries, like stock exchanges, money transfer services, and payment networks, encounter routine cyber attacks which have made blockchain technology’s secure and transparent nature a propitious solution for mitigating cyber threats, especially in the financial segment. 

With this sector expected to surge to $16 billion by 2025 in India, almost 41 per cent of the jobs in data science and analytics maestros belonged to the BFSI sector. Given the surge for niche-specific skilled talent, the hiring managers in this market are switching to AI-powered solutions to streamline recruitment and identify top candidates more efficiently.

Machine Learning (ML) is actively transforming hiring practices in the BFSI landscape, with 46 per cent of companies leveraging it to detect fraud. Subsequently, it allows for a more efficient and accurate candidate screening process. Additionally, the ebook highlights that 49 per cent of organisations are using ML and AI in their marketing and sales processes to identify sales prospects. On the contrary, 48 per cent are using it to gain insight into their prospects and customers, contributing towards improvement in productivity, decision-making, product and service innovation, and even the customer journey.

Offering a bird's eye view, Instahyre’s ebook unveils that women’s participation in the BFSI sector globally stands at 20 per cent, showcasing the low gender diversity in the finance industry. With the increasing cognizance of workplace diversity, implementing Diversity and Inclusion is no longer a choice but an imperative. Since inclusive workplace cultures lead to increased profitability, creativity, and innovation, the ebook revealed that 85 per cent of financial services CEOs believe in promoting inclusion and diversity to enhance business performance.

In the ever-evolving BFSI landscape, the future looks more than promising for both employees and recruiters. By aligning hiring practices with the latest trends that fit business goals, BFSI companies will be able to harness the potential of agility and flexibility, opening the gateway that leads to the best talent pool.