half-yearly report-i 2016 hiring - timesjobs.comcontent.timesjobs.com/docs/bfsihyi2016.pdf · and...

HY-I 2016 1

HALF-YEARLY RECRUITMENT REPORT-I

HiRiNG TRENDS & PROJECTIONS

2016

HALF-YEARLY REPORT-i 2016

HY-I 2016 2


The Banking, Financial Services and Insurance (BFSI) was the top-performing sector in terms of hiring during the second half of 2015. It saw a growth of 2 per cent during Jul-Dec 2015, July 2015 being the best month in terms of hiring with a 9 per cent rise in talent demand. Rising incomes are expected to

increase the need for banking services in rural areas and drive growth. The projected manpower requirement of BFSI workforce by 2022 is 8.5 million. To meet the demand, BFSI Sector Skill Council of India has been set up to enhance skill development across the sector. Currently, there is demand in core banking, insurance and financial services roles. With digital revolution in full swing, demand for IT professionals is also on the rise, especially at senior level. Metros claimed most jobs in Jul-Dec 2015 in BFSI. Talent demand is expected to grow in small towns too with the relaxation in branch licencing policy by the RBI, allowing banks (which meet certain financial parameters) to set up new branches in tier II to VI centres without prior approval.

KEY TAKEAWAYSn Despite maximum job share, demand at junior level was lower compared to middle, senior levels

n Demand for financial analysts to grow in coming months, especially in insurance industry

n Opportunities to emerge in wealth management with projected requirement of 1 lakh professionals

n Demand for functions like legal, treasury management, technical valuation, corporate finance

n Metros will continue to host most jobs; demand will rise in small cities as banks expand rural operations

Core banking, insurance and IT drive talent demand in the sector

BFSI

MArKET AvErAgE dEMAnd And induSTrY dEMAnd

79

Jun 15 Dec 15

BFSI

Market average

100.00

92.50

85.00

77.50

70.00

8783

85

Base year Dec 2010 = 100

HY-I 2016 3


n General banking segment had maximum job share; demand fell by 3%

n Among top five functions, corporate sales saw maximum rise (8%) in demand

n Direct/commission sales posted 9% rise in demand in Jul-Dec 2015

n Financial analysts reported drop (1%); demand in book-keeping was stable

n Demand rose for insurance advisors (6%), cost accounting (4%), analysts (7%)

n Core banks, insurance, finance roles had maximum job share; demand stable

n Demand rose 4% for sales/BD professionals; rise was 7% in Jan-Jun 2015

n Accounting and front office were the top functions to see demand drop (2%)

n IT professionals reported 3% rise in demand at junior level

n hR and logistics saw 1% rise; demand in hR rose 10% in Jul-Dec 2015

n FunCTiOnAL ArEAdemand up for sales profile

n Mumbai claimed maximum job share; demand dropped by 3%

n Bengaluru saw highest (3%) rise in entry-level demand in Jul-Dec 2015

n Delhi NCR posted 1% rise; talent demand was stable in Pune

n hyderabad with 5% job share saw 3% rise in demand

n Uttar Pradesh emerged as top hiring state with 12% rise in demand

n TOP LOCATiOnSBengaluru hiring freshers

Share of jobs in top locations

Mumbai

Delhi NCR

Bengaluru

Pune

West Bengal

Others

24%

16%

10%

8%

6%

36%

n ArEA OF SPECiALiSATiOndemand up in corporate sales

Share of jobs in area of specialisation

5%

Banking general

Channel sales

Corporate sales

Other accounting

Financial analysis

Others

5%4%

3%3%

80%

Share of jobs in top functional areas

18% Accounting

9% IT/telecom

6% Administration

13% Others

33% BFSI

21% Sales/BD

SIMIlAR to Jan-Jun 2015, most of the jobs were for core roles in banks, insurance and financial services followed by sales/business development and accounting/finance in the Jul-Dec 2015 period.

The maximum rise in demand was reported for sales/business development and IT professionals. Among specialisations, corporate sales and direct/commission sales saw a significant rise in demand. Demand also rose for personal/ retail banking and relationship/account servicing verticals during Jul-Dec 2015. Bengaluru topped junior-level demand during the period while Mumbai held maximum job share. Delhi NCR retained the second position in terms of job share. however, talent demand grew by just 1 per cent. Pune, which made an entry into top 10 locations in Jan-Jun 2015, kept back 8 per cent of the job share, but growth in talent demand was stable.

JuniOr LEvEL[ BFSi ]

India currently needs close to 100,000 qualified wealth managers. For freshers, there are lots of job opportunities in the wealth management domains such as banking, NBFC, life insurance and capital market.

Subhash Menon,Chief-HR and Learning, Angel Broking Pvt Ltd

HY-I 2016 4


n Sales specialistions saw the maximum (over 30%) rise in demand

n Direct marketing specialisation also reported 30% rise in demand

n Application programming had 3% job share but demand dropped by 8%

n Demand for radio frequency (RF) engineers was stable in Jul-Dec 2015

n eDP and MIS specialisation witnessed 12% rise in demand

n Banks/insurance/financial services topped job share, demand rose by over 30%

n Sales/BD with second-highest job share also posted over 30% rise in demand

n Marketing professionals reported a 2% rise in demand in Jul-Dec 2015 period

n IT professionals continued to see rise in demand of nearly 30% jump

n hR saw 6% rise but demand fell in customer support and accounting roles

n FunCTiOnAL ArEAJobs in core banking, sales

n Corporate, channel and direct/commission sales saw over 30% rise in demand

n Direct marketing with 3% job share saw 2% rise in demand in Jul-Dec 2015

n Software engineers saw 30% rise in demand at middle level

n Demand was up in client servicing (14%) and personal/retail banking (8%)

n Insurance, equity and insurance analysts posted 30% rise; job share negligible

n TOP LOCATiOnSSales specialisations sought

n ArEA OF SPECiALiSATiOn Specialisation in sales sought


Mumbai

Delhi NCR

Pune

Bengaluru

Hyderabad

Others

11%

9%

8%

7%

5%

60%


4%

Corporate sales

Channel sales

Direct/ commission

Sales

Direct marketing

Banking/insurance

Others

4%4%

3%3%

82%


13% IT/telecom

8% Marketing

5% Cust. service

23% Others

26% BFSI

25% Sales/BD

WhIle the middle-level job share dropped in Jul-Dec 2015 compared to Jan-Jun 2015, demand grew across core and support roles and specialisations. Similar to the first half of

2015, maximum jobs at this level were for core specialisations in banking, insurance and financial sectors. Sales/business development and IT followed with 13 per cent to 25 per cent job share. Talent demand was significantly high across the three mentioned functions at middle level in Jul-Dec 2015. Demand slumped for customer support, logistics and accounting roles. There was high demand across sales specialisations during Jul-Dec 2015 period. Software engineers also saw considerable demand rise at middle level in the BFSI sector. Metros topped both in terms of job share and talent demand.

MiddLE LEvEL[ BFSi ]

This is a competitive sector that demands speed, hard work, planning,

foresight and rigorous execution. Sales jobs are most sought in

terms of volume of hiring while actuarial, underwriting & analytics are

sought for their expertise.

Shailesh Singh,Director & CPO, Max Life Insurance Co Ltd

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n Demand rose by over 30% for application programmers; job share maximum

n Database administration (DBA) with 6% job share saw 30% rise in demand

n Channel and corporate sales reported 30% rise; had risen 4% in Jan-Jun 2015

n Demand for system analysts peaked in August; overall rise was 30%

n General banking saw 15% rise while relationship management grew 12%

n IT/telecom had maximum jobs at senior level; demand was up by over 30%

n Core banking, insurance, financial services roles saw 19% rise in demand

n Sales/BD posted 22% rise in demand; was up by 3% in Jan-Jun 2015

n Marketing function reported over 30% rise in demand in Jul-Dec 2015

n Accounting & finance continued to witness drop in demand (8%)

n FunCTiOnAL ArEAdemand for tech professionals

n Bengaluru claimed the maximum job share; demand rose by over 30%

n International locations with second-highest job share saw 28% rise in demand

n Chennai, Pune reported 30% rise in demand in Jul-Dec 2015

n Delhi NCR was the only metro to report drop in demand (17%)

n Maharashtra saw over 30% rise in demand; Mumbai reported 4% rise

n TOP LOCATiOnSBengaluru, Chennai top job hubs


Bengaluru

Pune

Mumbai

Chennai

West Bengal

Others

19%

8%

7%

7%

6%

53%

n ArEA OF SPECiALiSATiOnApplication programmers sought


8%

Application programming

Project leader

Database administration

Channel sales

Corporate sales

Others

6%6%

6%3%

71%


12% Sales/BD

11% Marketing

5% Top mgt

33% Others

27% IT/telecom

12% BFSI

DURING Jul-Dec 2015, the industry posted maximum jobs for IT professionals at senior level unlike Jan-Dec 2015 when most jobs were for core banking, insurance and financial services roles. Sales

and marketing too posted increased talent demand at top level in Jul-Dec 2015. Accounting professionals however posted drop in demand, similar to the trend in junior and middle level. According to experts, demand at senior level is typically for people with proven leadership skills and potential to be the company brand ambassadors. Application programming, project leader/ project manager, database administration (DBA), channel and corporate sales specialisations are most sought at senior level. Maximum jobs and demand rise was in Bengaluru in Jul-Dec 2015. except Delhi NCR, all metros saw rise in senior level talent demand. Demand rose significantly in Pune too.

SEniOr LEvEL[ BFSi ]

Candidate with 10-15 years of experience and proven managerial skills will be looked for senior mid-management roles. With new banking licences, payment banks, NBFCs and HFCs will see demand for corporate and zonal level profiles.

Anshul Bhargava,Chief People Officer, PNB Housing Finance Ltd

HY-I 2016 6


recruitment game-changersIn order to meet the aspirations of Gen Y, there comes a natural shift in the way the recruitment process is getting implemented at the grassroots level. Today, robust recruitment tools not only streamline the process but also ensure on-the-click dynamic statistics. This enables effective decision making for the recruiter, leaving almost no room for wrong hires. It starts from creating multiple and varied sources for the hiring funnel like social media hiring, job portals, etc. to ensure the right fit by assessment tools. leveraging the usage of IT and making hiring a seamless activity is now a dream come true. Also, this generation requires job clarity and all the minute details related to the job. hence, job descriptions need to evolve and continuous improvisation is necessary.

in-demand skillsInsurance in India is still a push product. Compliance orientation across levels is the minimum expectation. Insurance sector needs more feet on the street and back office support jobs at the junior level. Middle management

would comprise skills and roles of specialist nature such as

actuarial, underwriting, risk management and customer service being the priority. At top level demand will be for proactive leadership with a vision to long-term sustainability to meet all stakeholder expectations.

role of technology in Hr Technology is today opening untapped sectors for sourcing candidates. Social media, for example, has a larger reach and is an ideal platform for recruitment which was unheard off previously. Job portals such as TimesJobs.com are empowering the recruiter in selecting the most effective candidate. Also, with tools to facilitate on-boarding and handholding of the new joinee till the time he/she gets acquainted with the organisation, the human resource department gets ample time to work on developmental areas. Nonetheless, proper handholding, face-to-face interaction and a personal connect, at least in the induction phase, are some things that technology cannot replace, at least not in the near future.

Emerging skills for freshersSkills such as digital marketing, customer centricity and convergent skill sets with multiple specialisations are the need of the day. Integrity and at the same time adaptability to accept quick change would be the skills that will help this industry move forward.

Compensation trends in 2016Compensation and benefits are market-driven and performance-oriented. On an average, compensation would be revised to 10-15 per cent per annum in the industry, basis the above-mentioned parameters. Robust discussions on KRAs and emphasis on regular feedback instead of an annual review mechanism is the trend ahead.

Salary meter (average range) n Junior: Rs 6 lakh per annumn Middle: Rs 16 lakh per annumn Senior: Rs 25 lakh+ per annum

Industry seeking young talent with skills in digital marketing

BFSi inTErviEW varsha Mondkar HR Head, SBi Life insurance

At middle level, skills and roles of specialist nature such as actuarial, underwriting, risk management and customer service will be in demand in the BFSI sector. At the junior level, support roles will be sought.”

HY-I 2016 7


half-yearly report-i 2016 hiring - timesjobs.comcontent.timesjobs.com/docs/bfsihyi2016.pdf · and...

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