A strong increase in hiring activity is expected in the Banking, Financial Services, and Insurance (BFSI) sector in the coming year, with companies planning to hiring 26% more people than they do now. According to Great Place To Work’s Best Workplaces in BFSI in 2023 report, fintech firms led the way with a 41% increase in their hiring intent, demonstrating the rapid growth of the industry and its impact on India’s financial landscape.
After fintech companies, Non-Banking Financial Companies (NBFCs) saw a 27% increase in hiring prospects, Insurance saw a 21% increase, and Banking/Credit Services saw a 15% increase.
A notable 12% increase in this aspect compared to last year highlights a commitment to creating a positive working environment for employees across the BFSI spectrum. Companies across the BFSI spectrum are showing an increased interest in evaluating and improving their workplace culture.
Vertical differences in employee experience-BFSI hiring
The advancement of technology has increased consumers’ ability to conduct transactions across different sectors on a single platform, blurring the lines between them. Government support, domestic demand, and technological advancements characterize the changing landscape. However, people-centricity remains a constant guiding principle despite these changes.
The emphasis on workplace culture has increased as employees are seen as enablers and facilitators in this dynamic environment.
Compared to other industries, the BFSI industry has experienced a positive increase of 5 points in employee experience over the past four years, moving from 79 to 84, resulting in the industry’s 5th place in terms of employee experience.
Life insurance companies have outperformed banking and credit companies when it comes to employee experience, while fintech companies have focused more on cultural assessment.
Adopting best workplace practices is essential-BFSI hiring
The gap between the best workplaces and others is expected to increase to 5% by 2023, making it even more critical to adopt best workplace practices. During the past four years, the BFSI industry has seen a significant increase of 9% in leadership behaviors associated with impartiality and active participation in decision-making. The industry is focusing on fairness and inclusivity more than ever.
Yeshasvini Ramaswamy, CEO of Great Place To Work India commented that the BFSI sector is an indispensable part of India’s economy and is experiencing growth due to digitalisation and government support for financial inclusion. Companies have to maintain a progressive environment in order to remain competitive, allowing employees room to attempt new technologies and ideas. The ramping up of hiring speaks to the stability of the industry, its role in helping the country out of recession and its outlook on job creation.