Financial services jobs to see steady growth in second half of FY24: Survey

Staffing conglomerate TeamLease Services has unveiled its 'Employment Outlook Report' for the second half of the fiscal year 2024 (October 2023 to March 2024). The report provides insights into the evolving employment landscape in India, with a specific focus on the financial services sector, revealing positive trends in hiring across banks, NBFCs and fintech companies.

The financial services industry is witnessing a positive trend in employment patterns. Approximately 79 per cent of employers express interest in increasing incremental new hiring and 70 per cent are actively seeking to fill replacement positions.

Kolkata has emerged as the most sought-after location for BFSI (Banking, Financial Services, and Insurance) companies in the second half of FY24. Employers in Kolkata show an 11 per cent increase in staff, surpassing both Mumbai and Hyderabad with 9.3 per cent. Mumbai and Kolkata lead in incremental replacement hiring with 13 per cent, followed by Delhi, Hyderabad, and Indore.

The report delves into the preferred functional areas within BFSI for both incremental new hiring and replacement hiring.

Human Resources leads with 15.7 per cent, followed by office services at 14.9 per cent, and information technology at 14.7 per cent.

IMarketing and information technology take the lead with 15.1 per cent, closely followed by Office Services at 14.6 per cent.

For incremental new hires, BFSI firms are concentrating on Kolkata (11.5 per cent), followed by Hyderabad and Mumbai at 9.6 per cent.

TeamLease Services stresses its commitment to empowering employers and job seekers by providing valuable insights to drive strategic decision-making in the dynamic employment landscape.

“Highlighting the promising trend for the latter half of FY24, TeamLease Services' Employment Outlook Report underscores an upswing of 79 per cent of employees expressing interest in incremental new hires in the Financial Services sector's workforce expansion. Kolkata stands on the top for an increase in staff, surpassing Mumbai and Hyderabad. The report emphasizes the growing significance of Human Resources, Office Services, and Information Technology within BFSI, reflecting a cautious yet positive job market shift," said Krishnendu Chatterjee, VP and Business Head, TeamLease Services.