NEW DELHI: As per a survey released on Monday, the number of job openings in the banking, financial services, and insurance (BFSI) industry increased significantly in March over the same month last year.
According to a survey by the employment site Naukri, hiring is on the rise in India's entire white-collar job market as the insurance and banking industries are experiencing a secular bull run in new job creation. The number of new jobs produced in the insurance sector increased by an astounding 108% in March 2023 when compared to March 2022, with sales-related jobs accounting for the majority of this rise.
The rise of digital banking services in the quickly changing global economy helped the banking sector increase by 45% year over year. The geographical dispersion of this rise is encouraging, with job openings rising by 145%, 72%, and 49%, respectively, in diverse places including Ahmedabad, Vadodara, and Kolkata.
Both the global capabilities centres of international BFSI goliaths and the domestic financial stalwarts specialising in marketing insurance and banking products to Indian consumers created new jobs.
According to Pawan Goyal, Chief Business Officer of Naukri.com, "Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India. The BFSI sector's growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape." On the other hand, the IT industry experienced a contraction in hiring with a 17% drop in new job creation from March of last year.
While hiring for early-to-mid stage businesses remained consistent compared to the same time last year, it fell across both large IT giants and unicorns.
Jobs for high-demand positions like big data engineers, DevOps, and software development engineers, which were on the rise until recently, decreased by 20%, 9%, and 6%, respectively, in March 2023. Yet, the report found that there was an increase in demand for new positions like machine learning.
Other non-tech sectors including oil, real estate, FMCG, and hotel had a growth in new positions of 36%, 31%, 14%, and 7%, respectively, over the same period last year.
But, as per the survey, many non-tech industries, including retail, education, and BPO, demonstrated a cautious hiring attitude with declines in hiring activity of 4%, 2%, and 2%, respectively.
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