BFSI hiring for 2024: Through Competency Enhancement Programs
The Banking, Financial Services, and Insurance (BFSI) sector stands as one of the oldest in the world, evolving into a complex and challenging industry. With tightening financial regulations, intense competition between government and private entities has emerged. Today, the BFSI sector requires individuals who not only contribute value to their organizations but also maintain profitability and uphold a positive corporate image.
Facing a 25% increase in field staff hiring demands from the private sector, the BFSI sector encounters growing challenges in meeting its workforce needs. To overcome the talent crunch, reliance on experienced staffing partners becomes essential.
In 2020, the financial sector witnessed 293,000 job openings, yet only 216,000 hires and 192,000 separations occurred, indicating a notable surge in employment opportunities. According to a PWC HR technology survey, 58% of organizations identified the imperative to hire and retain top talent, while 42% aimed to enhance the overall employee experience.
Recruitment in the BFSI sector is uniquely demanding, requiring professionals with field-specific knowledge and immediate job readiness. The industry faces the challenge of finding top-quality talent, exacerbated by the rising popularity of financial technology and the creation of roles like data scientists and cloud computing experts.
Engaging with the right staffing partner can streamline the hiring process and attract the best non-IT professionals, including domain experts, in the industry. Adding competency enhancement programs help in ensuring quality and talent retention.
Key Challenges in BFSI Sector Recruitment:
High Skill Gap: The sector experiences moderate to extreme skill shortages, leading to increased salary offerings in the hope of attracting top talent. However, the struggle to identify and source the right skills persists.
Low Retention: Only 10% of millennials in the banking sector express intent to stay in their current roles, adversely impacting brand reputation and hindering organizational growth.
Poor Candidate Experience: A subpar recruitment experience deters potential candidates, negatively impacting brand reputation. A staffing partner can help improve the organization's image and emphasize the importance of a positive candidate experience.
The Role of a Staffing Partner:
Automated Processes: Implementing recruitment automation tools aids in streamlining the hiring process and addressing the skill gap. A proficient staffing partner can guide organizations in automating their end-to-end recruitment processes.
Proactive Recruitment Approach: A proactive talent-hiring strategy involves screening validated sources and maintaining a diverse database of candidates, ensuring the selection of the right fit for the job.
Industry Expertise: Staffing consultants with industry expertise understand client requirements and employ proven methods to secure the best talent.
Enhancing Competencies : Running a competency enhancement program for the selected candidates so that they are productive from the first day. Such customised programs help in work proficiency as well as retention of talent.
myDiksha Solution:
With years of experience in recruitment and staffing, mydiksha offers reliable and affordable BFSI staffing solutions. Their consultants possess deep industry understanding, assisting organizations in bridging skill gaps and acquiring top talent. We ensure competitiveness in today's economy by engaging necessary talent while managing quality, cost, and risk throughout each engagement. For those seeking the right staffing partner for BFSI recruiting needs, myDiksha is ready to provide tailored solutions through its competency enhancement programs delivered through its partner premium institutes. Please visit www.mydiksha.com for more details.