A research by Careernet revealed a subdued hiring sentiment in the first quarter of CY 2024 in the BFSI GCC. The sector witnessed a decline of 15-20 per cent in open positions compared to the previous quarter.
Despite a slight uptick in hiring mandates, the overall hiring numbers in the CY 2024 are expected to remain muted due to sluggish demands from four out of five large BFSI entities.
The research further highlights a shift in hiring strategies among GCCs in the BFSI segment. Most employers are prioritising mid to senior-level professionals rather than early-career professionals. With attrition rates stabilising in the single digits, there is a collective focus on maintaining control over attrition levels.
Anshuman Das, CEO and co-founder, Careernet, said, “The slowdown in hiring across GCCs in the BFSI space may be attributed to shifting priorities and transforming hiring strategies. Companies are focusing on hiring talent keeping in mind the dynamics of an evolving market. Strategic talent acquisition, based on AI and its allied forward-looking technologies, will ensure that hiring remains stable albeit at a slower pace.”
- Also read: IT sector to hire 8-10% more in 2024: Report
While hiring in the BSFI sector is expected to remain sluggish, there is a growing interest in roles requiring new skills, such as GenAI and cybersecurity. The BFSI industry, known for having one of the highest diversity ratios, continues to strive for improvement. Many organisations are aiming to increase their diversity ratios from the early 30 per cent to the early 40 per cent.
In the GCC BFSI sector there has been a notable shift towards technology-driven roles. This represents a significant evolution from a 50-50 split between tech and functional hiring to a current 60-40 ratio, with tech skills dominating the landscape.