BFSI hiring for 2023: Time to Invest in the Right Staffing Partner

Banking, Financial Services, and Insurance (BFSI) are one of the oldest industry sectors in the world. Over the years, the industry has become increasingly complex and challenging. With finance regulations becoming stringent by the day, there is a huge competition between both the government and private sectors. More than ever before, the BFSI sector is in need of people who not only create value for the organization but maintain high profitability and a positive image of the companies they work for.

With the private sector mandating a 25% increase in hiring field staff, the BFSI sector hiring needs are becoming more challenging. And that’s the sector that needs reliance and experienced staffing partners to tide them over the challenges of the talent crunch the win the talent acquisition mandate for 2023.

According to reports, there were 293,000 job openings in financial activities, with only 216,000 hires and 192,000 total separations in 2020, meaning, there was a significant rise in employment opportunities in the financial sector. 

A PwC HR technology survey also revealed that the majority of the organizations cited the need to hire and retain top talent (58%), as well as improve the employee experience (42%).

Like any other industry, the BFSI sector, demands top-notch recruitment and rightly so. More often than not, the banking and finance sector requires professionals who have a working knowledge of the field, and are more job ready, as the skill shortage is quite extreme in the industry.

Finding top-quality professionals poses a serious challenge to employers. With the increasing popularity to the adoption of financial technology, automation tools are changing the framework for industries, creating roles such as data scientists, cloud computing experts etc. which are hard to hire for.

Partnering with the right recruitment consultant can help ease the entire process as well as fetch the best IT and non-IT (domain experts) professionals in the industry.

Key challenges that the BFSI sector faces in terms of recruitment

1.      High Skill Gap

The finance and banking sector usually experience moderate to extreme skill shortages impacting the team’s overall productivity. The increasing skill gap in recent times has made employers desperate to offer an increase in salary packages hoping to attract better talent. But the issue stands, as they struggle to find and source the right talent.

2.      Low retention

According to a study, only 10% of millennials working in the banking sector said that they plan on staying in their current role for a longer time, compared to 18% across all other sectors. Low retention rates not only hurt the brand reputation but also curbs the growth and success of the organization.

3.      Poor candidate experience

Surprisingly, a poor recruiting experience has been the reason for a maximum of potential candidates to turn down jobs in the BFSI sector. A poor candidate experience can have lasting negative implications on your brand reputation. Hiring a staffing partner is an effective way for an organization to position itself the right way and realize the importance of good candidate experience.

Need for a staffing partner

Imagine finding candidates with great skills, deep experience and a perfect cultural fit. But how? Industry leaders like Alp have an opportunity to gain an edge in the battle for talent, delivering a superior recruiting experience to candidates. Also, as a technology-driven organization, we stay on top of the changing recruiting trends to provide you with a first-rate recruitment experience.

Some of the ways a staffing partner can help

1.      Automated Processes

Automating recruitment helps recruiters throw a bigger net to find talent and help fill the existing skill gap in the industry. To start with, a basic recruitment automation tool to streamline the recruitment process should be in order. A good staffing partner should be able to help you automate your end-to-end recruitment process to find the best talent and improve the hiring process.

2.      Proactive recruitment approach

Adoption of a proactive approach to talent hiring is crucial while hiring for the BFSI sector. Monitoring validated sources and keeping a diverse database of talented candidates, can help you choose the right fit for the job position

3.      Industry Expertise

Industry knowledge comes in handy while understanding the client’s requirements and delivering to their expectations. Good staffing consultants are experts in their domain and hence have recourse to various tried and tested methods to hire the best talent for you.

How Can Alp Help?

Having been in the recruitment/staffing field for 26 years, we offer reliable and yet affordable BFSI staffing solutions to help improve your organization’s talent pool. Our recruitment consultants have a deep understanding of the industry and the skill shortages these industries face, and help find professionals to bridge the skill gaps.

We provide you with top talent to compete in today’s economy by engaging the talent you need, and managing quality, cost and risk throughout every engagement.

If you’re looking for the right staffing partner for your BFSI recruiting needs, reach out to us today at +91-9841319329.