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Financial services to add 47,800 new jobs in first half of FY20: Survey

An important factor that has helped this sector grow is the penetration into the rural markets

Jobs  |  Banks  |  Nbfc

Press Trust of India  |  Mumbai 

jobs, employment, high-quality jobs
Illustration by Binay Sinha

The financial services sector is likely to add 47,800 new in the first half of this financial year following increasing focus on lending by and NBFC's, according to a survey.

"Despite the setbacks seen in NBFCs, the financial services sector has shown a positive outlook in terms of hiring. An important factor that has helped this sector grow is the penetration into the rural markets. The expansion will result in a surge of job opportunities in the tier-II and III cities," head of and government vertical Amit Vadera said.

Tier II cities are projected to witness 5 per cent growth in hiring sentiment during April-September followed by tier III towns and rural areas at 2 per cent each and financial services will play an active role in bolstering this, Vadera said quoting the company's 'Employment Outlook' report for April-September.

The survey was done across 19 sectors and 14 geographies among 775 enterprises in India and 85 businesses across the globe to evaluate employment outlook trends.

According to the survey, topped the list for cities with 5,420 new jobs, closely followed by which will witness an addition of 5,380 new in the same period.

Factors such as digitisation of will boost the job creation in this sector, it added.

All positions except the senior-levels are likely to witness a healthy increase in hiring sentiment.

The outlook for mid-levels will grow by over 4 per cent and entry and junior levels by 3 per cent each, it said.

The survey revealed that medium-sized businesses will see a huge jump of over 5 per cent while large businesses will witness a growth of 2 per cent.

The job openings will mostly be in functional areas like engineering (over 5 per cent), office services (over 4 per cent), blue collar (over 4 per cent) and marketing (over 3 per cent) are likely to see positive increase in hiring, while hiring sentiment for the sales and IT functional areas are seen to stagnate, the survey said.

Attrition rates have dropped significantly in 5 of the 19 sectors during October-March 2018-19 as compared with the April-March 2018-19, while 5 other sectors witnessed significantly higher attrition during this period, it said.

The drop in attrition was seen in construction and real estate, IT, KPO, telecommunication and travel and hospitality, while it grew in agriculture and agrochemicals, educational services, FMCG, financial services and retail sectors, the survey added.

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First Published: Wed, June 12 2019. 19:25 IST