Job vacancies in BFSI sector in India hit all-time high
In March 2023, job vacancies in the BFSI (banking, financial services and insurance) sector in India reached an all-time high, breaking previous records. This was reflected in the Naukri Jobspeak Index for Banking/Finance/Broking, which soared to 4,555, up 45% from the previous year’s figure of 3,138. The growth was fueled by the expansion of digital banking services, which has led to vacancies in cities like Ahmedabad, Vadodara, and Kolkata, increasing by 145%, 72%, and 49% respectively.
The insurance sector saw a staggering 108% growth in new job creation in March 2023 compared to the same month last year, driven by jobs related to selling insurance products.
In contrast, the IT sector saw a decline in hiring, with a 17% drop in new job creation compared to March last year. High-demand roles such as big data engineers, DevOps, and software development engineers also saw a decline in vacancies. However, the demand for emerging roles like machine learning saw an uptick.
In other non-tech sectors, new jobs created in Oil, Real Estate, FMCG, and Hospitality increased by 36%, 31%, 14%, and 7%, respectively, compared to last year. But certain non-tech sectors such as retail, education, and BPO showed cautious hiring sentiment with a decline in hiring activity.
Non-metro cities continue to act as growth drivers in the white-collar job market, with Vadodara leading the hiring trends followed by Ahmedabad, Jaipur, and Kochi. In metro cities, Mumbai and Delhi/NCR observed positive hiring momentum, driven primarily by the insurance sector.
Mid-level professionals saw an increase in hiring activity, registering a growth of 14% compared to the previous year, whereas hiring activity for entry-level professionals remained unchanged.
According to Pawan Goyal, Chief Business Officer of Naukri.com, the BFSI sector’s growth in a cautious job market signals resilience of the Indian economy, and non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India. The Naukri JobSpeak is a monthly Index representing the state of the Indian job market & hiring activity based on new job listings and job-related searches by recruiters on the CV database on Naukri.com.