Tag: Recruiters

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.

Share this article on social media

New, integrated job advertising allows recruiters to build and launch advertising campaigns

iCIMS, the talent cloud company, has announced new capabilities to help organizations improve talent agility and optimize hiring and engagement. The iCIMS Summer ’22 Release delivers key innovations to drive businesses forward, as the market continues to shift.

New iCIMS Talent Cloud innovations within the Summer ’22 Release help to:

  • Accelerate and automate sourcing to attract and engage diverse talent with less effort.
    • New, integrated job advertising allows recruiters to build and launch advertising campaigns to thousands of global job boards, all within the iCIMS ATS.
    • iCIMS Digital Assistantresume upload feature automates job matching directly within the AI-powered recruitment chatbot for an enhanced talent experience and quicker applicant conversion.
    • AI-led features in iCIMS CRM, including new automated job alerts, embedded analytics and more, enable faster, better targeted candidate pipelines.
  • Simplify scheduling and hiring for candidates and hiring teams.
    • Candidates can now self-schedule multi-meeting, multi-person interviews based on real-time interviewer availability.
    • New, standardized HCM integrations between iCIMS’ ATS into SAP® SuccessFactors®, ADP® Workforce Now or ADP® Next Gen HCM allow organizations to synchronize talent data between platforms to create an end-to-end experience for talent teams.
  • Strengthen talent engagement and employee retention.
    • Improved internal mobility experiences within iCIMS Opportunity Marketplacewelcome employees and make it easier to add skills, develop their profile, and explore new, personalized opportunities across the company.
    • New automation and integrations with iCIMS Video Studiomake it easier for team members and leaders to create and share dynamic video content with new hires to personalize the onboarding experience, while helping to reduce attrition.
Share this article on social media

71% percent of contractors are looking for outside IR35 roles

Research amongst contractors, recruiters and end clients by Kingsbridge Contractor Insurance has revealed that IR35 reform has drastically affected businesses hiring contract labour, and recruiters are having difficulties placing contractors within IR35 roles.

According to the research, 71% of contractors insist on outside IR35 roles. However, these account for less than 41% of the roles available. Sixty-six percent of contractors say that with the increase in the risk of greater tax liability, they would not consider inside IR35 roles.

The research also found that over 70% of businesses and recruiters saw a drop in the numbers of PSC contractors since the introduction of IR35 with the Check Employment Status for Tax (CEST) tool affecting the availability of essential contract labour. Thirty-eight percent of the respondents whose end clients use the CEST saw a reduction of 61% or more, whereas those who use independent employment status tools saw a reduction of only 23%.

Further findings were that 70% of end clients adopted a collaborative approach with their recruiter to establish the IR35 statuses of contractors, indicating the importance of recruiters in determining the status. However, when recruiters have end clients who use CEST, they have had the least involvement. One of CEST’s failings is that it doesn’t promote collaboration with recruiters and increases the risk of inaccurate determination.

While many recruiters felt that their end clients weren’t prepared for IR35 reform, many are hopeful for fewer blanket bans on contract hire in the future. Tellingly, the users of independent employment status tools find that more of their end clients are making an about-turn on their blanket bans than the CEST users.

Andy Vessey, Head of Tax at Kingsbridge Contractor Insurance, commented: “HMRC was severely under prepared for the private sector reform, and CEST simply isn’t fit for purpose. However, there are some signs of positive change. There are more U-turns on blanket bans and contractors are optimistic about their future job prospects. To accelerate this change and avoid losing access to the skilled talent businesses need, three things need to happen:

  1. More education is needed to address the issues still being experienced. A better understanding of IR35 would be much healthier for the market as a whole
  2. CEST must be made fit for purpose and take Mutuality of Obligation (MOO) into consideration
  3. Companies can legitimately hire experienced contractors outside of IR35 but, to do this, the use of purpose-built tools, advice and insurance should be sought. This will provide the right process to mitigate against the perceived risks of hiring contractors.”

With no end in sight where labour shortages are concerned, the use of the CEST when placing IR35 candidates is only hindering the hiring the process.

Share this article on social media