Industry as a whole:
The Indian Market of today has turned into a greatly diversified financial sector which is undergoing rapid expansion, both in the terms of the existing players and the new entrants.
Moreover, the reforms introduced by RBI has greatly liberalized, regulated and enhanced this industry. This includes commercial banks, insurance companies, non-banking companies, financial advisory companies and other financial entities.
The size of banking assets in India has reached US $ 1.4 trillion in 2015 and is expected to grow up to US $28.5 trillion by 2025.
The quick and substantial growth on the eCommerce Bubble in the Indian Market has also created great opportunities for mergers, acquisitions and investments, This has lined up with boosting the business of Investment banking companies who thrive on helping businesses scale up and grow both organically and inorganically.
With India growing at a pace of 7% GDP, many businesses have already scaled up in terms of productivity and return while many more following suit. This has created a requirement to hire professionals to handle the increasingly complex financial tasks such as Accounting, Financial Management, Tax, Audits, etc which has further led to a substantial growth for Financial Consulting firms who are now increasing their staff multifold.
The Days of the Call Centre BPOs have gone with India now also being seen as the breeding grounds for intellectual individuals. Many firms have started to see cost effective output coming from getting their work delivered though their Global Shared Centres based out of India as compared to their offices based out of other countries. Many GSS and KPOs have thus been established in the recent few years who have been constantly adding on to their manpower and demanding more and more professionals to handle their work
Since April 2014, RBI has issued banking licenses to 23 new banks which has created a large number of new positions at all levels in the institutions.
Hiring in this sector is expected to grow by 20% -30% in the year 2016.
The increase in the number of Investment Banks is not in tandem with the increase in the number of individuals that are opting for this field. Moreover, the skillset required in this industry is very niche with the good performers in this industry being even rarer. Correctly identifying, finding and recruiting such talent becomes a problem for the companies.
This industry being one of the highest paid in the world, merely offering a higher compensation structure does not motivate individuals to switch.
On the other hand, Due to the high level of pressure that surrounds the work in the Big Accounting firms, retention becomes a big problem with employees frequently switching jobs between the firms or going towards the industry.
Since the launch of the Pradhan Mantri Jan-Dhan Yojana by the new government regime, a large number of nationalized banks are now opening new branches in the Rural Towns of India. Many of these towns are far away from major cities and it is getting increasingly tough to find suitable talent to work at such locations or to train the local populace towards the required skillset.
The awarding of licenses to 23 new banks has also created a big poaching environment in the banking industry with the new entrants paying through to nose to hire individuals from established brands.
Executive Search Approach:
We have a specialized team for this practice.
Our Consultants have post graduate degrees in Finance and are headed by a Chartered Accountant who ensures only the most relevant profiles are sent to our clients.
Our database developed over the past 20+ years teamed with a Research Team that keeps sourcing profiles using channels other than the portals gives us an edge over our competition in find the perfect profiles for our clients that are not usually available through common means.
We are very well connect to the Top Executives of the Banking Industry which helps us fill vacancies of our clients in the fastest turn around time.
- CFO for an upcoming eCommerce Insurance Company
- Turnkey Project for the Shared Services of a Leading Pharmaceuticals Company
- Managers and Sr Managers – Taxation for one of the Big 4s
- Managers and Sr Managers – Assurance for one of the Big 4s
- Head – Financial Due Diligence for one of the Big 4s
- GM – Internal Assurance for a Leading Telecom Based Company
- Analysts/Associates/VPs for a Leading Investment Bank
- Analysts – M&A Management for a Leading Investment Bank
- Associates – Global Finance & Planning for a Leading Investment Bank