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Salary increases in India’s Banking and financial services sector
May 12, 2023
Salary increments in India’s banking and financial services sector is likely to range around 9-12%, according to a survey of 350 companies done exclusively for ET by executive search firm Ciel HR Services.
Based on the findings of the survey, which reached out to HR professionals of these companies, the appraisals will be around 9-12% for 57% of the organisations and greater than 12% for another 18%.
HR experts and top company executives said the recent crisis in the banking sector in the US and global uncertainties are unlikely to impact increment or hiring in the sector in India, as the exposure of domestic banks abroad is very limited.
The survey, which also looked into the talent demand in the sector based on postings on leading job portals, shows a 50% increase in talent demand for skilled professionals in the BFSI sector in April compared to the previous month, mostly in digitisation, compliance and sales roles. Demand is high particularly in the areas of technology, product, operations, risk management and compliance. Compared to a year earlier, the increase is around 30%.
“The accelerated demand for technology and focus on digitisation are the key drivers behind the growth of the BFSI sector which is leading to the need for skilled talent,” said Aditya Narayan Mishra, chief executive of Ciel HR Services. “BFSI is anticipated to emerge as a significant jobs creator in the non-IT industry,” he said.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
