It's expected we will see hiring in the financial sector slow down once again. This is due to the recent IL&FS crisis that immediately showed a decline in finance companies' and the banking industry's recruitment efforts.
For the past ten years, we have seen the finance sector explode. Lenders have been increasing their teams and recruiting reached an additional 15 percent in 2018. However, this number is expected to drop to at least ten percent for 2019 due to new challenges of the finance sector.
Is There An Exception?
The exception to this is the financial technology sector and insurance. In fact, insurance companies have increased their teams by 25 to 30 percent and show no sign of slowing down for 2019. Also, those candidates who are tech-savvy have the best chance in the hiring process for both finance companies and banks this year. Fintech companies are just one of the sectors where growth is expected to continue. As more and more financial services are opting to collaborate with fintech companies to offer their customers added security and data collection, so is blockchain.
What About Everyone Else?
The same can not be said for lenders in general. In the second half of 2018, hiring was only at 3 percent. This is expected to remain the same or dip, especially until June 2019. Many lenders are simply holding back on hiring right now. On the other hand, Non-Banking Financial Companies (NBFCs) were doing most of the hiring while bank recruiting rose to 6 percent in 2018.
At this time, NBFCs are seeking CXOs. However, the candidate pool is small, making it difficult for NBFCs to find the right candidates. This gives candidates the upper hand when seeking positions and it's up to the companies to compete by offering competitive compensation and other benefits. Know where you stand on the market by downloading our salary guide. Click below to have access to today's numbers.