According to a report release by Confederation of Indian Industry & ICRA Management Consultancy Services (IMaCS), the total incremental demand for manpower in the Indian BFSI sector will be over 4.5 to 5.0 million per annum by 2015. The report was released at the CII Global Summit on Skills Development 2008 held in New Delhi on September 17-18.
The report titled 'Skill Gaps in the Banking and Financial Service Industry says, "We envisage that by 20015 the opportunity landscape in financial services will have 4.5 to 5.0 million new (incremental) jobs to offer, considering the likely improvements in the economic output and labour productivity. The employment opportunities envisaged are likely to emanate mainly from the banking and Non-banking financial services."
The report has divided the skilled human resource needed in BFSI sector into four categories: Minimal Education, Skill Category level 1, Skill Category Level 2, and Specialized Skills. Minimal Skills category comprising of 'feet on street' workforce like collection agents will have 15% of total jobs. Customer Service Representatives & Insurance marketers, representing Skill Category 1, will have 65% of the jobs. 'Branch managers, credit managers, marketing managers' representing Skill Category level 2 will have 15% of jobs in the sector. Finally, at the top end of the pyramid, specialized skills like risk management, high-end quantitative analytics, investment bankers, fund managers etc will have 5% of the jobs.
Earlier, addressing a panel discussion on skills development in the financial sector, Ms Rita Soni, Country Head, Yes Bank, said, "We believe in adopting creative approach to HR management. We hire executives from variety of sources: employee referrals, recommendations by NGOs, in house training initiatives like Yes School of Banking and so on."
Veteran academician, former VC of IGNOU and Chairman of KNI, Dr Rakesh Khurana said, "Inspite of the recent meltdown of the Wall Street, the demand for trained manpower in the Indian financial sector will remain. Indian financial sector has some of the largest players including LIC which has largest number of policies in the world, or SBI which has largest number of account holders. Yet, there is a huge untapped segment for the Indian financial market."
The two-day CII Global Summit on Skills Development was inaugurated on September 17 by Mr Oscar Fernandes, Minister of State (Labour & Employment) Independent Charge Government of India.
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