India’s home-grown financial services majors have set the ball rolling on big-ticket hiring, encouraged by the positive business sentiment that has sparked the need for diverse talent to manage emerging business opportunities.
Though hiring had come to a grinding halt during the economic slowdown, financial services companies are now back on track, adding manpower. “We have been increasing headcount by almost 15-20% and have created so many new positions,” said Anjana Kumar, head, HR, Centrum Group.
But the hunt for talent is far from a cakewalk as prospective job seekers are armed with multiple offers. E-commerce companies are offering attractive packages for talent from financial services business, leading to a sharp increase in demand for salaries.
“Hiring talent has become difficult, especially in the mid-level as people are demanding a big hike in salaries. We have expanded to a large number of businesses over the last decade and each one of them is poised for significant growth in this environment,” said Maneesha Thakur, group head, HR, Edelweiss Financial Services. “To enable and manage this growth, we are adding leadership talent across our diversified businesses,” she added.
Enthused by the rising opportunities in lending and capital market domains, IIFL has added 200-250 people in the past quarter alone. “We have hired people who can handle affluent clients in the capital market segment,” said Pallabh Mukherji, president, HR, IIFL group.
Companies are offering a good mix of stock options and ownership to court talent; this is mainly at the top-level where entrepreneurial energies are required to build businesses. Salaries have improved and companies are willing to give a double-digit raise — in the range of 10-20%, which can even go up to 30% for specific roles — to attract talent.
Companies including Centrum and Edelweiss are tapping the talent potential in overseas markets. Indians working in European banks, which are battling severe recession, are taking up plum assignments in home-grown institutions. While Edelweiss has recruited some executives from European banks recently, Centrum has hired executives from banks in the Middle East.
“The ‘homecoming trend’ that was seen in the last few years, partly because of the financial sector slowdown, will continue despite the strong economic recovery as people still feel that an exposure to the Indian market adds a lot of value to their career,” Kumar said.
Though hiring has definitely gathered pace in the traditional wealth management, institutional broking and investment banking businesses, professionals in the lending and mortgage domains have emerged as hot properties-.Lending activities are also expected to gain momentum once the RBI governor reduces interest rates.
With non-banking financial companies (NBFCs) are beefing up lending activities to small and medium enterprises (SMEs) in a major way, professionals from banks are joining SMEs. IndoStar Capital, a Mumbi-based NBFC, recruited many professionals recently to cater to the rising business potential in the SME space. (Source: ET)
“We have started enhancing our headcount in anticipation of a business pick up,” said Vimal Bhandari, MD & CEO, IndoStar Capital. Amit Rathi, MD, Anand Rathi Financial Services, feels that indiscriminate hiring, which happened during the last economic boom, is a thing of the past.