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Trends To Watch In 2024: Everything You Need To Know About Hiring in the BFSI Sector

<p>The banking, financial services, and insurance (BFSI) industry has played a major role in driving India’s economic expansion and advancing the country’s goal of becoming a five-trillion-dollar economy. In the midst of the continuous economic recovery, the BFSI industry has adjusted to the changes brought about by the technology revolution and moved into a digitized era.</p>
<p><img decoding=”async” class=”alignnone wp-image-322035″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-750×422.jpg” alt=”theindiaprint.com trends to watch in 2024 everything you need to know about hiring in the bfsi secto” width=”1152″ height=”648″ title=”Trends To Watch In 2024: Everything You Need To Know About Hiring in the BFSI Sector 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-trends-to-watch-in-2024-everything-you-need-to-know-about-hiring-in-the-bfsi-secto.jpg 1280w” sizes=”(max-width: 1152px) 100vw, 1152px” /></p>
<p>Technological innovation is driving a significant shift in hiring practices that the globe is seeing as the BFSI sector develops. Furthermore, research has been gathered by Instahyre, an AI-driven HR software platform, to illustrate how new recruiting patterns emerge in the dynamic BFSI industry.</p>
<p>The report also explores how forward-thinking platforms might use these dynamic patterns to draw in the best talent.</p>
<p>According to Instahyre’s ebook, 91% of companies use social media recruiting as a component of the hiring process, making it an emerging trend. With 36% and 40% of job seekers using social media networks to look for possibilities in the banking, accounting, and finance sectors, respectively, social media has become a potent tool for both employers and workers.</p>
<p>Millennials are proving to be more than successful; a startling 73% of them found their last job via social media. Furthermore, with 85% of them using social media as part of their job hunt, millennials are the age group with the most activity on the platform.</p>
<p>“In the current competitive BFSI industry, it is more than important to stay ahead of the curve by hiring experts who specialize in delivering a seamless customer experience,” said Sarbojit Mallick, co-founder of Instahyre. The introduction of tech integration in the recruiting process has changed the game, moving away from advertisements and recommendations. BFSI businesses that include the newest recruiting practices into the recruitment process will be able to establish a professional network thanks to advancements in technology.</p>
<p>Important conclusions from Instahyre’s research</p>
<p>The blockchain solutions market for banks and financial institutions was valued at $0.28 billion in 2018 and is projected to grow to a size of around $22.5 billion by 2026, according to Instahyre’s ebook.</p>
<p>The ebook also revealed that regular cyberattacks affect 45% of financial intermediaries, such as stock exchanges, money transfer services, and payment networks. This suggests that blockchain technology, with its transparency and security features, is a promising solution to counteract cyber threats, particularly in the financial sector.</p>
<p>The BFSI industry accounted for about 41% of the positions held by data scientists and analytics maestros, a sector that is predicted to grow to $16 billion in India by 2025, according to Instahyre’s ebook. Hiring managers in this industry are turning to AI-powered solutions to expedite the recruiting process and more effectively identify top applicants, given the spike in demand for qualified people with a focus on specialized fields.</p>
<p>According to Instahyre’s ebook, machine learning (ML) is actively changing recruiting processes in the BFSI space, with 46% of businesses using it to identify fraud. It thus makes it possible for the applicant screening process to be more accurate and efficient.</p>
<p>The publication also emphasizes how 49% of businesses use AI and ML to find potential customers in their marketing and sales procedures. Instead, 48% are using it to learn more about their prospects and clients, which helps them make better decisions and improves efficiency, as well as the customer journey and product and service innovation.</p>
<p>The poor gender diversity in the banking business is highlighted by the 20% worldwide participation rate of women in the BFSI sector, according to Instahyre’s ebook. Using diversity and inclusion in the workplace is becoming essential due to the growing awareness of workplace diversity. Based on the notion that diverse and inclusive workplace cultures foster greater profitability, creativity, and innovation, the ebook found that 85% of CEOs in the financial services industry support diversity and inclusion as a means of improving company performance.</p>
<p>For both recruiters and workers, the future seems bright in the constantly changing BFSI market. BFSI organizations may unlock the potential of agility and flexibility by matching their recruiting methods to the most recent trends that coincide with their business objectives. This will open the door to the greatest talent pool, the report found.</p>

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