BFSI organisations are implementing strategies to hire tech talent who are aligned with their business goals
Driven by fast-paced digital adoption and rapidly changing consumer demands, the Banking, Financial Services, and Insurance [BFSI] sector is evolving under the influence of advanced technologies – Artificial Intelligence (AI), Internet of Things (IoT), Data Science, DevOps, etc. Owing to the disruptive use of these technologies, the sector has expanded more than ever before and has put India on a trajectory to become the third largest domestic banking sector in the world, after China and the US.
Given the growth-oriented landscape, several stakeholders in BFSI are exploring the implications of emerging technologies. As a result, recruiters of BFSI organisations are implementing strategies to hire tech talent who are aligned with their business goals. To understand the hiring trends in the sector, Instahyre - the one of its kind AI-driven HRTech platform, has identified average salaries for 4 experience levels to help HR teams and recruiters estimate budgets and strategies to hire tech talent.
According to Instahyre’s ‘State of BFSI Tech Talent’ report, frontend development remains one of the most sought-after job functions in the BFSI sector, including skills like jQuery, JavaScript, HTML, Angular, and CSS. Angular sees the steepest increase in salary for all levels – freshers, mid-level, seniors, and leadership. jQuery, CSS, and HTML showcase comparatively lower growth in salaries.
Similarly, there has been a steep demand for backend professionals specializing in Data Structures, J2EE, Java, Hibernate, and Python. Out of these skills, Data Structures gets the highest average salary at fresher, mid-level, senior and leadership roles. The average salary that freshers who specialize in backend Data Structures get is INR 8.83 LPA, which goes up to INR 28.22 LPA for leadership talent.
Additional skills in backend development such as SharePoint, C, .NET, C++, and Algorithms also show an upward hiring trend in the BFSI sector. Among these five skills, Algorithms is the most highly paid skill across job levels. Furthermore, other skills like backend Big Data, ASP.NET, Spring, C#, and PHP also display an uptick in BFSI sector average salaries. Spring is also one of the most popular skills for freshers, mid-level, senior and leadership roles in BFSI backend development.
The completely data-based report also highlights salary trends in Data Science, Big Data, and DevOps. It observes that the steepest increase in average salary from fresher to leadership candidates in Data Science roles is for the Machine Learning skill, while the least gradient is for Data Mining. The average increase in salary with experience for Data Science talent was INR 20.40 LPA.
Digitally driven banking and finance services use Big Data to decipher customer spending patterns. So, the demand for Big Data experts is high, since they also help organizations in fraud risk mapping and data management. Big Data offers progressive career opportunities in the BFSI sector since the average increase in salary with experience for Big Data talent is INR 18 LPA. Data warehousing skill demonstrates the steepest increase in average salary, while Data Analysis shows the lowest growth.
The report is not just about salary. It also covers gender diversity and skill popularity data in granular detail, which will help BFSI recruitment teams make accurate and practical diversity hiring decisions. Interestingly, the report found a negative correlation between gender diversity and average salary hike.
Location-wise, the ‘State of BFSI Tech Talent’ report also pinpoints the highest concentrations of BFSI tech talent in 6 Indian metros and the rest of India. The report highlights that over 30% of BFSI-skilled candidates are residing in Pune, which makes the city a clear forerunner as a source for all BFSI job functions. Pune is followed by Bangalore and Hyderabad, due to their tech-centricity across industries.