47,800 New Jobs by Financial Services in First Half of Fiscal Year 2019: Survey

The financial services area is probably going to add 47,800 new jobs in the first half of this fiscal year following increasing concentrate on lending by banks and NBFC’s, according to a survey. Despite the difficulties seen in NBFCs, the financial services sector has shown a positive outlook in terms of hiring. A very important factor that has helped this sector grow is penetration into rural businesses. The growth can lead to a surge of job opportunities in the tier-II and III cities. Tier II cities are projected to witness 5 per cent growth in hiring sentiment during April-September followed by tier III cities and rural areas at 2 per cent each and monetary services can play a vigorous role in bolstering this. The survey was done across 19 sectors and 14 geographies among 775 enterprises in India and 85 businesses across the world to judge employment outlook trends. According to the survey, Delhi topped the list for cities with 5,420 new jobs, closely followed by Mumbai which can witness the addition of 5,380 new jobs in the same period. Factors like digitization of banks can boost the job creation in this sector, it added. All positions except the senior-levels are probably to witness a healthy increase in hiring sentiment. The outlook for mid-levels can grow by over 4 per cent and entry and junior levels by 3 per cent each, it said. The survey disclosed that medium-sized businesses can see a large jump of over 5 per cent while large businesses can witness a growth of 2 per cent. The job openings can largely be in practical areas like engineering (over 5 percent), office services (over 4 per cent), blue-collar (over 4 percent) and promoting (over 3 per cent) are probably to check positive increase in hiring, whereas hiring sentiment for the sales and IT functional areas are seen to stagnate, the survey said. Attrition rates have dropped considerably in 5 of the 19 sectors throughout October-March 2018-19 as compared with the April March 2018-19, while 5 alternative sectors witnessed considerably higher attrition throughout this period, it said. The drop in attrition was seen in construction and realty, IT, KPO, telecommunication and travel and hospitality, whereas it grew in agriculture and agrochemicals, academic services, FMCG, financial services and retail sectors, the survey added.