Financial services jobs outpace IT sector in smaller cities

Financial services outpaced the IT sector in Tier II and Tier III cities in providing the jobs to the young aspirants. Out of the total 26.35 per cent of the jobs created in financial services, the stock market, brokerage houses and mutual funds offered the maximum job vacancies in this sector, contributing a share of 35.44 per cent. It was followed by the insurance sector. After insurance sector, the banking sector generated employment opportunities with a share of 30.34 per cent. Read more

(Source- Assocham)

Banks announce more than 3000 vacancies for officers

In last one month, public sector banks and cooperative banks in India have invited applications for more than 3,000 vacancies for officers. Major chunk of these vacancies are for Probationary Officers/Management Trainees.

Also banks are hiring directly from market for specialist functions like Marketing, Sales, Agriculture, Economist, Planning, Research, Legal, Security, Audit, Human Resources, Treasury, Risk Management, Information Technology etc. Most of these are in Middle Management cadre.

If you are registered with banknetjobs.com, you can search these vacancies and apply to them online OR you can register at: http://www.banknetjobs.com

What bank looks for in job applicant ?

What bank looks for in job applicant is one of the most debated & sought after question for the candidates trying to join the banking sector. Every bank has different bench marks. Also public sector banks differ in their recruitment approach from new private sector banks.

However following capabilities/abilities, every bank look for in the new employees: -

1. Ability to lead and work in teams as required.

2. Ability to lead, manage, train the team to achieve targets.

3. Ability to grasp information and to convey it in a meaningful manner.

4. Ability to optimum utilization of resources and commitment to meet deadlines.

5. Ability to comprehend needs of customers and to respond appropriately

Keep a clean track record to get a job

Employers are looking into the personal background. besides looking at experience, qualification, competence and communication skills of the candidates. HR firms are even seeking police verification wherever possible. Since fake qualification and experience documents have become frequent, companies go in for a thorough verification of backgrounds of the job seekers.


Growing hacking, cyber crimes, companies are becoming increasingly vigilant while employing staff. Companies are looking to recruit only efficient and reliable hands to avoid hiring employees who may either not be dependable or even have a doubtful background.


Ensure that you provide correct details in your resume and also keep a clean track record to get into a good job.

Public sector banks to hire 20,000

Public sector banks (PSBs) are expected to hire 20,000 in 2008-09.In 2007-08, the PSBs had hired over 15,000.

Hiring is expected to go up in 2008-09 due to increase in business opportunities in retail banking, marketing and expansion in rural banking.

The hiring is getting broad-based bringing in specialists along with generalists. For instance, Indian Bank and IDBI are currently looking for specialist officers such as Chartered Accountants, computer, law, industrial development officers, treasury, corporate and SME experts.

BFSI sector to create a million jobs every year

According to industry sources, the rapidly growing banking, financial services and insurance (BFSI) sector in India is expected to create about a million jobs every year for the next five years. The insurance industry will lead by creating 500,000 jobs. The issue is no longer about finding BFSI jobs for people, but ensuring that there are enough people with relevant skills for the jobs at hand.

I feel Ma Foi Employment Trends Survey is too conservative in its projections as far as jobs in the BFSI sector are concerned.

A million new jobs in 2008 in India

Ma Foi Employment Trends Survey estimates that a million new jobs will be created in India in 2008. Health Sector shows the highest growth in recruitment at 8.9% followed by IT at 7.3%, ITES at 7.2% and Hospitality at 6.9%.

Experienced workers are hired more than freshers, who constitute a little more than a quarter of the newly hired. Sectors where the demand for freshers is above 30% include Hospitality, Energy Generation & Supply Sector, ITES and Mining & Extraction.

In the city analysis, Mumbai is poised to generate the highest number of employment followed by Delhi, Chennai and Kolkatta.

Indian IT Cos to pay less to employees

As per the assocham analysis, the average hike in wage cost of IT companies fell to about 22 per cent during Oct-Dec 2007, as against a whopping q-on-q rise of 45 per cent during third quarter of the financial year 2006-07.

Thinning margins due to appreciating rupee is putting pressure on the software companies to put a check on its employees’ pay packages. At the same time, high emphasis would be now placed on productivity efficiencies and cost controls. The trend has already begun with TCS cutting the variable pay of its employees.

Perform well or you'll get axed

India's Top software services firm Tata Consultancy Services Ltd (TCS) is sacking 500of its employees as their performance was rated poorly.

TCS has also started pay cuts from the salaries, wherever internal EVA (economic value-added) target was not achieved. Shortfall of Rs 83 crore in EVA is being recovered from salaries of employees.

EVA is the difference between net profit and the cost of capital. In the quarter ended December 31, TCS appointed 4,037 employees, taking its total headcount to 108,229, up from 83,500 a year ago.

Indians to get highest salary hikes

Indians working with MNCs are expected to get the highest salary hike of about 14 percent on an average across the world in 2008.

According to ECA International's Salary Trends Survey 2007-08, Indian employees working with MNCs are forecast to receive an average hike of 14 per cent, the highest across the world, and up from 12.6 per cent in 2007.

India is followed by Argentina (12.7 per cent), Indonesia (11.3 per cent) and Russia (11 per cent).

The top ten countries globally in terms of expected salary rise include five Asian nations, India, Indonesia, Vietnam, China and the Philippines.

In contrast, companies in the developed countries such as Switzerland, Japan, France, Austria and Germany would dole out lowest salary hikes this year.

KPO needs around 1,00,000 professionals

According to ASSOCHAM estimates, currently over 260 KPO companies are operating in India and the number can be reached at 350 by 2008 with employment opportunities for qualified professionals to the extent of 1,00,000. Some of the big companies like Genpact, Evalueserve, WNS, 24/7 Customer, EXL, Copal Partners, HCL, Wipro are providing variety of KPO services.

The salary ranges are 12-15% higher than the BPOs industry and even the entry level earnings are more in it. A customer care office in KPOs can earn Rs.1.5 to Rs.1.7 lakh per annum while a technical support office can also earn the similar amount. The voice and accent trainer can fetch Rs.2.25-2.50 lakh per annum whereas a team leader can earn around Rs.3-4.5 lakh annually. Read full story