‘Pandemic has Galvanized Hiring Trends in the BFSI Sector’, says Visionet Systems India’s MD Alok Bansal

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The pandemic has changed the world in irrevocable ways and though the world has faced setbacks in terms of health markers, social and economic well-being, there has been an upside of the downside. In India and globally, thanks to the flexibility of hybrid and remote working modules, growth prospects and competitive remuneration, aspirants are gravitating towards the Banking, Financial Services and Insurance (BFSI) sector.Alok Bansal, MD Visionet Systems India and Global Head BFSI BusinessAlok Bansal, Visionet Systems Indias MD and Global Head BFSI Business, says, “The world has now grown even more reliant on technological innovations especially over the last two years. Adaptive technologies and a resurgent and expanding digital environment have created a huge demand for innovators and fresh talent in BFSI companies. There will always be a demand for conventional roles but companies like ours now also want versatile applicants who can play hybrid roles in tech and domain knowledge.”The BFSI sector industry has adapted with alacrity to the post pandemic scenarios and its economic recovery has been rapid. Infact by August and September 2021, job numbers had risen to pre-pandemic levels. Alok Bansal says, “The BFSI sector is driven by customer experience and we are now seeking applicants who can increasingly make it better. We are looking to hire cyber security experts, blockchain and application developers, cloud engineers, data scientists, big data analysts, and AI/ML engineers. There is a skill gap that we are seeking to bridge through our ‘Unnati for India’ initiative. This is primarily to make the youth adaptive to new careers.”According to a National Skill Development Corporation (NSDC), the Indian BFSI sector in India will need an additional 1.6 million skilled hands by 2022 and Alok Bansal thinks Indias youth would do well to respond to this opportunity.Alok Bansal concludes, “With more and more sectors digitising processes, we are going to need people who do not just have technical and analytical skills but managerial skills as well and without training the workforce for tomorrow, we will not realise our full potential. Our education modules also must now skill our young to adapt to the post pandemic world because traditional degrees can no longer make students employable in a digitally altered reality.”

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal