Top banks and financial services companies are on an intensifying recruitment course in the country’s leading undergraduate and engineering colleges and business schools due to growth in all companies and increased digitalization in a post-pandemic world.
Aside from jobs in finance, operations, treasury, risk, analytics, research, investment banking and corporate banking, the focus this year is on technology roles, a post-Covid phenomenon that companies in the FSO sector started with. much more emphasis on the need to scale their digital offerings.
Axis Bank plans to attract 50% more campus additions than last year; Goldman Sachs’ Indian campus hires in 2022 will grow 27% to over 1,900 new hires, including interns; for JP Morgan, on-campus admission will increase 23% for full-time analysts and 38% for interns. Others, including Citi, Deutsche Bank, and Mastercard, are also hiring aggressively, especially for digital skills.
“For 2022, our new campus hires will increase by 43%, 24% and 6% respectively at universities, engineering colleges and business schools. This reflects our growth across businesses and the availability of world-class talent in India, ”said Deepika Banerjee, Co-Head of Human Capital Management at Goldman Sachs Services. A key element of the company’s hiring strategy on campus in India is engaging talent through internships.
For JP Morgan, on-campus recruiting is a major contributor to the growing number of hires by attracting young talent. “The increase this year is being driven by increasing staffing requirements in all business areas and especially for technological and technological-functional roles,” said Gaurav Ahluwalia, Head of HR, India Corporate Centers, JP Morgan.
“Citi is committed to staying one step ahead of the digital transformation in all regions and our institutional and corporate businesses in India. Indian talent is key to supporting these priority areas, ”says Aditya Mittal, Interim CHRO for Citi India.
As India cemented its status as a global technology center, another factor driving talent demand is the continuous flow of work from global corporations into their global service centers in India, says Madhavi Lall, Head HR, Deutsche Bank India. They expect to accept a few hundred graduates and interns born in 2022 from all target institutes.
“We are actively recruiting for digital skills, which make up the bulk of our intake, and we see fair competition for talent in this field,” adds Lall.
The intense competition for talent in this field is not only driving salaries up, but most companies are adding new locations to existing ones this year to expand their hiring pipeline.
Axis Bank has added new locations to both its MBA and engineering recruitment programs as the acceleration of its digital agenda and strategic transformation of the organization have also given impetus. “This year we’re doubling and increasing our attitudes. As we recover from the pandemic, corporate demand for talent in both core and new age skills has increased, ”says Head-HR Rajkamal Vempati.
In the coming year, Mastercard plans to recruit around 500 graduates from 2022 as part of the Launchers program to fill roles in software development engineering, data engineering, analytics consulting, artificial intelligence and other areas.
Campus like IIM Ahmedabad are seeing an increase in the number of businesses. During the past summer placements, the number of companies offering investment banking, research, and asset & wealth management roles increased 27% year over year, said Ankur Sinha, chairman of the placement committee.