Dec 18, 2024 Geo Money Capital

Job Creation and Filling Rates in Finance Sector

In India, the financial services sector has experienced significant growth in job creation, with notable disparities between the number of vacancies and the positions filled.

Job Creation and Filling Rates:

• 2023: According to data from the National Career Services portal, approximately 46.86 lakh (4.686 million) jobs were created in the financial services sector. However, only 27.5 lakh (2.75 million) of these positions were filled, leaving about 18 lakh (1.8 million) vacancies unfilled. This indicates a substantial gap between job creation and actual employment, attributed to factors such as unemployability and skill mismatches.
  Economic Times

Recent Trends:

• Q2 2024: The Indian banking and payments industry saw a 22% increase in new job postings compared to the previous quarter. Notably, Kotak Mahindra Bank accounted for 13,198 of these postings, representing a significant portion of the hiring activity.

  Retail Banker International

• First Half of Fiscal Year 2025: The banking sector is projected to experience a net employment growth of 7.21%, with Non-Banking Financial Companies (NBFCs) and the insurance sector also anticipating significant increases in workforce size.

  Business Standard

Challenges:

Despite the creation of numerous job opportunities, the financial services sector faces challenges in filling these positions due to a mismatch between the skills required and those possessed by potential candidates. This skills gap has led to a significant number of vacancies remaining unfilled.

In summary, while the financial services sector in India is expanding and creating numerous job opportunities, there remains a considerable gap between job creation and actual employment, primarily due to skills mismatches and unemployability issues.

Share This Post