Technologically-savvy and digitally-oriented candidates are more in demand to fill executive-level positions in the Indian banking, financial services and insurance (BFSI) sector, the head of a global recruitment firm said on Tuesday.
This comes as companies, which traditionally fill roles through internal candidates, are slowly shifting their focus to adapt to an industry that is ever more reliant on technology to transform customer experience.
"This (BFSI) industry is heavily focused on seamless customer experience now, which has led to a high demand for tech roles," Anshul Lodha, managing director at Page Executive India, told the Reuters Trading India forum in an interview.
There is "big demand" in recruiting for roles for artificial intelligence and machine learning (AI/ML) engineers and developers, along with professionals with expertise in user interface and user experience (UI/UX) as well as cyber security, Lodha said.
Fintech firms are leading the demand for C-level hires, followed by non-banking finance companies (NBFCs), insurance and banks, he said.
"Leadership talent is looking to move from larger organisations to newly set up platforms or business units for better growth opportunities."
In terms of compensation, Lodha said that employee stock ownership plans (ESOPs) continue to be a big draw but candidates look for more cash components.
"Employers are open to shorter vesting of ESOPs versus earlier to keep it exciting," Lodha said.
Vesting is a process where employees gain allotted share ownership over a period of time.