My Kind of Job, an upcoming commercial market place for professionals looking for flexibility at work, conducted a thorough survey on the job outlook in the Banking, Financial services and Insurance (BFSI). The survey has been conducted around 300 middle and top level executives in the Banking and Finance sector.
The survey findings will help companies to understand the changing mindset and dynamics of the working population in the BFSI sector and thereby formulate better HR policies and practices.
Job satisfaction drives the BFSI market: Contrary to the popular belief that job seekers nowadays prefer MNC’s over Indian organization, almost 73% of the segment opted for job satisfaction rather than thinking whether they should join an MNC or a private/public bank.
Work tenure: BFSI employees consider 5-10 years as the normal tenure to stick with their organization, thus, bringing down the level of attrition in the sector. 43% of respondents said that they would love to continue or explore options within the same industry while looking for a job change. Only 34% said that they might change their industry only if, it matches their other interest areas.
Compensation not the deciding factor while considering a job opportunity: Stature of the company has taken precedence, followed by career prospects and compensation when it comes to explore new job opportunities in the BFSI sector. Around 29% of the respondents feel that the size of the company is the most important factor while considering a job opportunity in BFSI Sector. This is followed by career prospect, role, compensation and designation which are 27%, 20%, 16%, and 8% respectively.
Increment an important criterion for job change: Around 42% BFSI employee considers 30%-50% hike as a good increment and an important criteria for job change. This is followed by 25% employees wanting 20%-30%. Not much behind is 21% of the employees preferring over 50% of increment. With 1% saying there is no good increment that can stop them for changing the job.
Employee motivational tools: Strong Learning and development program has proven to be the most effective motivation tool covering 32% of the total. 23% people feel Salary above market standards is the ultimate motivational tools to be more productive and result oriented. Rest, 19%, 14% and 12% feels movement across functions, flexible working hours and high variable pay are the top most motivational factors respectively.
Bad boss: top attrition reasons: The survey highlights the fact that the primary reason for attrition for 34% of the employees is a bad boss. Surprisingly, 28% respondents say lower compensation than the market for the candidate is the next major reason for attrition. For 27% of the respondents, the reasons for attrition are the lack of the individual growth in the company. And 11% say that the reason for attrition is the company not progressing.
Ankit Bansal, Founder of My Kind of Job, says, “It’s interesting to see that the job market in the BFSI segment has gained momentum, which is reflective in the fact that around 75% of respondents don’t want to change their industry”. He further mentioned, “RBI’s softening of interest rates, expectations around new payment banks and overall positive sentiment has contributed to managers being buoyant in their outlook.”