Jayanthi Gopal, the HR Head at Mashreq Global Network India, offers insights into the transformative journey of India’s banking sector. Emphasising the pivotal role of global capability centres, Gopal explores the limitations of traditional hiring approaches and underscores the need for skills fit for the future.
India’s banking industry is undergoing a significant transformation driven by fintech innovation and widespread digital penetration. This evolution has reshaped customer expectations, propelling the BFSI sector to adapt rapidly.
Amidst such transformation, India’s global capability centres have played a significant role by driving innovation and spearheading digital transformation for parent organizations. As a result, India has emerged as a prominent destination for banking GCCs due to its skilled workforce and favourable business environment. As per a recent NASSCOM- KPMG report, 21% of all GCC employees in India operate in the BFSI sector.
The GCC landscape in India is evolving, driven by technological advancements and shifting consumer demands, necessitating a corresponding evolution in the hiring strategies employed by banking GCCs. Traditional talent acquisition methods are no longer sufficient to attract and retain the right talent with future-oriented skills. To stay competitive and adapt to changing dynamics, Indian banking GCCs need to rethink and reimagine their hiring strategies.
The Quest for Future-Ready Skills
The upswing in digital banking and data-driven decision-making has paved the way for more technology-related roles in the BFSI industry. A July 2022 study shows that the IT, banking, and finance sectors accounted for 93% of the 3.82 lakh net increase in jobs in India during 2021-22. In pursuit of a suitable talent advantage, banking GCCs are in fierce competition against their counterparts and fintech startups.
Beyond seeking traditional financial expertise, these capability centres must broaden their scope of talent acquisition to hire individuals who possess skills like critical thinking, agility, and a relentless passion for innovation. Take, for instance, a digital innovation strategist who possesses the ability to navigate the complex overlap of digital innovation and banking dynamics. Such a hire can bridge the divide between traditional banking practices and emerging technologies, ultimately leading to improved customer experiences. Additionally, in the current high-demand landscape for data scientists, it is crucial to recognize that their value extends beyond technical skills. Skills like creative thinking and communication skills can help them provide actionable recommendations and foster a deeper understanding of the value that data-driven insights.
A new era of agile and innovative hiring
While the BFSI industry undergoes a seismic digital transformation shift, it is becoming increasingly clear that banking GCCs must adopt a more tech-driven, nimble, and adaptable approach towards hiring. This futuristic and sophisticated approach includes leveraging technology, and innovative methods to streamline the processes and appeal to a wider pool of candidates.
Forward-looking GCCs can further future-proof their talent by first identifying roles that can be harmonized with future-ready skills. They also need to recognize that diversity is not only a moral imperative but also a business imperative and consider implementing blind hiring practices to eliminate biases in the selection process.
More importantly, they must leverage technology to improve the efficiency and effectiveness of the hiring process. For instance, automating screening of job applications through applicant tracking systems.
With the rise of talent analytics, employee skill mapping presents an innovative approach to identifying and documenting the skills and competencies of employees. This can be used to identify potential skills gaps, develop training programs, and make better hiring decisions.
Additionally, new-age hiring tactics like gamification, candidate relationship management, and personality assessments have also proven to be successful in enhancing the overall quality of hires. Just as importantly, focusing on creating a positive candidate experience will help banks differentiate themselves and attract top talent.
By banking on talent and reimagining their hiring strategies, banking GCCs can position their parent organisations as leaders in the digital revolution of the industry.
That being said, one of the most important strategies critical to attracting top talent today is personal branding which goes beyond employer branding. Today, leaders, managers, and recruiters need to digitally brand themselves to appeal to the best candidates. By establishing a strong online presence, showcasing thought leadership, and engaging with potential hires through social media, leaders and organizations can enhance their reputation and attractiveness to their potential hires.
At Mashreq Global Network, we have a team of highly talented professionals committed to delivering exceptional customer experiences through innovative products and services. Our distributed workforce allows us to tap into a diverse talent pool from India, enabling us to onboard employees with digital-specific expertise wherever they are available. We also strive to equip our employees with the necessary knowledge, expertise, and tools through robust digitization of systems and processes, to meet the evolving demands of business and provide the best experience to customers.
How banking GCCs are deriving benefits and anticipating the future?
The banking industry is at the forefront of innovation and change, and the next few years will surely witness it. By banking on talent and reimagining their hiring strategies, banking GCCs can position their parent organisations as leaders in the digital revolution of the industry. The focus should be on acquiring professionals with a diverse skill sets, promoting a culture of innovation, and embracing the principles of diversity, inclusion, and continuous learning. It will be intriguing to witness how the influx of digital talent disrupts the traditional banking industry with its vision for change.
About the author: Jayanthi Gopal serves as the Head of Human Resources at Mashreq Global Network India. She brings a rich experience of over 20 years in Human Resources functions ranging from formulating business strategies and developing HR programs and initiatives to supporting businesses for various global organizations.