Despite the challenging year for placements due to the global slowdown and mass layoffs by technology majors, the Banking, Financial Services, and Insurance (BFSI) sector has performed exceptionally well and has emerged as one of the prominent recruiters on campus during final placements. The Class of 2023 can breathe a sigh of relief as leading BFSI firms, including HDFC Bank, ICICI Bank, JP Morgan, Natwest group, DE Shaw India, Ambit, and Edelweiss Tokio Life Insurance, are significantly increasing their campus hiring efforts across various educational institutions.

These BFSI companies are not limiting their hiring efforts to traditional business schools and engineering colleges but are also expanding their outreach to CA and law institutes. This approach enables them to tap into diverse talent pools and cater to their recruitment needs across various job roles.

The BFSI sector offers competitive salary packages, attractive incentives, and professional growth opportunities. These factors make it an attractive sector for fresh graduates and professionals alike. The ramped-up campus hiring by leading BFSI companies is anticipated to increase the employment scenario in India and alleviate the stress faced by students due to the pandemic-induced economic downturn.

Hiring Outlook of the BFSI Sector in India:

HDFC Bank has hired over 60% more fresh graduates from campuses this financial year compared to the previous year. Geetha George, Executive VP of HR at HDFC Bank, said, "At our scale, the campus program is a very important and sustainable avenue for onboarding young talent."

Similarly, ICICI Bank has announced plans to hire 550 graduates from top engineering colleges. TK Srirang, Group CHRO of ICICI Bank, said, "We continue to nurture relationships with educational institutions for inducting talent from diverse resources" The bank also hired close to 330 college graduates this year while Natwest Group India made 300 offers during final placements for the Class of 2023, a 50% increase over last year.

Maneesh Menda, Head of HR - International hubs at Natwest Group, mentioned that they have increased the campus presence and engagement by 20% to meet the demand across functions, including technology, data, and operations, amongst others.

Gaurav Ahluwalia, Head of HR, India Corporate Centres at JP Morgan, said, "We hire from top schools across India, focussing on people with backgrounds in areas such as software engineering, data and quantitative analytics, risk, research finance, and investment banking, and operations"

Insurance companies are also not behind in the hiring game, Vikas Bansal CHRO Edelweiss Tokio Life Insurance predicted a 300% increase in Campus hiring. They are also relaunching entry-level associate programs for graduates from various streams and formalizing hiring from campuses.

Why is BFSI considering campus Hiring as the best solution?

1. Fresh talent: Campus hiring allows companies to hire fresh graduates who are equipped with the latest knowledge and skills. This talent pool brings new ideas and perspectives, which can benefit the company's growth.
   
   
2. Cost-effective: Campus hiring is cost-effective as it eliminates the need for external recruitment agencies and reduces the time and effort required for recruitment. Companies can also hire candidates at an early stage in their careers, offering them a lower salary package than experienced candidates.
   
   
3. Long-term investment: Campus hiring is a long-term investment as it allows companies to train and groom candidates according to their requirements. This helps in creating a talent pipeline for the future, ensuring that the organization has a steady supply of skilled resources.
   
   
4. Diversity and inclusion: Campus hiring enables companies to build a diverse and inclusive workforce. They can hire candidates from different backgrounds, cultures, and academic disciplines, ensuring a broad range of perspectives.
   
   
5. Brand building: Campus hiring helps companies to build their brand image among students and institutes. By participating in campus hiring programs, companies can establish their reputation as an employer of choice and attract top talent.

 

Best Practices in 2023 for Campus Hiring

Here are some best practices for campus hiring in 2023, leveraging the latest tools and technologies, ensuring a great candidate experience, and automating processes across multiple campuses:

1. Build a strong employer brand: In a highly competitive job market, building a powerful employer brand that appeals to potential applicants is essential. Use social media, career websites, and other channels to showcase your company culture and values.
   
   
2. Leverage technology: Use AI-powered tools to automate the hiring process and to make data-driven decisions. This will help in screening resumes, scheduling interviews, and even conducting online assessments. Conducting mass data-driven assessments can help you filter the potential employees at a very early stage of hiring. It's cost and time effective. Unberry is one of the tools with expertise in conducting mass data-driven campus hiring assessments.
   
   
3. Personalize candidate experience: Use chatbots and personalized messaging to engage with candidates and answer their queries promptly. Offer virtual campus tours and information sessions to provide a better understanding of your organization.
   
   
4. Focus on diversity and inclusion: Ensure that your hiring process is inclusive and fair to attract talent from diverse backgrounds. Use technology to eliminate bias from the selection process. Online assessment tools like Unberry, which can provide cognitive, social, and behavioral traits without bias, are considered the best solution.
   
   
5. Collaborate with educational institutions: Build relationships with educational institutions to identify and engage with top talent. Participate in career fairs, sponsor events, and offer internships and training programs to attract students.
   
   
6. Automate across multiple campuses: Use technology to automate the campus hiring process across multiple campuses, allowing you to streamline the process and save time and resources.
   
   
7. Provide feedback: Communicate with candidates throughout the hiring process and provide feedback. This will ensure that candidates have a positive experience, even if they are not selected.
   
   

In conclusion, using new-age tools and technologies is the best way to conduct campus hiring drives. Online assessment tools like Unberry offer a convenient and efficient way to evaluate many candidates' skills and abilities, allowing recruiters to identify the most qualified candidates quickly. These tools provide standardized assessments that ensure fairness and objectivity in hiring, reducing potential bias and discrimination.

Unberry and similar assessment tools also use advanced technologies like machine learning and data analytics to provide detailed insights into candidates' performance and potential, allowing recruiting managers to make better, knowledgeable judgments. They offer a cost-effective solution for campus hiring, eliminating the need for physical infrastructure and travel expenses associated with traditional assessment methods.

Overall, using online assessment tools like Unberry can significantly enhance the campus hiring process for BFSI companies, helping them identify and hire the best talent efficiently, fairly, and cost-effectively.