The fast-expanding banking, financial services and insurance (BFSI) sector has semerged as the largest recruiter in Corporate India for the second consecutive year.
In 2023-24 (FY24), listed BFSI companies, including public sector banks (PSBS), added nearly 200,000 employees. In contrast, the headcount in the information technology (IT) services sector declined by nearly 66,000.
In comparison, BFSI firms hired 172,000 on a net basis in FY23, while IT services companies had a net recruitment of 131,000 employees.
This analysis is based on BFSI and IT services companies in the S&P BSE 200 Index. The Business Standard sample includes 34 BFSI companies, 10 of which are listed PSBS, along with 12 IT services companies.
Including PSBs, the total employee base of the 34 BFSI companies in the sample increased to nearly 2 million in FY24 from 1.8 million the previous year. Meanwhile, the total headcount of IT services companies in the sample dropped to 1.73 million from 1.79 million at the end of FY23.
This story is from the September 05, 2024 edition of Business Standard.
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This story is from the September 05, 2024 edition of Business Standard.
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