A recent Economic Times report highlights that tech roles favor product organization candidates, while domain expertise is key for non-tech roles. Compensation is about ?1 crore for 18-25 years of experience, and CFOs earn ?2-4 crores.
Global capability centres (GCCs) in the BFSI (banking, financial services and insurance) are aggressively ramping up leadership talent driven by growing investments, expansion in service offerings, and new strategic initiatives, especially in digital transformation and compliance.
Companies like Barclays, TransUnion, and OakNorth among others are hiring leaders in technology, particularly for roles in cloud, artificial intelligence and machine learning, but also cybersecurity, risk management, and compliance.
BFSI GCCs employ between 3,20,000-3,60,000 professionals, accounting for 20-25% of the total GCC workforce, and 30% of digital banking products produced globally are developed in India, according to ANSR, which specialises in setting up and managing GCCs.
Those in the BFSI space are not hiring as strongly as some other sectors, but there is a steady rise in demand for leadership roles in banking and markets operations, and in asset and wealth management, it said.
Executive search firms ET spoke to said candidates from product organisations are tapped for technology hiring, and for nontechnical roles, domain and functional expertise remain paramount.
There is an emphasis on technology hiring, particularly for roles associated with cloud, artificial intelligence and machine learning," said Raiput.
Many BFSI players are pressing the reset button to ramp up their presence in cybersecurity, AI/ML, cloud, data protection, corporate treasury and risk modelling, said Lalit Ahuja, CEO of ANSR.
"The outlook for leadership hiring at BFSI
GCCs remains strong as organisations look for leaders who can navigate this transformation," he said. UK-based company is tapping not just those with experience in financial services firms but also those with consulting backgrounds who have driven functional transformation.
"A combination of home-grown talent from diverse tech ecosystems and an increasing number of returning Indian talent lends itself to better supply of leadership talent in India," said Arun Krishnamurthy, HR head, Barclays India.
At TransUnion, leadership roles span across all functions, including data science and analytics, software development, platform engineering, information security engineering, business process reengineering, global vendor management, global solutions, global technology, financial shared services, and financial planning and analysis.
TransUnion has centres in key GCC hubs across the country, with core teams supporting various global transformation initiatives. The company will continue to hire senior leaders as required, said Debasis Panda, head of TransUnion GCCs in India, South Africa and Costa Rica.
A significant focus on digital transformation is creating a demand for leaders with knowledge of blockchain and cybersecurity. Amidst a strict regulatory environment, there is also the need for executives with expertise in risk management and compliance, said Jyoti Bowen Nath, managing partner at Claricent Partners.
There is demand for roles like chief information officer, chief technology officer, chief data officer, and chief risk officer, and leading consulting firms, seasoned business executives, international marketplaces, and internal promotions are all sources of talent, Nath told ET.