Demand for talent in financial market in India

NEW DELHI: The financial crisis in the US may have impacted hiring across the financial services sector, but the search for top talent does not seem to have plummeted in India. Despite the fact that hiring has almost flattened in the BFSI sector, a number of corporations including banks and financial services companies, are scouting for key talent to fill their top management positions.

Consider this: Essar group is looking for CEOs for almost all of their financial services businesses from life insurance, general insurance to mutual funds and NBFCs. Similarly, Dabur Liberty General Insurance Company and Shriram Life Insurance, a JV between Shriram Group and SANLAM of South Africa, have hired a search firm to find CEOs for their businesses. Max Bupa Health Insurance is also learnt to be on the lookout for the entire top management team.

And that���s not all. HDFC Standard Life is looking for a replacement for its MD Deepak Satwalekar, while banks such as Bank of Montreal and the UBA Group of Nigeria are hunting for country managers here. Japan���s Shinsei Bank, which had tied up with Andhra Bank for an asset management company (AMC), needs a CEO. Other AMCs eyeing candidates for the top position include Mirae Asset Global Investments (India) and Old Mutual Fund of South Africa, say sources.

Many of these firms are either setting up shops in India or are in the process of doing so. For instance, UK-based insurance major Legal and General, which had tied up with Bank of Baroda for life insurance business last year, is also on the lookout for a CEO. ���In the light of the recent developments in markets, talent in risk and portfolio management is in demand.

With new entrants in the financial market and high attrition levels, there is a scarcity of talent as well. This has resulted in demand for fresh talent and continued hiring,��� said Stanton Chase���s country head, R Suresh.
Positive Moves Consulting���s managing partner Vibhav Dhawan says banking services in the country are strong and require good talent.

But though a few players are hiring, this can not be said about the entire sector. ���The current economic crisis has put every bank on alert as far as hiring is concerned. There were reports of banks like ICICI laying off a few people. The global crisis can keep the likes of AMCs, private equity firms and retail banks away from hiring,��� said a head-hunter.