Crunched by the economic slowdown, the financial sector in India has seen a drop of about 40 per cent in recruitments in the past six months.
Human resource industry executives say middle and senior-level officers are now open to joining less glamorous domestic corporate houses considered safer despite events like the corporate fraud rocking Satyam Computer Services.
Firoze Patel, senior client partner at recruitment firm, Korn Ferry told Hindustan Times that the job market in the financial sector will stay tough till the year-end.
“We can expect the situation to remain tough till December after which we can see some revival in the recruitment scene,” he said.
Industry sources said there is a growing sense of tension among the middle and senior level executives at big entities like Citibank, GE Capital and American Express. “Much of it is also due to a generally low sentiment among executives which is due to the spread of gloom worldwide,” an official at a foreign bank said on condition of anonymity.
“Given a chance many engaged with the foreign banks would shift to Indian corporate houses which could be even family-owned,” said a senior HSBC executive.
Arjun Srivastava, consultant, Egon Zehnder earlier said that India’s fundamentals are still strong and the recovery in the job market would be the fastest, once the economy starts looking up.