How Outsourcing Recruitment is Shaping Tomorrow’s Leaders in BFSI Industry?

Author: TASC Outsourcing
Jun 20, 2024

Automation and digitization have triggered a significant shift in the Banking, Financial Services, and Insurance (BFSI) industry. As traditional systems are making way for more advanced technologies, the sector is evolving to meet the changing needs of its customers.


While this transformation mandates major operational changes, it isn’t just limited to that. Such a shift has also redefined the skills required, moving towards seeking out employees with a mix of financial expertise and tech-savviness.


However, the journey is not without its challenges, with talent shortages and retention issues at the heart of it all.


As a result, many forward-thinking BFSI firms are adapting to this new landscape by adopting data-driven strategies, innovative sourcing techniques, and cutting-edge technologies.


They're turning to Managed Service Providers (MSPs) and Recruitment Process Outsourcing (RPO) services to deal with the complexities of talent acquisition and management effectively.


By embracing outsourcing solutions, these market leaders are not only streamlining their talent strategies but also gaining access to diverse pools of skilled workers.


Such an approach is extremely beneficial in helping them stay agile and resilient in an ever-evolving industry, ultimately setting the stage for tomorrow's leaders to thrive.


Leveraging Outsourcing for Agility and Innovation in BFSI

More BFSI leaders are becoming open to outsourcing because it plays a crucial role in their core strategies.


Outsourcing isn’t just about saving costs. Rather, it's also about accessing specialized skills and staying focused on what firms do best.


Over time, outsourcing has become more sophisticated, with BFSI leaders turning to outside experts for various tasks like IT services, customer support, managing data, and meeting regulatory requirements.


Why do they do it?


Well, the BFSI sector operates in a constantly changing environment. By teaming up with specialized vendors, these firms can quickly adapt to market shifts. They get access to a diverse talent pool worldwide and can scale their operations up or down as needed. Plus, outsourcing lets them harness the latest technologies and expertise without the hefty investment of building it all in-house.


And these reasons weren’t enough, outsourcing also helps free up resources for BFSI organizations.


By handing off non-core tasks to external partners, they can concentrate on what really matters – driving innovation, developing new products, and keeping customers happy.


Taking on this strategic move gives BSFI leaders an edge in the competitive market, allowing their organisations to focus on growth while leaving the rest to the experts.


The Rising Tide of Recruitment Outsourcing in BFSI

In 2022, the global RPO market was valued at USD 7.33 billion. The industry is witnessing rapid growth, with projections indicating a CAGR of 16.1% from 2023 to 2030.


It is not unbelievable to think that in the next five years, the majority of employers worldwide will opt to outsource some or all of their hiring processes.


In the BFSI sector, the human resource (HR) department shoulders numerous critical responsibilities, from managing postings and transfers to overseeing training programs and retirement benefits.


Given this breadth of tasks, recruitment outsourcing has become indispensable.


CEOs of major organisations recognise how important recruitment outsourcing has become in the financial sector, especially when dealing with large-scale volume appointments.


BSFI firms often face multiple recruitment challenges, such as candidate withdrawals and multiple offers. The best way to counter these hurdles would be to have dedicated personnel who can oversee the hiring process.


While it’s the need of the hour for BFSI firms to embrace recruitment outsourcing, it isn’t just limited to this sector. In fact, many other industries, such as IT, manufacturing, consumer products, and pharmaceuticals, are also moving in the same direction.


Many BFSI companies are streamlining their HR teams to focus on strategic talent acquisition while outsourcing the execution of hiring processes to dedicated talent acquisition leaders and their teams.


The BFSI sector experiences a fluctuation in talent demands during different months of the year, and it can play a significant role in driving the outsourcing trend. To meet sudden spikes in resource demand, leaders are more inclined to turn towards specialized teams and outsourcing support from vendors with diverse expertise and agility.


The Power of Outsourced Recruitment with TASC Outsourcing

Navigating the complexities of talent acquisition in dynamic industries requires a strategic approach and specialized expertise.


At TASC Outsourcing, we understand the unique challenges and opportunities within the BFSI sector and beyond. Our recruitment solutions are designed to help you not only meet your immediate staffing needs but also build a sustainable leadership pipeline for the future. By partnering with us, your organization can focus on core strategic initiatives while we handle the intricacies of talent sourcing and recruitment.


This collaboration not only enhances your operational efficiency but also expands your access to top-tier talent, ensuring your team is equipped to thrive in a competitive market. Let TASC Outsourcing empower your recruitment efforts, allowing you to seamlessly adapt to the evolving demands of your industry.


Get in touch with our recruitment experts now…