Major Challenges

According to Talent Sprint, '…India has the potential to provide workforce for the world by 2020. And yet we are today with awfully low employability rates in metropolitan cities like Chennai, Delhi & Bengaluru. The reasons for such low employability rate are lack of language skills, outdated syllabus, insufficient practical sessions and absence of career counseling facilities…by 2020, only 27% of the 7,50,00,000 graduates will be employable due to lack of job-specific skills.

Apart from these, there are several other daunting challenges for BFSI sector:

• There is a lack of awareness about the Indian and global BFSI practices.
• The employers have to bear extremely high training costs for their employees.
• There is lack of technology savvy personnel who can adapt the upcoming, new technologies, techniques and processes.
• Rising demand for the front-end, multi-skilled and technically upgraded work force. The current work force lacks domain knowledge and expertise as well as job training and job readiness.
• Ageing and retiring work force needs to be replaced by skillful, technologically savvy work force in BFSI sector.
• High turnover ratio of employees because of lack of pre-job training and outdated skill sets. There is no link between skills and goals of employees with those of the company.