Gender Imbalance In BFSI Tech Industry Linked To Unequal Salary Hikes: Report

The lower gender diversity is related to higher average salary hikes for the banking, financial services and insurance (BFSI) technology jobs, according to Instahyre’s ‘state of BFSI tech talent’ report.

Driven by fast-paced digital adoption and rapidly changing consumer demands, the BFSI sector is evolving under the influence of advanced technologies – artificial intelligence (AI), the internet of things (IoT), data science etc., the report added.  

Owing to the disruptive use of these technologies, the sector has expanded more than ever before and has put India on a trajectory to become the third largest domestic banking sector in the world, after China and the US.

Given the growth-oriented landscape, several stakeholders in BFSI are exploring the implications of emerging technologies. As a result, recruiters of BFSI organisations are implementing strategies to hire tech talent who are aligned with their business goals, it stated.

According to the report, frontend development remains one of the most sought-after job functions in the BFSI sector, including skills like jQuery, JavaScript, HTML, Angular, and CSS. 

Similarly, there has been a steep demand for backend professionals specialising in Data Structures, J2EE, Java, Hibernate, and Python. 

Out of these skills, Data Structures gets the highest average salary at fresher, mid-level, senior and leadership roles. The average salary that freshers who specialize in backend Data Structures get is INR 8.83 LPA, which goes up to INR 28.22 LPA for leadership talent. 

The report also highlighted salary trends in data science, big data, and DevOps. It observed that the steepest increase in average salary from fresher to leadership candidates in Data Science roles is for machine learning skills, while the least gradient is for Data Mining. The average increase in salary with experience for Data Science talent was Rs 20.40 lakh per annum. 

Location-wise, the report also pinpointed the highest concentrations of BFSI tech talent in 6 Indian metros and the rest of India.

The report also stated that over 30 per cent of BFSI-skilled candidates are residing in Pune, which makes the city a clear forerunner as a source for all BFSI job functions. 

"Pune is followed by Bangalore and Hyderabad, due to their tech-centricity across industries<" it mentioned.