The Indian banking sector is becoming a hot destination for expats. Private sector major ICICI bank and foreign banks like Citibank, Standard Chartered, ABN Amro among others witnessed this emerging trend.
Recruiters say that expats from south eastern Asian countries are now keen to work for Indian financial services companies, especially banks. They prefer to work in the Investment banking, retail and corporate banking, corporate affairs, global markets and micro finance space.
Foreign nationals from Japan and US are working with ICICI bank in the areas of corporate banking, investment banking and microfinance. This is an emerging trend where expats are willing to work in the country at Indian salaries. This is largely on account of the scale the Indian markets offer today.
The diminishing salary gap between India and the developed world has also made India an attractive destination for job seekers. Foreign nationals are now more receptive to take up assignments in India. The difference between the compensation structure offered by India and other countries has gone down substantially during last two years. Today the salary drawn by an executive and middle level officer in India is comparable to that is offered in Singapore.
Salaries in India are increasingly aligning to those in developed markets while the cost of living is significantly lower giving the expat higher savings. An India stint is perceived as a huge professional growth opportunity, given the countryâ€™s rising stature as a key global player and a huge market, making it a hot professional destination for expats who spend anywhere between 2 to 5 years in India.
Indiaâ€™s banking system and market is slowly maturing and there is a dearth of talent. At present India is replicating the growth of some other Asia Pacific regions like Korea, Japan and Singapore. Banks and financial services companies are looking at poaching the best talents from these markets to use their experience in India.
There is a severe dearth of talent in India particularly in the financial services space. Institutions setting up new business and new product lines prefer expats or Indians with exposure to mature markets. Expats also view the India stint as an added dimension in their career. Over a period of time the compensation structure in India has also adjusted to accommodate these talented expats.
This is a challenge the HR is facing in getting the talent to work for the Investment banking, retail and corporate banking, corporate affairs, global markets and micro finance space. The growth story in India of the financial sector is increasing the demand for talent exponentially. Even with expats coming in there is still a lot of scope for local talent in getting the lucrative jobs in prestigious organizations in India.