Instahyre, an AI-driven HRtech platform, recently released a report detailing the most popular skills in tech roles in the BFSI sector. It covers various experience levels, average salaries for tech talent, diversity scenarios in these roles and location-specific availability of the talent pool. The report gives clarity on the emerging growth opportunities for individuals and the employers.
Key findings on BFSI tech talent from Instahyre report
Due to its ability to derive meaningful insights from large sheets of data, data science has become immensely popular over the last few years, says the report. Python has emerged as the most preferred programming language among tech talent looking to leverage this technology to its full potential. R [for data analytics] and machine learning are considered the least popular skills to fill data science roles at the fresher (0-1 year), mid-level (2-5) and senior (6-9) experience levels.
The skills for tech talent include data collection skills, at all experience levels. The demand for data extraction skills is lower.
DevOps, which is often viewed as one of the most challenging roles in the tech industry, has also become a widely preferred career path among tech enthusiasts. Instahyre report unveils that freshers with 0-1 year of experience wish to master AWS skills as it helps them command higher salaries. However, Jenkins dominates DevOps for candidates exceeding 2+ years of experience. CI-CD and virtualisation have come up as the least popular skills for talents with 0-5 and 6-10+ years of experience.
Considering the increase in cyber attacks, freshers and leaders with 10+ years are more inclined towards cybersecurity skills, while mid-level executives continue to pursue security testing functions. Furthermore, the report suggests that endpoint security and application security are slightly less popular skills in the IT security segment across all four experience levels.
Sarbojit Mallick, Co-founder of Instahyre, says, “Quite evidently, a common trend is apparent across functions and levels — new skills are more popular among freshers. This is due to the fact that people at leadership levels started their career with legacy skills. This directly affects the availability of candidates and narrows the space for recruiters in negotiating salary and benefits packages. Organisations are also focusing on high-demand skills to remain proactively competitive.”
Availability of talent pool as per location
The report highlights the concentration of candidates across cities. For all job functions, Pune is the top location, followed by Bengaluru and Hyderabad. The report covers the percentage of candidates residing in these three cities for 10 job functions.
Measuring the salary trend, the report says some skills display a sharper upward trend as the experience goes up. In the data science field, the steepest increase in average salary for freshers (0-1 year of experience) to leadership candidates (10+ years) is for machine learning. The average increase in salary with experience for the data science talent is Rs 20.40 LPA.
For big data functions, the steepest increase in average salary from fresher to leadership individuals is for data warehousing, whereas data analysis is in the least gradient. The average increase in salary for this role is Rs 18.42 LPA.
In the case of IT security, the steepest increase is in cyber security, while the least gradient is in app security. The average increase in salary for IT security is Rs 20.95 LPA.
The report explores the salary structure of other prominent tech roles in the BFSI sector.
Diversity in action
The widest gender gap in data science talent is in Python (59.67%), while the narrowest is in Java (45.42%), says the report.
Similarly, data collection (50.14%) has the widest gender gap in big data talent, whereas data analysis (44.60%) has the least. On the other hand, in IT security, endpoint security (61.06%) has the biggest gender gap, and cyber security (48.04%) the least.
The report covers all 66 skills that fall under the 10 job functions in the BFSI tech talent space to measure the actual state of diversity.