Gen Z Representation in India's BFSI Sector Surges: Report

Synopsis

A recent report highlights a significant transformation within India's BFSI sector, where Gen Z's workforce presence has surged from 12% to 23% in just two years. This shift is prompting companies to adapt their workplace cultures to attract and retain younger employees.

Key Takeaways

Gen Z workforce in BFSI nearly doubled in 2 years.
Companies emphasize flexible work and career growth.
86% of employees feel satisfied with their workplaces.
Digital technologies enhance operational efficiency.
Fair treatment and growth opportunities improve retention.

Mumbai, April 23 (NationPress) The banking, financial services, and insurance (BFSI) sector in India is witnessing a significant shift, as the representation of Gen Z in the workforce has nearly doubled within a span of two years, increasing from approximately 12 percent in 2023 to close to 23 percent by 2025, according to a recent report released on Wednesday.

This generational transition is reshaping how organizations cultivate their workplace culture. Firms are now prioritizing flexible work environments, career advancement, and inclusive values—elements that resonate strongly with younger employees, as highlighted in the Great Place To Work report.

The BFSI sector is evolving not just towards digitalization but is also becoming more people-centric, particularly for the younger workforce, the report indicates.

Balbir Singh, CEO of Great Place To Work India, remarked that the financial services landscape is swiftly changing, and to maintain competitiveness, companies must innovate for both their customers and employees.

"The financial services industry in India is changing rapidly. To remain at the forefront, we must pioneer innovations—not just for our clients but also for our workforce," he emphasized.

As the pace of digital adoption and financial inclusion accelerates, it is crucial to actively enhance the experiences of those driving this transformation from within, he noted.

A striking 86 percent of employees within this sector believe their organization is an excellent place to work. This level of satisfaction has remained consistent over the past two years, indicating that companies are genuinely committed to enhancing their work culture.

Digital technologies such as Agentic AI and Robotic Process Automation (RPA) are pivotal in modernizing the sector.

These advancements are streamlining various tasks including policy servicing, claims management, and credit processing.

Simultaneously, they are facilitating more personalized services for customers, which enhances efficiency and overall customer satisfaction.

The report also reveals that organizations emphasizing fair treatment, psychological safety, and career growth tend to have improved employee retention.

Such companies are likely to feature employees who adapt swiftly to changes and possess trust in their leadership.

Insurance firms and Non-Banking Financial Companies (NBFCs) are emerging as frontrunners in creating robust and engaging workplaces. These sectors provide valuable insights for others within the industry, as per the report.