With half of its population under 25 and the unemployment rate at four-decade high, India faces an uncertain future. The question on young people’s minds: what kinds of jobs will we have? Quartz asked leaders across India’s biggest industries about that one job in their company or field that will be the most crucial in the coming decades.
From physical banking to providing contactless solutions such as digital wallets, the Indian financial services sector has undergone a sea change in recent times. The policy framework, too, has evolved to accommodate more payments banks, non-banking financial companies (NBFCs), and small finance banks. The government-backed Unified Payments Interface (UPI) now fulfils more digital payments in India than cards and net banking. With growth in digital banking, roles that involve mitigating risk, managing cyber security, and ensuring privacy will gain prominence. Many banks have already started appointing chief risk officers.
Nitin Chandel, the managing director and head of technology at BNY Mellon India, told Quartz:
At BNY Mellon in India, we are hiring full stack developers who have the skillset, and aptitude, to work across different technologies and tiers of applications. Aptitude, learnability, as well as the ability to innovate for end users are critical skills that distinguish high performers from the rest. These high performers, called “10X” employees are taking productivity and innovativeness to significantly higher levels. The challenge of hiring 10X employees is mainly due to the gap we face in supply, versus the demand in the industry. Tech companies are operating on a war footing to win over these developers by innovating on compensation and benefits, investing in developmental opportunities, and above all, providing a great environment to ensure they can make a real impact. Millennials and Gen Z graduates are making their way into the workforce with a different mindset towards working and learning than what previous generations have had. In order to give these new workers a sense of accomplishment, we need to have an added focus on technology, empowerment, and a nurturing environment where we can provide mentoring and growth opportunities.