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Banking and Financial Companies stepping up hiring for entry level roles

November 06, 2023

Banking and Financial Companies stepping up hiring for entry level roles
In response to the surging demand in the banking, financial services, and insurance (BFSI) sector, companies are significantly increasing their recruitment efforts at entry-level positions. This rise in hiring encompasses roles such as sales executives, tele-callers, customer care representatives, and collection agents. Industry insiders attribute this spike to the growing retail lending sector, heightened festival demands, and extensive rural and semi-urban expansions.

Additionally, there is a growing demand for entry-level managerial positions in lending, wholesale banking, treasury, legal, compliance, technology, and cyber security. Notably, Axis Bank plans to hire 12,000 candidates from various institutions this year, marking a substantial increase from the previous year. The industry is witnessing fierce competition for talent, leading to aggressive hiring and poaching among BFSI companies. Kartik Narayan, CEO of TeamLease Services, highlighted a 25-30% rise in white-collar job hirings across BFSI, with banking sector roles experiencing a significant boost.

However, the industry faces challenges due to high attrition rates, ranging from 30-35% annually. Frontline roles, especially in segments like broking, distribution, and housing finance, are witnessing even higher talent exits, reaching up to 50-70%. Experts attribute these high turnover rates to comparatively lower wages, poaching practices, and limited on-job training opportunities in the BFSI sector.

In response to the growing demand, a survey by Ciel HR Services predicts a 15-20% increase in campus hiring this year across 150 BFSI companies. Aditya Narayan Mishra, CEO of Ciel HR Services, attributed this demand surge to the capital market’s rise, increased financial product distribution, and expanding initiatives by financial sector companies.

Highlighting this trend, IIFL Finance plans to recruit over 10,000 individuals in FY24, primarily in its gold loan and microfinance sectors. Nearly half of these recruits will be freshers sourced from various colleges and skill development programs. As BFSI companies intensify their hiring efforts, aspiring professionals find ample opportunities in this thriving industry. 

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