As the festive season approaches, the banking, financial services, and insurance (BSFI) sector in India is buzzing with activity. A recent report from TeamLease sheds light on the significant upswing in credit card sales, personal finance, and retail insurance, setting the stage for a surge in job opportunities.
Job Growth in the BSFI Sector
The BSFI industry is poised to create approximately 50,000 temporary jobs during the second half of 2023. This influx of employment opportunities represents a remarkable 15% increase compared to the previous year. It reflects the sector's optimistic outlook and proactive response to meet the rising demands of consumers.
Drivers of Job Growth
Several factors contribute to this boom in job opportunities. Notably, there's an upswing in consumer spending and a boost in economic confidence. People are actively engaging in financial activities such as credit card transactions, personal finance applications, and digital payments. This increased financial activity is a clear indicator of the sector's growth.
Changing Landscape of Job Markets
Traditionally, prominent cities like Delhi, Mumbai, Chennai, and Bangalore were the primary hubs for temporary job openings in the BFSI sector. However, a notable shift has occurred in recent years. Cities like Kolkata, Pune, and Ahmedabad have joined the ranks and are witnessing a surge in job openings, particularly for roles involving on-the-ground personnel and teleoperators.
This shift in demand can be attributed to the expanding footprint of e-commerce, the growth of retail lending, and the increasing availability of insurance services across the country. As a result, job opportunities are no longer confined to major cities; they are extending to places like Ahmedabad, Surat, Nashik, and Kanpur.
Positive Industry Outlook
Krishnendu Chatterjee, the Vice President and Business Head of BFSI at TeamLease Services, expressed optimism about the situation. He stated, "With the surge in credit card transactions, personal finance applications, and the growth of digital payments in India, we are expecting a vibrant job market in the next 5-6 months."
Chatterjee noted that over the last two months, the team had recorded approximately 25,000 job openings for temporary staffing positions, with expectations of further growth. The BFSI sector has witnessed a remarkable 15% increase in temporary workers year-on-year.
Rewards for Employees
Temporary workers in these roles are reaping the rewards of this boom. Earnings for these positions have seen a growth ranging from 7% to 10% compared to the previous year. Compensation packages vary by role and location:
In cities like Delhi, on-the-field roles offer salaries ranging between 20,000 to 22,000 rupees.
In Kolkata, it's around 16,000 to 18,000 rupees.
Mumbai offers 20,000 to 22,000 rupees.
Chennai ranges from 18,000 to 20,000 rupees.
Bengaluru provides salaries between 20,000 to 22,000 rupees.
For teleoperators:
Delhi offers 16,000 to 18,000 rupees.
Kolkata ranges from 13,000 to 15,000 rupees.
Mumbai offers 16,000 to 18,000 rupees.
Chennai provides salaries between 15,000 to 17,000 rupees.
Bengaluru offers 16,000 to 18,000 rupees.
This upward trend in salaries reflects the industry's commitment to rewarding its employees while meeting the surging demand during the festive shopping season.
Looking Ahead
As we look forward to the festive season, the BFSI sector is actively searching for skilled and customer-focused individuals to strengthen its workforce. With an optimistic outlook for the festive season in sectors such as e-commerce, retail, consumer electronics, automobiles, and smartphones, the demand for credit cards, personal loans, and insurance products is expected to soar.
As the BFSI sector gears up to meet this demand, temporary workers can anticipate a promising and fulfilling second half of 2023. Opportunities are ripe, and it's an excellent time to explore a career in the dynamic world of insurance and financial services.
Source:
https://www.business-standard.com/industry/news/festive-demand-to-see-addition-of-50-000-temporary-jobs-in-bfsi-teamlease-123081600773_1.html#:~:text=The%20second%20half%20of%20the%20ongoing%20calendar%20year,to%20a%20report%20by%20staffing%20company%20TeamLease%20Services.
Comments