Festive finance demand surges, BFSI expected to create 50,000 temporary jobs in H2 2023: Report

As the festive season is coming in, the BFSI sector is already witnessing a remarkable surge in credit card sales, personal finance, and retail insurance driven by increased consumer spending and confidence in the economy. This surge in customer demand is anticipated to generate approximately 50,000 temporary jobs in the second half of 2023, as BFSI firms are set to increase their workforce to meet the surge in finance products, according to a report by the HR management firm, TeamLease, released on Wednesday.

The report further states that the 15 per cent increase in job opportunities over the previous year reflects the BFSI sector's upbeat outlook and proactive approach to meet consumers' growing demands.

From the BFSI sector's perspective, the demand for temporary workers during the festive season has shown a consistent rise not only in the tier-1 cities like Ahmedabad, Pune, Bangalore, Kolkata but also in tier-2 and tier-3 cities such as Kochi, Vizag, Madurai, Lucknow, Chandigarh, Amritsar, Bhopal, Raipur.

The report further reveals that earlier metro cities like Delhi, Mumbai, Chennai and Bangalore used to drive maximum temporary positions in the BFSI sector; however, in the last 2-3 years, markets like Kolkata, Pune and Ahmedabad have also witnessed equally large numbers of open positions for on-the-feet and teleoperator roles.

Speaking about this increasing demand, Krishnendu Chatterjee, Vice President and Business Head, BFSI, TeamLease Services, said, “As credit card transactions surge, personal finance applications proliferate, and India's digital payment landscape flourishes, we are poised for a dynamic job market over the next 5-6 months. In the past two months alone, we have witnessed an influx of nearly 25,000 job openings for temp staffing positions, and we anticipate these numbers to escalate in the upcoming months.”

Chatterjee added: “Comparing this demand with pre-Covid times or the Temp Staffing role requisites of the last five years, the BFSI sector has seen a remarkable 15% increase in Temp workers year-on-year. While these opportunities were formerly concentrated in metropolitan areas, the expansion of e-commerce, retail lending, insurance services across the nation have extended the demand to cities like Ahmedabad, Surat, Nashik, and Kanpur, reflecting heightened economic activities in these regions.”

Alongside the e-commerce industry, the BFSI sector is also actively ramping up its recruitment efforts to cater to the heightened consumer activity during this celebratory period ensuring seamless operations and top-tier services. 

Notably, temporary workers in these roles have grown 7-10 per cent compared to last year. Package for on-the-feet positions in Delhi range between 20-22,000, Kolkata 16-18,000, Mumbai 20-22,000, Chennai 18-20,000 and Bangalore 20-22,000. Similarly, salaries for teleoperator roles in Delhi range between 16-18,000, Kolkata 13-15,000, Mumbai 16-18,000, Chennai 15-17,000 and Bangalore 16-18,000, said the report.

“In the run-up to the festive season, the banking and financial services sector is actively seeking highly skilled and customer-focused individuals to bolster their workforce. There is no doubt that these dynamic candidates will play a crucial role in ensuring seamless operations and delivering exceptional customer experiences during this crucial time of year. Having their expertise in time management and delivering a high level of customer service will enable them to deal with the surge in credit card applications and sales, personal loans, thereby contributing to the success of the company and ensuring customer satisfaction,” Chatterjee opined.

Also Read: India may well be on track to becoming world's third largest economy