As the festive season approaches, the banking, financial services, and insurance (BSFI) sector is witnessing a significant rise in credit card sales, personal finance, and retail insurance, according to a report by TeamLease. The BFSI industry is expected to generate around 50,000 temporary jobs in the second half of 2023 to accommodate the surge in finance-related products.
Compared to the previous year, there is a 15 per cent increase in job opportunities at the start of the festive season (June-July), indicating the sector's positive outlook and proactive approach to meeting consumer demands. This increase is due to higher consumer spending and increased economic confidence.
Traditionally, large cities like Delhi, Mumbai, Chennai, and Bangalore dominated the temporary job market in the BFSI sector. However, over the past two to three years, cities like Kolkata, Pune, and Ahmedabad have also witnessed many open positions, such as on-the-feet personnel and teleoperators.
This shift in demand is a result of the expansion of e-commerce, retail lending, and insurance services across the nation, extending job opportunities to places like Ahmedabad, Surat, Nashik, and Kanpur.
Krishnendu Chatterjee, the vice president and business head of BFSI at TeamLease Services, commented on the situation, stating, "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."
He added that in the last two months, the team has recorded around 25,000 job openings for temporary staffing positions
He said, "we anticipate this number to rise further. The BFSI sector has observed a remarkable 15 per cent increase in temporary workers year-on-year."
Alongside the e-commerce industry, the BFSI sector is actively increasing its hiring efforts to manage higher consumer activity during the festive period, ensuring smooth operations.
Temporary workers in these roles have experienced a 7-10 per cent growth in earnings compared to the previous year. Compensation packages for on-the-feet roles vary, with Delhi ranging between 20-22k, 16-18k in Kolkata, 20-22k in Mumbai, 18-20k in Chennai, and 20-22k in Bengaluru.
Similarly, for teleoperators, salaries range from 16-18k in Delhi, 13-15k in Kolkata, 16-18k in Mumbai, 15-17k in Chennai, and 16-18k in Bangalore. This upward trend reflects the industry's commitment to rewarding its employees and meeting the increased demand during the festive shopping season.
Chatterjee further emphasised, "In the lead-up to the festive season, the BFSI sector is actively seeking skilled and customer-focused individuals to strengthen their workforce."
With an optimistic outlook for the festive season in sectors like E-Commerce, Retail, Consumer Electronics, Automobiles, and Smartphones, the demand for credit cards, personal loans, and insurance products is expected to rise. As the BFSI sector gears up to meet this demand, temporary workers can anticipate a promising second half of 2023.