BFSI Sector To Generate 50,000 Jobs Due To Surge In Demand For Festive Finance: Report

The banking, financial services and insurance (BFSI) sector is witnessing a remarkable surge in credit card sales, personal finance, retail insurance driven by increased consumer spending and confidence in the economy. This increased activity is anticipated to generate approximately 50,000 Temp Jobs in the second half of 2023, according to a report by TeamLease.

From the BFSI sector's perspective, the demand for Temp workers during the festive season has shown a consistent rise not only in 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. 

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“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,” Krishnendu Chatterjee, Vice President and Business Head - BFSI, TeamLease Services said.

The report further says that the BFSI sector is actively ramping up its recruitment efforts to cater to the heightened consumer activity during this celebratory period ensuring seamless operations and top-tier services.

Also, earnings for temporary workers in these roles have grown 7-10% as compared to last year. According to the TeamLease report, packages for on-the-feet roles in Delhi range between Rs 20,000 to Rs 22,000, Kolkata Rs 16,000 to Rs 18,000, Mumbai Rs 20,000 to Rs 22,000, Chennai Rs 18,000 to Rs 20,000 and Bangalore Rs 20,000 to Rs 22,000.

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“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 added.

Anticipating a buoyant festive season for sectors like ecommerce, retail, consumer electronics, automobiles, and smartphones, the demand for credit cards, personal loans, and insurance products is projected to gain momentum.