Public Sector Banks (PSBs), such as the State Bank of India, Canara Bank, Bank of Baroda and Syndicate Bank, are planning to recruit about 1 lakh employees this financial year.
The banks are working towards adapting in the rapidly growing technology and digital affairs, thus creating various positions for the new-age banking, like Chief Ethics Officer, Chief Management Officer, Chief Learning Officer, Chief Investment Officer, Digital Marketing Campaigner, and so on.
Digitalization has pushed the banks to be brushed up, to function well in the perfect competition market, for which banks are recruiting especially in the field of wealth management, analytics, digital marketing, strategy, and customer services.
Most of the PSBs have officers more in number than clerks, which are only 20 percent of total employees. However, SBI constitutes 45 percent clerical employees, estimated by Team Lease.
Team Lease is one of the largest staffing companies in India. Its Business Head of Banking and Financial Services, Sabyasachi Chakraverty, says, “State-owned banks are turning competitive after battling mammoth bad assets”.
“The need is to change the culture of PSUs to drive business, and this has been seen in their hiring patterns. They are now focusing on hiring talent in line with the new age as well as private/multinational lenders. This, in turn, should yield results over a period of time. Hiring outlook for the government lenders is also brightening,” he said.
According to Team Lease, in the last two years, 95,000 employees have been recruited at clerk, management trainees, probationary officers level.
Mrutyunjay Mahapatra, CEO of Syndicate Bank, says, “Going forward, the plain vanilla generalist recruitment will give way to a specific niche, strategy-based hiring. We need a new type of manpower as they will be put in new areas like digital marketing and stressed asset recovery. Remunerations are also attractive at the first three entry levels compared to foreign and private lenders.” Syndicate Bank is hiring 500 people this year.
Salary levels are also estimated to be up to ₹50 lakhs a year. Banks are eyeing on fresh talent to manage technology and customer services.
The State Bank of India is planning to make 5,000 lateral hires as it looks forward to the potential expansion in the near future. While Bank of Baroda plans to hire 500 employees for portfolio management services. It also looks forward to recruiting in the legal arena for asset recovery.
IDBI Bank, earlier in April-May, appointed professional consultants to hire senior-level executives to recover bank’s financial health.