BFSI Sector To Create 50k Temporary Jobs During Holiday Season, Report Outlines Top Roles and Salaries

The BFSI (Banking, Financial Services, and Insurance) industry is already seeing a significant boost in credit card sales, personal finance, and retail insurance as the holiday season approaches, driven by increasing consumer spending and economic optimism. According to a recent analysis by TeamLease, this increased activity will likely result in the creation of 50,000 temporary positions in the second half of 2023 as BFSI companies prepare to hire more people to handle the jump in demand for financial goods.

It continued by saying that the sector’s cheerful outlook and proactive approach to addressing customers’ expanding expectations are reflected in the 15% rise in employment possibilities over the previous year.

high-demand cities

From the perspective of the BFSI industry, the demand for temporary workers during the holiday season has consistently increased in tier-1 cities like Ahmedabad, Pune, Bangalore, and Kolkata as well as tier-2 and tier-3 cities like Kochi, Vizag, Madurai, Lucknow, Chandigarh, Amritsar, Bhopal, and Raipur.

However, in the last two to three years, markets like Kolkata, Pune, and Ahmedabad have also seen significant numbers of vacant opportunities for on-the-feet and tele-operators roles. Previously, metro hubs like Delhi, Mumbai, Chennai, and Bangalore used to drive the majority of temporary employment in the BFSI industry.

As credit card transactions soar, personal financial apps spread, and India’s digital payment ecosystem develops, we are positioned for a dynamic employment market over the next 5 to 6 months, according to Krishnendu Chatterjee, VP and business head – BFSI, TeamLease Services. We have seen an increase in approximately 25,000 job opportunities for temporary staffing roles only in the last two months, and we expect these numbers to rise in the future months.

In order to accommodate the increased consumer activity during this festive time and ensure smooth operations and top-notch services, the BFSI sector is aggressively stepping up its recruiting efforts alongside the e-commerce business.

Earnings

According to TeamLease, salaries for temporary employees in these positions increased 7–10% over the previous year. The compensation for on-the-ground responsibilities in Delhi is from Rs 20–22k, Kolkata from Rs 16–18k, Mumbai from Rs 20–22k, Chennai from Rs 18–20k, and Bangalore from Rs 20–22k.

In the same way, tele-operator salaries in Delhi vary from 16 to 18k, Kolkata from 13 to 15k, Mumbai from 16 to 18k, Chennai from 15 to 17k, and Bangalore from 16 to 18k. The industry’s dedication to recognizing its workers and embracing the higher demand during the Christmas shopping season is reflected in this growing trend.

There is no question that these dynamic prospects will be very important in maintaining smooth operations and providing outstanding client experiences during this most important time of the year. They will be able to handle the increase in personal loan applications and sales thanks to their skill in time management and providing excellent customer service, which will help the business succeed and guarantee customer happiness, said Chatterjee.

The research noted that with the expectation of a prosperous holiday season for industries like e-commerce, retail, consumer electronics, cars, and smartphones, the demand for credit cards, personal loans, and insurance products is expected to go up.