Surge in demand for festive finance, expected to create 50,000 Temp Jobs in H2 2023 says TeamLease
Mumbai, 17 August 2023: With the festive season on the horizon, the BFSI (Banking, Financial Services, and Insurance) sector is already 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, as BFSI firms are set to increase their workforce to meet the surge in finance products. The 15% increase in job opportunities over the previous year reflects the sector’s upbeat outlook and proactive approach to meeting consumers’ growing demands.
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, and Kolkata but also in tier-2 and tier-3 cities such as Kochi, Vizag, Madurai, Lucknow, Chandigarh, Amritsar, Bhopal, Raipur. Earlier metro cities like Delhi, Mumbai, Chennai, and Bangalore used to drive maximum Temp positions in the BFSI sector, however, in the last 2-3 years markets like Kolkata, Pune, and Ahmedabad have also witnessed equally large number of open positions for on-the-feet and tele-operators roles.
Speaking about the increasing demand, Krishnendu Chatterjee, Vice President and Business Head – of 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. 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 actively ramping up its recruitment efforts to cater to the heightened consumer activity during this celebratory period ensuring seamless operations and top-tier services. It is heartening to note that earnings for temporary workers in these roles have grown 7-10% as compared to last year. Package for On-the-feet roles in Delhi range between 20-22k, Kolkata 16-18k, Mumbai 20-22k, Chennai 18-20k and Bangalore 20-22k. Similarly for tele-operators roles in Delhi range between 16-18k, Kolkata 13-15k, Mumbai 16-18k, Chennai 15-17k, and Bangalore 16-18k. This upward trend reflects the industry’s commitment to rewarding its employees and embracing the increased demand during the holiday shopping season.
“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.” Added Mr. Chatterjee
Anticipating a buoyant festive season for sectors like E-Commerce, Retail, Consumer Electronics, Automobiles, and Smartphones, the demand for credit cards, personal loans, and insurance products is projected to gain momentum. With the BFSI sector geared up to meet this growing demand, Temp workers can confidently look forward to a promising second half of 2023.