Banks, HFCs on Hiring Spree

Banks, HFCs on Hiring Spree

Banks, HFCs on Hiring Spree

With high expectations on the economic growth, banks and non-banking finance companies (NBFCs) have stormed up on their hiring plans with an increase of as high as 30-35% in recruitments from a year earlier, especially of those on the technology side of the business.

  • Private lender HDFC Bank, which aims to reach 200,000 villages in the next 24 months, has plans to hire more than 2,500 people in the next six months, while the Shriram Group is hiring 5,000 across its many companies. ICICI Home Finance is looking to onboard 600 employees by December while Kotak Mahindra Bank, too, has resumed hiring closer to pre-Covid levels.
  • The Shriram Group is recruiting mainly in the south and north India, across tier 3-4 cities. Shriram City Union Finance is expanding its gold loan business, while Shriram Housing Finance is expanding primarily in Andhra Pradesh and Telangana.
  • Its director adds that with normalisation returning, they are strengthening functions such as sales, credit, collections and support for supporting the growth plans across the group.
  • Also he adds that they are acquiring talent across diversified portfolios like home loans, APF (approved project finance) and cross-sell verticals.  Also at Shriram Life Insurance, they are said to be developing the distribution models that would help us expand the rural presence and tap the rural customer segments.
  • Financial institutions had brought hiring to a halt as they dealt with the aftermath of the first and second Covid wave. With businesses returning to normalcy and growth expected to pick up in the festive season, companies are adding to their full-time workforce to be ahead of the competition.
  • Most importantly, with the increased emergence of technology, banks and non-bank lenders have ramped up hiring in the technology and fintech space. Even as hiring has resumed closer to pre-Covid levels, our focus has shifted towards hiring of new-age and digital talent with the necessary skillsets; these could be in the areas of digital, IT infrastructure and analytics,” said Sukhjit Pasricha, group chief HR officer, Kotak Mahindra Bank.
  • ICICI Home Finance plans to conduct recruitment drives across its pan-India branch network in sales and credit, enabling the company to cater to the increasing demand in the affordable housing segment.

The MD of ICICI Home Finance says that they are able to see a huge growth opportunity in the affordable housing segment across 530-plus locations where they are present and their pan-India recruitment drive will aid their growth plans since they focus on hiring local talent for their branches.

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