Tag: recruitment

Banks, HFCs on hiring spree amidst rising home loan demand

Banking & Finance

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Banks, housing finance companies and NBFCs are on a hiring spree amidst rising demand for home loans.

Industry experts and players say that hiring for home loan departments is up by at least 20 per cent to 25 per cent in recent months as players look to expand their home loan portfolios in smaller towns and attract more customers through lower home loan rates.

“Hiring has gone up by 22 per cent to 25 per cent by banks, NBFCs and HFCs. This is especially the case in the last three to four months, especially after the second wave of the pandemic. A small portion seasonal in nature but we expect it to be largely sustained for the next few years. The requirement for additional staff is equally in urban and rural markets,” said Amit Vadera, Vice President – Staffing, TeamLease Services.

About 90 per cent of the requirement is in the sales function with starting salaries in the range of ₹15,000 to ₹20,000 along with attractive variable incentives.

Amidst the pandemic and work from home, many people are now looking at their own homes as well as larger homes, leading to the demand for home loans. Banks, HFCs and NBFCs consider the home loan portfolio to perform better as typically borrowers do their best not to default on home loans. They have been offering interest rates as low as 6.4 per cent (such as Union Bank) and are also charting out aggressive expansion plans.

“There has been increased hiring as most small finance banks, HFCs and NBFCs in different segments are expanding their reach to newer locations and need people,” said the head of a housing finance company.

However, he noted that many employees as are moving from one company to leading to higher manpower costs.

“Every company is in a hiring spree. Everybody feels that there will be a huge uptick in housing and other credit demand,” he, however, noted.

Shriram Housing Finance had in September announced that it plans to hire 350 employees in Andhra Pradesh and Telangana as part of its expansion plans in the region. ICICI Home Finance had also announced in September that it would hire over 600 people by the end of this calendar year to meet the demand for home loans.

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Max Life to digitally hire 40,000 agent advisors this fiscal

Banking & Finance

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Max Life Insurance Company Ltd (Max Life), a private life insurer, on Friday said that the company has digitised its entire recruitment process and targets hiring of nearly 40,000 agent advisors in current fiscal.

Launched last year, in the backdrop of Covid-19, a new recruitment approach was designed and implemented to digitally enable quick, seamless identification, verification, and onboarding of prospects.

The new process enabled the it to recruit more than 23,000 agent advisors in FY21, out of which 38 per cent were diverse candidates. Bolstered by the success of last year, the company now aims to build the agency force with even more efficiencies in place to recruit a record number of agent advisors.

V Viswanand, Deputy Managing Director at Max Life Insurance said in a statement: “The digital recruitment journey of our agency workforce has not only helped bring in top-quality talent to the business, but also ensured greater agility, speed and effectiveness in the entire onboarding journey. As a strong advocate for diversity, Max Life also aims to target a more diverse group of people in its recruitment strategies who are more representative of our customers.”

Under its digital recruitment push, Max Life initiated a comprehensive ‘Web-to-Recruit Program’ to enable quality agent recruitment. Built with an always-on approach, the program has enabled the agency with a reliable process of recruitment that has helped establish a healthy agent advisor talent pool. Similarly, mobile-based “Smart Banners” customised with the recruiter’s coordinates have enabled sending out clear communications to the prospect agent and engaging with them on a one-on-one basis.

The company recently launched a new training transformation program for its agency channel with the ‘Max Life Ace Talk’ initiative, the statement added.

The talk series aims to showcase inspirational stories by Max Life’s agent advisors to a network of upcoming agent advisors, fuelling inspiration from personal stories of success and professional journeys, driving a culture of heroes and evangelising the profession.

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SBI to recruit 6,344 junior associates

Banking & Finance

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Here’s some good news for job-seekers in the current pandemic-ravaged times. State Bank of India (SBI) has just announced vacancies for recruiting 6,344 Junior Associates (Customer Support & Sales).

This recruitment drive comes in the backdrop of the possibility of companies slowing hiring due to the adverse impact of Covid-19 on their operations as well as demand for goods & services. So, there is likely to be fierce competition for the vacancies.

Though under the essential academic qualifications, India’s largest bank has prescribed “graduation in any discipline from a recognised University or any equivalent qualification recognised as such by Central Government”, it is likely that many with professional qualifications, including engineering, law, management, among others, will have a shot at the exam.

This time around the number of vacancies, including regular, backlog and special recruitment drive, advertised are about 35 per cent less vis-a-vis last year.

The age criteria for the general candidates to take the exam is “not below 20 years and not above 28 years” as on April 1, 2021. For the other categories, there is relaxation in the upper age limit.

The starting Basic Pay for Junior Associate is now higher at ₹19,900 against ₹13,075 earlier.

This hike in Basic Pay follows the signing of the industry-wide 11th Bipartite Wage settlement in November 2020, whereby bank employees — officers, staff and sub-staff — got a 15 per cent hike in the payslip component.

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As per SBI’s recrutiment advertisement, the total starting emoluments of a Clerical Cadre employee payable in a metro like Mumbai will be around ₹29,000 per month (₹26,000 earlier).

This is inclusive of Dearness Allowance, other allowances at the current rate and two additional increments for newly recruited graduate junior associates. Allowances may vary depending upon the place of posting.

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According to the bank, the new recruits will be on probation for a minimum period of 6 months. They will be required to complete e-lessons during the probation, for getting confirmed in the bank, failing which their probation will be extended till completion of the same.

Further, before the probation period comes to an end, their performance will be evaluated and the probation period of those employees whose performance fails to meet the bank’s expectation, may be extended.

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PayPal to hire 1,000 engineers for its India Development Centres

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Global digital payments company PayPal on Wednesday said it will hire 1,000 engineers for its India Development Centres across Bengaluru, Chennai and Hyderabad over the course of the year.

It will hire technology talent across software, product development, data science, risk analytics and business analytics in entry, mid-level and senior roles.

PayPal India also announced plans for campus hires from top engineering colleges across India.

With digital payments getting accelerated by the pandemic, PayPal, moving forward with its digital first approach, will focus on technology innovation across Artificial Intelligence/ Machine Learning, Data Science, Risk and Security, Customer Experience and other key areas.

Guru Bhat, VP Omni Channel & Customer Success, GM – PayPal India said, “Our India Technology Centers are the largest outside the US and play a pivotal role in enabling us to constantly innovate and remain ahead of the curve. As digital payments move from a nice-to-have to an essential service, we are focused on investing in and nurturing world-class technology talent to continue to offer products and services that meet the needs of our growing base of consumers and merchants.”

PayPal currently employs over 4,500 people across three India Technology Centers.

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