Festive demand to see addition of 50,000 temporary jobs in BFSI: TeamLease

The second half of the ongoing calendar year is expected to see an addition of about 50,000 temporary jobs in the banking, financial services and insurance (BFSI) sectors ahead of the festive season, according to a report by staffing company TeamLease Services.

The BFSI 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, according to the report.

"This increased activity is anticipated to generate about 50,000 temporary jobs in the second half of 2023, as BFSI firms are set to increase their workforce to meet the surge in finance products," it added.

The TeamLease analysis is based on current market demand, industry job openings and the larger market or industry sentiment.

From the BFSI sector's perspective, the demand for temporary workers during the festive season has shown a consistent rise not only in tier-I cities like Ahmedabad, Pune, Bengaluru and Kolkata, but also in tier-II and tier-III cities such as Kochi, Vizag, Madurai, Lucknow, Chandigarh, Amritsar, Bhopal, and Raipur.

Earlier, metro cities like Delhi, Mumbai, Chennai and Bengaluru used to drive temporary positions in the BFSI sector, but in the last 2-3 years markets like Kolkata, Pune and Ahmedabad have also witnessed large number of openings for on-the-feet and tele-operators roles, it added.

"We are poised for a dynamic job market over the next 5-6 months. Since last month, we have witnessed nearly 25,000 job openings for temporary staffers, and we anticipate these numbers to grow to over 50,000 in the second half of this year," TeamLease Services Vice-President and Business Head, BFSI, Krishnendu Chatterjee said.

"Earlier, these opportunities (temporary jobs in the BFSI sector) were concentrated in metropolitan areas. But the expansion of e-commerce, retail lending, insurance services have extended the demand (for staffers) to cities like Ahmedabad, Surat, Nashik and Kanpur, reflecting heightened economic activities in these regions," he added.

Earnings of temporary workers in the BFSI sector have grown 7-10 per cent this year as compared to the last, according to the report.

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, it added.