Newer Jobs, Questionable Talent

The banking industry creates about 50,000 jobs in India each year and with the economic environment conducive for opening of newer banks and old banks adding in more number of branches this number is set to cross the 15 Lacs mark in the next 5 – 10 years. With IDFC Ltd &Bandhan Financial Services getting the preliminary go-aheads on their banking license application and about 20 more applications still in fray, certainly the Indian Banking Industry is looking to open up once again. The Industry which saw no new banks being added post Yes Bank in 2004 is set to generate newer avenues for both employment & newness in services. 

Newer bank licenses are not the only one’s which would be generating employment, the existing banks especially the existing private sector banks are also looking to expand and penetrateinto rural areas in the years to come. The other set of recruiters would include the PSU’s which would also have a large chunk of their aged workforce retiring during this period. This trend is quite evident with Bank PO examination now trying to look for good candidates in the mid and lower level management levels.

Reading this would give any banking aspirant a serious motivation and also a reason to rejoice. But indications are that banks are simply not adequately poised to handle this massive staffing challenge that confronts them. With hiring in banks been sluggish in the previous years, this means putting tremendous pressure on the HR division to find and place the right hire to the right job and also expecting the new joiner to start delivering day one. With this problem of hiring Day 1 ready professionals as a banking aspirant I need to know the correct route and also choosing the correct program which ensures that as an employee I am able to do 8 out of 10 jobs expected out of me on day 1.

Also as stated earlier with banks looking to expand in rural markets the manpower requirement is also likely to be distributed across a large number of newer demographics. The other task at hand for banks is how to have the existing staff ready for the real challenge of expansion both in terms of geographies and also technologies. With products and rates largely being flat across the industry the biggest difference in this industry would be customer service. How soon can we reach out to a newer segment, how much can we get the existing investor to invest further with us and for how long can we keep him engaged with a meaningful dialogue to get his money’s worth.

With academic institutions launching banking courses in a flurry and tempting aspiring students to join them. As a student what you need to be careful off is, that the course you choose needs to be:

1. A Blended learning program, i.e., should be a mix of both theoretical and on the job training,
2. Should be able to teach on actual software’s that you would be expected to use while on the job
3. Should package in communication and sales skills as a part of the program and not as an optional add-on
4. Should aim to build up analytical mindset which helps develop understanding the consumer query faster

To ensure this happens banks also need to start looking out for partners who can help their new employees develop this skill set and get them day 1 ready employee, which reduces pressure on the business cycle.  As banks will now just cannot hire graduates and post graduates and expect them to learn on the job. For banks their task is cut out and for the aspirants they need to start choosing wisely on the correct course to reach their dream job.

Deepak Lamba, President, TimesPro