Banking aspirants are growing in number every year. It is evident from the number of applicants applying each year for the entrance tests conducted by the Individual banks and Indian Banking Personnel Selection (IBPS). This boom in the banking jobs has many reasons like scheme of Financial Inclusion, increasing number of branches across the country, digitization of banking services demanding newer approaches towards banking etc.
The IT industry on the contrary, is on its resurgence period post-recession in 2008-09, in India. Recession has seen innumerable job cuts and drying up placements in top IT companies in India which has resulted fear of Job loss among the engineers or people who opt their career in IT industry. In the last five years though, the situation in the IT industry has changed to an extent, with new medium scale MNCs are entering the Indian market resulting in increasing job opportunities for the IT personnel.
Decide Your Job Search Parameters!
Both the banking and private IT industry has its pros and cons and thus requires much deliberation before choosing any of these as career. The job security and growth always remains the key areas in any job opportunity which the candidates look out for. In case of SBI PO, the job security is much better than that of any post in the private sector IT industry, due to the insecurity of the proceedings of world economy and market.
On the other hand, the banking sector in India is not completely depended upon the world economy and the great depression in the year 2008-09, which was felt by most of the developed nations, could not have a hard effect on the Indian banking sector back then. But, there is no assurance that the banking sector might not fall into the pit as bad loans and willful defaulters are on the rise for the banks in the country as well, resulting in huge quarterly losses for the banks.
Job Profile of SBI PO and IT Personnel
The Probationary Officer of State Bank of India is responsible for raking business for the bank along with other responsibilities. They are not only supposed to carry the office or paper work related with clearing and financial transactions, but need to meet with new clients and brief them about various facilities that bank offers to their customers. They need to sell new schemes and insurance policies to prospective clients as well from time to time and manage the loan affairs. They are often given the responsibility to make sure that the loans are passed to people who would not turn into defaulters.
On the contrary, the IT personnel have more of a desk job, where coding and bugging takes the major portion of their working hours. Generally they are more involved in technical parts. The prospect of the job is quite monotonous but there is always scope for doing better work being at the respective desks.
Job Security and Social Position
The SBI PO job, or any public sector bank job, is more secure than any of the posts in the entire IT industry run by private players. Though, the SBI PO need to undergo targets set by the senior authority, failing of the targets doesn’t end up into sacking. They might at best have to compensate it with their promotions in extreme cases, but sustaining these can end up in better positions for SBI POs. The social status and position among the peers also gets elevated for the people working in the SBI as PO, because of the fact that SBI is the largest commercial bank in India.
Work-Life balance of SBI PO and IT Personnel
Due to the fact that SBI allows two compulsory Saturday holidays in a month and have more or less regulated work hours for its employees; it becomes a job option that can provide the adequate work-life balance for them. Though, there are days when the Probationary Officers to stay late at the bank and complete the work. They often need to get placed at any part of the country in the branches of the bank as per requirement, making it tougher for the family and kids to adjust in newer places with every transfer.
On the contrary the IT personnel generally have a five day working job schedule and a more or less stable posting of candidates with no or very less transfers. Though, the workers in the IT industry too need to often undergo long strenuous hours and alternative shifts making it tough for them to carry on in long term.
Salary and Growth for SBI PO and IT Personnel
The gross salary of SBI PO including pay perks, DA, HRA, medical benefits and other facilities amounts to almost 8-12 lakh per annum, depending on the place where they are posted. The IT personnel on the contrary get anywhere around 5-6 lakh per annum at the time of joining. They are not subjected to various facilities and amenities enjoyed by the SBI PO neither they are offered housing rent and allowances from their company they need to manage it all by themselves only.
The growth prospects of the SBI PO is also quite bright as they could reach to the Assistant Branch Manager and Branch Manager level posts within the span of 5 years and can grow real quick in ranks depending upon the hard work. The IT entrants in private company also could reach to higher levels, but it takes a considerable amount of time for them to reach a senior level management post in the IT firm. While the bank jobs are on the rise at the present context as banking industry is one of the growing sectors in the country, the IT industry is also making its comeback after the setback in the recession hit years.
This article could help candidates to make a choice about their career option. Decide your own parameters of dream job and choose your career accordingly.
All the best!