Banking, financial services, and insurance (BFSI) companies in India are ramping up entry-level hiring, including campus placements from engineering colleges and business schools, across functions to support business expansion amid high attrition due to a war for talent within the industry, reports The Economic Times, citing, industry officials and staffing firms. There is a significant pick-up in hiring for frontline roles such as sales executives, tele-callers, customer care representatives and collection agents, driven by an increase in retail lending, festival demand, and a huge rural and semi-urban push. Entry level managerial roles in lending, wholesale banking, treasury, legal, compliance, technology, and cyber security, too, are in high demand, they said.

Kartik Narayan, CEO of Staffing at TeamLease Services, said banking services such as home loan, personal loan, and credit card are all booming and companies are actively recruiting in frontline white-collar job roles. "

Campus hiring in the BFSI sector will increase by about 15%-20% this year, according to a Ciel HR Services survey across 150 companies conducted exclusively for the Economic Times. "Rise in the capital markets, increased distribution of financial products, and expansion forays of financial sector companies are leading to the talent demand," said Aditya Narayan Mishra, CEO of Ciel HR Services.

Finance and investment services firm IIFL Finance plans to hire more than 10,000 people in FY24, mostly in its gold loan and microfinance businesses. Nearly half of the new recruits will be freshers from a mix of colleges and skill development programmes, it said.