Employment in this sector increased in Tier-2 and Tier-3 cities including Surat, Jamnagar, growth of 29 percent in two years
Labor Day Employment Demand: Employment in the BFSI (banking, financial services and insurance) segment of the country has increased in the last two financial years. Demand for employment in the retail lending sector has increased, especially in tier-2 and tier-3 cities. The demand for employment in various Tier-2 and Tier-3 cities of the country including Surat, Jamnagar in Gujarat increased by 21 percent and 26 percent in FY 2023 and FY 24 respectively.
A recent analysis conducted by TeamLease Services revealed that there has been a significant increase in demand for employment in BFSI in the retail lending sector, especially in Tier 2 and Tier 3 markets. Over the last two financial years, employment in the retail lending sector, including personal loans, home loans, credit cards and micro financing, has grown by 29%.
Retail loan employment increased by 46 thousand
Employment in the retail credit sector has been continuously increasing in the country for the last 3 financial years. A total demand of 46356 jobs was seen in 2023-24. Which shows an increase of 23 percent compared to the last financial year.
Employment volume in the retail lending sector in the 3rd financial year
|
Description |
FY22 |
FY23 |
FY24 |
Year-on-year growth in FY2 3 |
Year-on-year growth in FY24 |
|
tier 1 |
12,018 |
12,600 |
13,725 |
5% |
9% |
|
tier 2 |
9,348
|
10,148 |
12,264 |
9% |
21% |
|
tier 3 |
14,628 |
14,988 |
20,367 |
2% |
26% |
|
total employment |
35,994 |
37,736 |
46,356 |
5% |
23% |
Retail loans in Tier-2 cities including Jaipur, Chandigarh, Coimbatore, Surat, Ludhiana, Indore, Amritsar, Mysore, Nagpur Vizag and Tier-3 cities including Patiala, Bathinda, Meerut, Jamnagar, Yamunanagar, Trichy, Hassan, Kota, Aurangabad. Retail Loans. The demand for employment in the sector has increased. The reason behind the increase in employment is the increasing penetration of the BFSI segment in the hinterland and its growing demand.
Urgent need for skilled professionals
Krishnendu Chatterjee, BFSI Business Head and Vice President, TeamLease Services, said the employment demand in the BFSI sector has grown by 29 per cent in the last two financial years. However, there is an urgent need for skilled professionals to boost the growth engine of the retail loan industry. In the current financial year also, the demand for employment will continue to increase to provide strategic access to customers in emerging markets and to meet the growing demand.
