Recent survey comes up with the observation that the banking sector
will possibly surpass and overtake the IT industry and be the leading
job creator in another five years, that is, 2018. It has been speculated
that by 2018, the banking industry will generate about 7.5 lakh jobs. A
report has been published by the management consultancy of Boston
Consulting Group which proclaims that the banking sector would require at least 9 to 11 lakh employees in the next five years. Their main
target is to fill up the 80% vacancy that is there in the Public Sector
Banks.
To compensate for the vacancy a massive hiring has to take
place. The problem gets worse with the high rate of employee retirement.
It has been seen that at the middle management level there has been an
acute shortage of bankers as well. The khandel committee (constituted by
the government) report has come up with a perplexing statistical data
that by 2015 almost 80% of the general managers, 58% of the assistant
general managers, 65% of the deputy general managers and 44% of the
chief managers would retire. This report can have serious implications
if the new recruitments are not done on time.
Financial and
banking experts come to the conclusion that there has been a grave
mismatch of demand-supply as the public sector banks as well as the
government failed to perceive the potential of growth for the PSBs. the
acute shortages have mainly raised because the hiring started from the
70s and the 80s. However, with the technological boom and the
computerization of the entire process the entire industry suffered from
excess and became overstuffed which forced the government to stop all
hiring and recruitment for the next few years.
This has given
birth to a crisis situation; with almost no hiring taking place for a
span of 15 years, the banks are now finding their employees on the verge
of retirement who have been recruited and hired in the 70s and the 80s.
The banks are now in neck deep trouble to cope up with the challenge of
the high number of employee recruitments. The senior vice president of
BFSI, Sridhar K has remarked that “unlike other sectors, public sector
banks will have to rely on new recruits and internal promotions to fill
the vacant benches, as lateral hiring is not usually done.”
However,
banking experts feel that there would not be a crunch of employees as
more and more people, particularly youngsters have shown great interest
in taking up banking jobs. The banking sector is clearly going to
experience a boom in the next couple of years. More people are now
inclined to take up posts in banks and a government job would naturally
imply security of services. Moreover, with the economic recession
hitting hard the private sector jobs, people are keener to find jobs in
the Public Sector Undertakings
