SBI, IDBI, BOB & Other Public Sector Banks Are Now Hiring Specialists In These Unconventional Domains
Digitization is the need of the present time. In consideration of the same, public sector banks continue to hire professionals for lateral positions to fulfill the demands of automation and also prioritising the needs of small industries in India.
Countries biggest lender, State Bank of India called applications to fulfill 477 information technology (IT) positions on Tuesday.
Bank of Baroda, the second-largest public sector bank in India, has also advertised for 15 vacancies for the post of specialist product managers to work for Uttar Pradesh government’s scheme for micro, small and medium enterprises. Bank of Baroda is also looking for a senior official to lead its MSME business vertical in Uttar Pradesh.
According to reports, these specialist position hirings are based on a contract basis. IDBI bank has also advertised for around 950 vacancies in April month, out of which most of them were for specialized roles. The bank was recently taken over by Life Insurance Corporation of India (LIC).
SBI Plans On New Appointment
Countries leading bank SBI plans to make new appointments across 4 different pay grades. The appointees will be hired in the age group between 30-40 years. These hiring will be done for assistant manager, deputy manager, manager and chief manager positions. This will include database administrators, developers, infrastructure engineer, IT security expert, cloud administrator, cybersecurity and digital forensics positions.
SBI presently hires in four different categories which are – Probationary officer, junior associate, lateral hires and management trainees. The bank plans to appoint 248 vacancies for candidates belonging to general category. The rest 229 will be assigned to reserved applicants. The maximum vacancies around 181 are available for the developer positions. Around 94 vacancies are for IT security expert and 47 for system/system administrators.
SBI’s workforce shrunk to 2.57 lac at the end of the year 2019 compared to its earlier number of 2.64 lac in the year 2018, according to its annual report 2018-19. Also, 692 specialists were hired by SBI in the 2019 year.
Most PSBs don’t aspire to fill all the vacant positions since the attrition rate is very low, around 5-10%. According to them a lot of hiring is done in recent years, though most of them were for roles which require specialization in fields like treasury, IT and sales.
Why Hire Specialists?
According to SBI’s annual report, they said that the bank is actively recruiting specialized talent on lateral and contractual basis in the areas of wealth management, information technology, information security, risk, credit, among others, in order to meet the demands of the fast-changing business landscape.
Normally employee hired laterally get better remuneration than market trend, mostly it is higher than public sector banks.
It was also informed that this specialist position needs to be fulfilled since the requested skills are not available and grooming existing workforce would be a time-consuming process. These positions are based on different fields like Marketing, human resources, analytics, credit and risk, IT and wealth management.
Kotak Institutional Equities mentioned that PSBs have huge retirements in their resources every year. They said, “Hence, any merger during this period makes it easier for senior management to manage talent, especially when attrition rates are quite low”.
By seeing this trend, analysts said that more job vacancies will be available because of the upcoming merger of the banks.