The banking industry
will need to hire 9-11 lakh employees over the next five years, according to a
report by Boston Consulting News Group.
The report, which
includes a survey of about 14,000 customers, 50,000 bank employees and analysis
of data obtained from about 35 banks in the country, said about half of the
hiring will be due to attrition.
The banking sector is
expected to grow at approximately 20 per cent over the next decade and will
need major induction of talent, a significant part of which is to replace
vacancies arising due to retirements in public sector banks. At the current
rate of attrition, the industry will need to hire over four lakh more people.
Retirements in public
sector banks will continue to increase and peak by 2017. In total, 1.8 lakh employees
will retire and will be replaced. Depending upon the productivity growth, the
industry will need 2.5-4.5 lakh additional people for growth in business.
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