Lenders bank on campus recruitment

Private banks are aiming to hire at least 50,000 individuals, including fresh graduates, for entry-level positions over the next year to address the challenge of high attrition, according to bankers and recruitment experts.

- Devina Sengupta,Shayan Ghosh

The banks are grappling with what they term as “infant mortality", referring to the trend of new hires opting for logistics and delivery services, and leaving their jobs within the first one to three months.

The decision to hire from campuses is driven by the cost-effectiveness compared to recruiting from the open market. “Banks will be hiring around 50,000 in junior positions, including campuses over the next one year," said Upasana Agarwal, partner for professional and financial services at ABC Consultants, an executive search and talent advisory firm.

“Attrition at the junior-most levels can be as high as 50-60% and campus hiring enables a firm to be talent-ready. These models help hiring in bulk rather than bringing talent in a fragmented manner," Agarwal told Mint in an interview.

Attrition has been somewhat secularly spread across the private sector lenders, experts said.