SBI has decided to replace 75 per cent of its retiring workforce over the next five years. Due to the lack of job opportunities, the bank has been able to hire the best of candidates for the vacancies in the bank.
The public-sector bank received 28 lakh applications for the 8,000 vacancies for the post of clerk in the past two years. Since last year, nearly 10,000 candidates have been hired to replace the 12,000 employees who retired. About 80 per cent of the new recruits are engineers or MBAs.
The application situation is similar to the one faced by the Indian railways where 23 million candidates applied for 90,000 vacancies. People prefer government jobs due to the perks offered and the availability of financial security throughout their life.
With advancing technology, banking institutions have realised the need to realign present systems to suit today’s requirements. The retirement numbers of SBI are expected to hit a peak in the year 2020 and then gradually drop. With the new recruitments, the average age of the employees is slowly reducing from 48 years to 43 years.
The new roles that have been created are those for wealth management, risk management, advisory loans, recovery, and analytics.
Since nearly 87 per cent of bank transactions take place outside the bank, the new recruitments have been made keeping this in mind.
Source: Economic Times