Kotak Mahindra and Axis Bank, are gearing to recruit at least 2000 fresh graduates each. They are seeking candidates with tech and design skills.
It is the usual practice for Kotak Mahindra to hire about 2500 freshers every year, of which 60 per cent are assigned frontline acquisition roles, 20 per cent are assigned service roles, and 15 per cent are deployed in their in-house contact centre. The remaining are absorbed into miscellaneous roles by other segments, including operations.
Of the 2300 freshers that Axis Bank plans to hire, 2,000 will be assigned entry-level roles. It will be recruiting about 200 from various business schools and about a 100 from the Indian Institutes of Technology ( IITs) and National Institutes of Technology (NITs).
Axis Bank plans to focus on filling posts in the risk, compliance and cyber security space. It is also on the lookout for IT and analytics experts.
The demand for skilled talent in the fields of analytics, digital banking, artificial intelligence and information security is definitely on the rise.
Suitable talent is also being sought for acquisition, relationship and service roles in the banking sector.
The main challenge for the banks is that the Millennials are raring to go and expect to be assigned strategic roles as soon as they join. They do not feel the need to study or experience the basics of the sector first.
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A decade back, one private bank hired around 4000 fresh engineers from the campus and trained them even before they joined, using technology. Unfortunately the job content assigned to them was lousy, making them sell credit cards with stiff targets . Not surprisingly, over 60% left within a few months, thus wasting all the money and energy spent on recruiting and mentoring them.
Hope these banks will try a different approach as the current lot of youngsters are much more demanding and will not hesitate to quit if they do not see a meaningful role for themselves early in their career. A lot of challenges await the banks during the induction stage itself and they need to be well prepared, after studying the current status of the new, young workforce.