Investment banks and asset management companies were the top picks of students across campuses till a few years ago. Not any more. The startup ecosystem has snatched the best talent from banks to Flipkarts and Snapdeals. As per the interviewers of public sector selection boards, “Mostly, students rejected in various competitive exams appear for IBPS. Out of 4 lakh who appeared it is difficult to select even 25%.” A robust economy needs a strong banking system which requires the best manpower of a country. TKWs Institute of Banking & Finance has investigated the key reasons that need to be addressed to make banking an exciting career opportunity for the next generation.
- Lack of entrepreneurial spirit and intensive bureaucracy at workplace makes the job less exciting for youngsters. The best minds prefer working with new age startups like ecommerce that give them more challenging work roles.
- Though banks expects the brightest but it is a poor paymaster. “70 per cent of the bankers are in public sector and they are paid very very poorly compared to market” as remarked by Arundhati Bhattacharya at a recent conclave.
- The public money goes into formation of institutions like IITs and IIMs, which nurture the best talent. Unfortunately, the public banks are barred from campus recruitment and loose this battle to companies who engage directly with the students there.
- As per Deloitte’s recent talent survey banking inclined students aspire for a work place that offers professional development and growth opportunities. However, the performance management practices of Indian Banks favor experience over performance.
- “Secure Employment” is an important consideration of banking inclined student. But, the intense competition amongst private sector banks has created a perception of insecurity amongst aspiring students.
- Women hold the purse strings of household savings, but they represent only 17% of banking workforce. A few have made it to the top, but most find banking jobs inflexible and unfavorable for women. A big reason for this is the policy of interstate transfers and inflexible work hours.
- Banks are also one of biggest recruiter of tech talent but do not match the culture and environment of new age IT companies. As an IIT Techy said, “I would rather join Google for the great food that they serve in their canteen.”
The key expectations of next generation bankers seem to be prestige, professional growth, high future earnings and a culture of meritocracy. They aspire for a workplace which is transparent, friendly, creative and dynamic.
To brainstorm these challenges and to envision a future workplace that can attract the best talent, TKWs Institute of Banking & Finance is organizing in New Delhi a Bankers Meet focused on Next Generation Bankers. The conference will be held at Le Meridian on 23rd September 2015. The speakers and delegates will ideate and prepare a Vision Document titled BFSI Vision 2022, which will be presented to PMO, MoF, RBI and CMDs of all private and public sector banks. Readers can contribute to the BFSI Vision 2022 by tweeting their ideas to @TKWsIBF with #BankersMeet.
About 3rd Bankers Meet
An annual networking and knowledge sharing forum held in Delhi for senior most banking professionals. The conference is attended by CEOs, CXOs, National Heads, Business Heads and Regional Managers of various banks and financial institutions. This year’s conference will be an Interactive event, aiming at making a collection BFSI Vision 2022. The discussions will span areas of Financial Inclusion, Payment Banking and Next Gen Bankers.
About TKWs Institute of Banking & Finance
Based in New Delhi, TKWsIBF provides employability training in the domain of Banking & Finance. With a focus on Skill Development the institute uses Experiential Learning Techniques to prepare the students for various job roles performed in BFSI sector. Offering an undergraduate and a graduate level diploma course the intake to the institute is restricted to 120 students per year.