Synopsis
The temporary workforce is crucial to the growth of NBFCs in India, fulfilling essential roles that drive financial inclusion, according to a recent report. The report highlights the rapid changes and significant contributions of temporary employees in the sector.Key Takeaways
- The temporary workforce is essential for NBFC operations.
- NBFCs achieved a 21% YoY growth in net advances.
- Maharashtra and Gujarat lead in contractual workforce contributions.
- Delhi offers the highest average salary for temporary workers.
- Women's participation in the sector is growing significantly.
New Delhi, Feb 24 (NationPress) The temporary workforce has become a vital component of the non-banking financial companies (NBFC) sector, fulfilling important functions such as collection officers, sales officers, and relationship managers, according to a recent report released on Monday.
The analysis by TeamLease Services indicates that the sector is undergoing significant transformations in workforce dynamics, with temporary staff playing a crucial role in customer-facing positions.
NBFCs have emerged as a pivotal element of India's financial ecosystem, demonstrating a robust 21 percent year-on-year (YoY) growth in net advances.
As of the financial year 2024, their total balance sheet size reached Rs 21.8 lakh crore. A key driver of this expansion is the increasing utilization of digital tools and a broader customer outreach strategy.
“This transformation is not only improving operational efficiency but is also redefining workforce roles,” the report noted.
The states of Maharashtra and Gujarat lead in contractual workforce contributions, accounting for 19.9 percent and 11.6 percent, respectively.
Together with states like Tamil Nadu, Karnataka, and Uttar Pradesh, the top ten states represent nearly 75 percent of the temporary workforce distribution in NBFCs.
However, the concentration of temporary positions in a limited number of states highlights the necessity for a more equitable workforce distribution to foster inclusive economic growth.
Salary patterns also differ by region. Delhi and Karnataka offer the highest average salaries for temporary employees within NBFCs, with Delhi at Rs 23,756 and Karnataka at Rs 23,607.
These salaries pertain to roles such as telesales agents, rural credit officers, and administrative personnel.
Women constitute 21.9 percent of the sector's temporary workforce, with the highest female participation recorded in Mizoram at 45.5 percent.
The northeastern states exemplify efforts in enhancing women’s representation in financial services, with Sikkim at 35.7 percent and Meghalaya at 29.4 percent.
This advancement is primarily attributed to cultural acceptance and robust government initiatives.
“The NBFC sector serves not only as a financial catalyst but also as a significant enabler of employment and inclusion,” remarked Balasubramanian A, Senior VP and Business Head, TeamLease Services.
