Although there are over 20 government owned banks, jobs in State Bank of India (SBI), the country`s largest public sector bank were always favored. But it may soon see a decline.Over the past few years, banking sector in India had emerged as the top destination for numerous young graduates.
The job security & societal status offered by these organizations lured many high paid IT professionals to switch sides during recessionary period.
SBI used to announce recruitments for an average of atleast 25,000 positions every year.There were lot of expectations about a similar hiring this year, which never happened.
Employee strength falls by 5000
In its quarterly results (Q3) for the latest financial year, SBI gives a snapshot of headcount that can be seen in the image:
Looking at the above figures, it seems the worst has already happened.
Between March – December 2013, the employee nos. have fallen by 6000 in Officers & Clerical (assistant) levels.
|The main reason for such a move is attributed to the increasing staff expenses which went upto Rs.17,225 crores for the first 9 months of current FY.It is 35% higher than last year.|
“We have 2.23 lakh people working with us & by March 2014, it may fall to 2.2 lakh. We would like to maintain this staff strength for a couple of years” Shri. A.Krishna Kumar, Managing Director had said recently.
More banks expected to follow suit
What will you do when a leader does something? Either you wait & watch or simply follow their path.
With India’s largest bank deciding to cut down on massive recruitment plans, other PSB`s could also reduce their hiring on account of high employee costs.
Andhra bank has also voiced a similar opinion wherein its chairman says, “We need to consolidate before fresh recruitment having hired a large number in the last couple of years already.”
Since IBPS publishes the list of openings after releasing its common written exam results, we can know the total availability in 19 banks only at that time.
Assuming a minimum of 20-30% reduction across all banks, only 40000 -50000 jobs in 2014 would be generated.
Big blow for bank job seekers
Just like the saying “All good things must come to an end”, this is definitely bad news for bank job aspirants.
Those who are religiously preparing for bank recruitments wouldn’t want to hear such a thing from State Bank of India.
“I am appearing for IBPS PO & Clerk CWE for past two years but couldn’t get through in final interview. My training centre coach gave us lot of hopes of huge number of bank jobs in the coming years due to retirements.
So I am really very disappointed to know about this. Maybe I should also start preparing for other govt. exams also.“ said Siddharth malhotra from Rajasthan.