Increasing non-banking finance companies charges-up job market
A new breed of financiers, mostly financial technology companies that have obtained licences from the central bank to operate as non-banking finance companies (NBFCs), is turbo charging the job market.
Various companies — including Zerodha, Faircent, Eduvans and a financial services firm from Cox & Kings — have received an NBFC licence. They are recruiting aggressively in the consumer space.
Peer-to-peer (P2P) startups and small finance banks are joining the race to attract top talent. The industry is seeing at least a 100 new players on the financial services map that are expanding operations.
Staffing firm Xpheno’s CEO Kamal Karanth said, “The demand is spread across experience levels and roles just school-finished candidates, mid-level roles and the likes of vice-president, since the NBFC space is becoming more open to lending.” P2P-lending platform Faircent, which in May received a lending licence in the NBFC-P2P segment, is actively looking out for tech, operations and sales roles.
Founder Rajat Gandhi said, “We have been seeing a 20% monthon-month growth in the number of applicants for loans since we got our licence. Since we are looking to expand geographies in Delhi, Mumbai, Chennai and Kolkata, we look to triple our hiring by December.”
Kelly Services MD Thammaiah B N sees demand created in the rural and semi-urban areas for operations roles, marketing and in compliance. “While it is obvious that lending will increase, compliance is one of the areas where we see an uptick.
Overall, we see an increase in demand in the last two quarters. Experience levels in demand for marketing roles are over three years, while sales personnel with a year of experience can get hired,” he added. Recruiters also see a 20% uptick in salaries.
The turmoil in the banking sector is helping these companies with talent supply. Karanth said, “While at least 25 companies have approached Xpheno looking for hires, the supply of talent is not hard to come by.
Senior resources from the banking industry, who look for the startup experience, are looking at NBFCs as the natural place to go to. And it is not like they are taking pay cuts.”
Faircent’s Gandhi adds retaining talent would be a challenge in the years to come.