New Delhi: Temporary workforce is emerging as the backbone of non-banking financial companies (NBFCs) and important positions like collection officer, sales officer and relationship manager in these financial companies are being filled by temporary appointments. This information was given in a report released on Monday.
The TeamLease Services report said that workforce dynamics are changing rapidly in the sector and temporary workers are playing important responsibilities in customer service roles. NBFCs have become a very important part of India’s financial system and are growing at a rate of 21 percent on an annual basis.
The total balance sheet size of NBFCs increased to Rs 21.8 lakh crore in FY 2024. The major reason for this growth is the rapid increase in digital tools and expansion of customer outreach strategy. The report said that this change is not only increasing operational efficiency but also changing the structure of the workforce.
Maharashtra and Gujarat dominate the contractual workforce, contributing 19.9 per cent and 11.6 per cent, respectively. The top ten states along with states like Tamil Nadu, Karnataka and Uttar Pradesh account for nearly 75 per cent of the NBFC temporary workforce distribution.
Salary trends also vary across sectors. Delhi and Karnataka offer the highest average salaries for temporary employees in NBFCs, with Delhi leading with Rs 23,756 and Karnataka coming second with Rs 23,607. These salaries apply to roles such as telesales agents, rural credit officers and administrative staff.
Women account for 21.9 per cent of the sector’s temporary workforce, with the highest female participation recorded in Mizoram (45.5 per cent). The northeastern states have set an example in promoting women’s inclusion in financial services as Sikkim has 35.7 per cent women employees and Meghalaya has 29.4 per cent women employees.
