Private sector bank employees are been rewarded generously even as annual hikes in most companies in other sectors have been moderate due to the economic slowdown.
With around 20,000 jobs likely to be added due to the entry of new players, private sector lenders such as ICICI Bank and HDFC Bank are looking at ways to compensate their employees monetarily and otherwise, in a bid to retain them.
ICICI Bank, which has about 65,000 employees, has handed out employee stock ownership plans (ESOPs) to a large number of its staff, besides announcing handsome increments.
Jobs in the banking sector are likely to boom after remaining dull throughout 2012, once the Reserve Bank of India issues licences to new players. However, according to headhunters, the recruitment drive would gain momentum only if new banks decide to focus on retail business and not remain confined to corporate banking.
“With new banks coming in, there would be a war to hunt talent and existing banks are aware of the situation,” a senior executive at HDFC Bank who did not wish to be identified told HT.