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ICICI to hire 50,000 people in next five years

NIIT and ICICI have launched the Institute of Finance, Banking and Insurance to meet the Banking sector's growth needs.

india Updated: Oct 02, 2006 15:32 IST
Press Trust of India
Press Trust of India

The country's largest private lender ICICI Bank is on a hiring spree and will employ 10,000 personnel a year for the next five years to cater to the boom in banking industry, a top bank official said.

The ICICI Bank group, which includes banking, insurance, securities and other financial services, is likely to directly employ 25,000 people and another 15,000 indirectly, every year for the next three to five years, the official said.

The group has some 50,000 employees on its direct payroll and another 1,00,000 are indirectly employed as insurance agents and people working under service providers.

"We get four lakh CVs each year for jobs in the bank," ICICI Bank Senior GM (Human Resources) K Ramkumar said.

This was a good sign and the bank does not face any hiring problem as there is plenty to choose from, he said, adding while most of the hiring happens directly, consultancy firms are used for some of the higher-level recruitments.

"The group may hire about 15,000 each year for the next three years for insurance and securities broking businesses as these sectors are growing fast," Ramkumar said.

ICICI Prudential Life Insurance and ICICI Lombard General Insurance are leaders in the private space in their respective field and are growing by 80-100 per cent year-on-year.

The group's service providers may hire 15,000 people a year for the next three to five years to serve their growing business requirement, the official said.

The ICICI goup currently has two captive BPOs to serve its clients, but these employees do not fall under the group's umbrella.

Last week, senior bank officials met representatives of the country's top 20 B-schools to discuss changes to their curricula so as to make them reflect the changing business dynamics.

"With retail and rural banking emerging as big areas, we discussed how to forge them in the curriculum and stop relying on age-old western thesis," Ramkumar said.

The nature of internships for B-school students should be changed from those involving mere summer training and data collection to the ones undertaken by doctors and lawyers, he suggested.

Research should be India-centric and Indian case studies should be prepared for students, he said.

According to him, the group is not worried about getting skilled people as it has the infrastructure to train the well educated people.

To meet the rising demand of professionals in the banking industry, IT training provider NIIT and ICICI Bank last week jointly launched the Institute of Finance, Banking and Insurance.

India's emerging banking, insurance sector and other financial services would require over 6,00,000 recruits each year in the next five years to match the growth, analysts say.

However, country's banking, insurance, IT and BPO sectors are facing an acute shortage of skilled manpower due to stiff competition and rapid expansion of these industries.

First Published: Oct 02, 2006 15:32 IST