ICICI Bank Foresees Record Fundraising, Aims For 30 New Recruits
ICICI Bank plans to bring onboard 30 new employees this year in anticipation of a potential record surge in corporate fundraising. The second-largest private lender in the country aims to hire 15 professionals in its investment banking segment, focusing on enhancing capabilities in mergers, acquisitions, private equity and fundraising.
Additionally, they plan to recruit 15 individuals for roles in sales, trading and research, as outlined by Ajay Saraf, head of investment banking and institutional equities at ICICI Securities, in conversation with a news agency.
The recruitment drive spans from associate to executive vice president levels, contributing to an expected increase in ICICI Securities' headcount to 190 employees.
Reports from November 2023 suggested that Indian private banks are gearing up to hire at least 50,000 individuals for entry-level positions over the following year. This hiring surge is aimed at addressing high attrition rates, referred to as "infant mortality," where newly hired staff often depart for logistics, delivery services, or other firms. The recruitment focus on campuses has intensified due to the higher costs associated with hiring from the market.
Addressing the issue of attrition, major private banks such as HDFC Bank, IndusInd Bank, and ICICI Bank faced varying attrition rates. For instance, HDFC Bank experienced a 34.15 per cent attrition rate in FY23, while IndusInd Bank and ICICI Bank witnessed 51 per cent and 30.9 per cent respectively.
Rajkamal Vempati, president and head of human resources at Axis Bank, mentioned plans to recruit around 12,000 individuals from the batch of 2024, marking a fourfold increase from the previous year.
The heightened demand for young professionals equipped with digital skills in sales and marketing, particularly in sectors like insurance, retail, and fintech, led to increased attrition in the previous financial year. Banks are currently facing substantial competition from fintech companies.
Banking recruiters note that salaries offered in tier 2 and 3 colleges range around Rs 5 lakh initially and can escalate to Rs 8 lakh for candidates with strong digital skills. Salaries in premier business schools range from Rs 20-30 lakh, while those in well-known engineering colleges range from Rs 15-20 lakh.
