At a time when the global financial crisis and domestic economic slow down have hit the recruitments from the prestigious B-schools and Indian institute managements (IIMs), this year bucking the trend, a few foreign banks and public sector banks have started hiring from these institutes.
Generally, this time of the year these institutes are swamped by the large IT firms, FMCG majors and international investment banks that offer best of the packages to the students, but the deteriorating global economic and financial conditions have prevented this happening this year. However, Standard Chartered Bank and state owned Union Bank of India (UBI) have started hiring from these institutes. In fact UBI is entering the B-School and IITs with a hiring plans for the first time.
While Standard Chartered bank is hiring 30 employees from various campuses of B schools like the IIMs with a much bigger plans, Union Bank will be hiring 70 students this year.
MV Nair confirned FE about the development and said ?Out of the total 700 recruitments UBI will be hiring 70 professionals from top six to seven B-schools and IITs. Rest would be hired from other B-schools and technology training schools like NIIT.?? The bank has devised a special packages for these professionals from these institues.
?Few of them who will recruited from the top institutes, the bank will be offering scale-III package for three years,?? said Nair.
The bank expects good responses from the students as it can provide a huge exposure to these new inducted professionals.
?We are not any more the same old public sector bank. We have upgrades our system everywhere and wouldn?t be any different than other foreign and private sector banks,?? said Nair. StanChart had recruited 4,000 people in the last calendar year but has decided to scale down fresh recruitments to around 2000 this year, she said.
?We have already made offers to quite a few of them,? said Madhavi Lal, regional HR head of India and South Asia with Standard Chartered Bank told FE.
These students will be absorbed in various divisions of the bank such as wholesale banking, retail banking and other support functions she said.
Lal said that these employees will be termed as ?international graduates?, who would have to go through an exclusive international induction programme, conducted by the bank.
The bank currently has 19,000 employees across all the divisions, in India.
Lal said the bank also plans to hire 100 employees by June-July 2009. ?These are fresh graduates from various business schools who would be hired,? she said. Last month, the bank recruited 70 experienced employees.
The bank?s current attrition rate is 17%. ?The attrition rate is slightly down since last year. However, will have to see the effect in the mid-term,? she said.
On asking why the bank is on such a rampant recruiting spree, in such a scenario,
On asking if the bonus and increments for employees would be revised by the bank, given the current scenario, Lal said, ?No comments. We havn?t declared anything for now.?