In order to fill up positions in roles such as digital banking, wealth management, public sector banks are relying on lateral recruitment for specialized roles.
According to a report by Mint, with digital banking becoming more integral to business, PSU banks are hiring specialists even for mid and junior level roles from information technology companies and private lenders.
Lateral hiring is the process of recruiting an expert for a specific role from another organisation.
The report by Mint further states, internal candidates are permanent employees and lateral recruits have a contractual arrangement with employers. That said, as these are specialized roles, it is easier to find talent from the market than train internal candidates, said the banker, seeking anonymity.
Bank of Baroda is increasing lateral hiring for certain verticals such as digital lending and mobile banking. The lender, which merged Dena Bank and Vijaya Bank with itself in April 2019, had more than 84,000 employees at the end of FY20. Its mobile banking customers more than doubled on a year-on-year basis as on 31 December. The state-owned lender now wants to hire a consultant to manage lateral hiring and facilitate recruitment for junior and mid-level roles on a regular or contract basis.
SBI said in its FY20 report that it has been recruiting specialized talent on lateral and contractual basis in areas of wealth management, IT, information security, and risk and credit, to meet the demand of a fast-changing business landscape and to meet regulatory norms.
According to a separate report, public sector banks have taken fewer and fewer candidates for posting in the central government each year since 2016-17.
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