New Delhi: The temporary workforce has emerged as a backbone of the non-banking financial companies (NBFC) sector, taking on crucial roles such as collection officers, sales officers and relationship managers, a new report said on Monday.
According to the report by TeamLease Services, the sector is witnessing rapid changes in workforce dynamics, with temporary employees becoming essential in customer-facing roles.
NBFCs have become an essential part of India’s financial system, achieving a strong 21 per cent year-on-year (YoY) growth in net advances.
Their total balance sheet size reached Rs 21.8 lakh crore in the financial year 2024. A major factor driving this growth is the rising adoption of digital tools and an expanding customer outreach strategy.
“This shift is not only enhancing operational efficiency but also reshaping workforce roles,” the report said.
Maharashtra and Gujarat dominate the contractual workforce, contributing 19.9 per cent and 11.6 per cent, respectively.
Along with states like Tamil Nadu, Karnataka, and Uttar Pradesh, the top ten states account for nearly 75 per cent of temporary workforce distribution in NBFCs.
However, the concentration of temporary jobs in a few states raises the need for a more balanced workforce distribution to promote inclusive economic growth.
Salary trends also vary across regions. Delhi and Karnataka offer the highest average salaries for temporary workers in NBFCs, with Delhi leading at Rs 23,756 and Karnataka following closely at Rs 23,607.
These salaries apply to roles such as telesales agents, rural credit officers, and administrative staff.
Women account for 21.9 per cent of the sector’s temporary workforce with the highest female participation has been recorded in Mizoram (45.5 per cent).
The northeastern states set an example in promoting women’s inclusion in financial services as Sikkim accounts for 35.7 per cent female employees, and Meghalaya (29.4 per cent).
This progress is largely attributed to cultural acceptance and strong government initiatives.
“The NBFC sector is not just a financial catalyst but also a critical enabler of employment and inclusion,” said Balasubramanian A, Senior VP and Business Head, TeamLease Services.
(IANS)
