TeamLease Services Reports Surge in Retail Lending Employment Demand in Tier II and Tier III Markets

Delhi, 30th April, 2024: A recent analysis conducted by TeamLease Services highlights a notable increase in employment demand within the retail lending sector in BFSI, particularly in Tier II and Tier III markets. The analysis, based on data from the firm’s top clients, totalling a base of over 45,000 temp employees, underscores a significant trend in the industry.

Over the past two financial years, the retail lending sector, which includes Personal Loan, Home Loan, Credit Cards and Micro Financing has exhibited remarkable growth, with a 29% increase in overall employment figures. Notably, the Tier II and Tier III segments have witnessed substantial growth rates of 21% and 26%, respectively, YoY between FY23 and FY24. This surge in employment demand reflects the expanding footprint of retail lending institutions in non-metro and semi-urban areas.

Percentage Increase

Row Labels

FY22

FY23

FY24

YoY Growth Between
FY22 and FY23

YoY Growth

Between
FY23 and FY24

Tier I

12,018

12,600

13,725

5%

9%

Tier II

9,348

10,148

12,264

9%

21%

Tier III

14,628

14,988

20,367

2%

26%

Grand Total

35,994

37,736

46,356

5%

23%

Top Tier 2 and Tier 3 cities which are driving workforce demand

Tier II

Tier III

Jaipur

Patiala

Chandigarh

Bhatinda

Coimbatore

Meerut

Surat

Jamnagar

Ludhiana

Yamunanagar

Indore

Trichy

Amritsar

Hassan

Mysore

Kota

Nagpur

Aurangabad

Vizag

Rohtak

“This data sheds light on the evolving dynamics of the retail lending industry, particularly in Tier II and Tier III markets,” stated Krishnendu Chatterjee, VP and business head – BFSI, TeamLease Services. “With employment demand soaring by 29% over the past two financial years, underscores the urgent need for skilled professionals to fuel the growth engine of the retail lending industry.”

Teamlease anticipates that this trend will persist in the current fiscal year as retail lending institutions continue to prioritize market penetration and customer outreach strategies in emerging markets.

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