Rahul Shah, 22, a first-class degree holder from Mumbai
University, has just applied for what he calls a "lucrative career" -
good salary, fantastic training and a clear career path. But hard work apart,
Shah has to be extraordinarily lucky to achieve his ambition.
For, he would be one
among an astounding 1.7 million applicants for just 1,500 probationary officers
posts in State Bank of India, the country's largest and government-owned bank.
The overwhelming
response has surprised the bank management. Usually, it gets 500,000 to 700,000
applications for its advertisements for probationary officers. SBI Chairman
Pratip Chaudhuri says the response has been way beyond the management's
expectations.
He attributes this
partly to the "attractive" advertisements, which positioned an
officer's job in SBI as an excellent career choice. Also, instead of being
vague about the salary package, the bank was specific this time. In Mumbai, for
example, the lender is offering a starting package of Rs 69,000 a month,
including the rental for housing. Earlier, the advertisements would only
mention the basic salary of Rs 32,000 plus housing allowance as in the rules.
This package is
likely to revised upwards, after the management and unions conclude their
just-begun wage negotiations. The earlier talks in 2010 gave a 20 per cent rise
and a similar one is expected with effect from November 2012, says a senior
executive.
The bigger reason for
such a stupendous response is, of course, the uncertain job market. Chaudhuri
agrees this could also be a reason. "In bad times, people are ready for
less-paying jobs if there is job security," says a consultant.
That the job market
is bad is evident from a survey by industry body Ficci in the third quarter. It
showed around 70 per cent of respondents did not expect to hire anew. A
Manpower Employment Outlook Survey for January to March 2013 reveals employers
expect hiring in the first quarter to grow at a much slower pace compared to
last year.
Senior executives
with the Indian Banks Association (IBA) say they are not surprised by the
response, as SBI remains a preferred employer for its job security and working
conditions, even if cash in hand mightnot be comparable with the private
sector. IBA officials say the total package offered by SBI is still slightly
lower than what civil servants get at the entry level.
Neeti Sharma,
vice-president at TeamLease Services, says individuals from not only metros but
tier-II cities and beyond are eyeing public sector jobs, like those at SBI.
"This is because
private companies do not have such a high number of jobs on offer. Adding to
this is the job security aspect," she says.
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