This is a reversal of the earlier trend where banking sector talent moved into the NBFC space
Several senior managers of the crisis-hit non-banking financial companies (NBFCs) have over the last one year shifted to banking or fintech segments. Many of them barely spent two years in the NBFC space, reports the Economic Times.
The switch-overs are a reversal of the trend when banking-sector talent had moved to NBFCs. Manisha Lath Gupta (Clix Capital to Uber) and Ramesh Viswanathan (L&T Financial Services to Tata AIA Life Insurance) are among the well-known names who made the change, the report said.
Kamal Karanth, co-founder of specialist talent solutions firm Xpheno, told ET that a large number of shifts were to banking and finance (30 percent), fintech and entrepreneurship/consulting (30 percent) or jobs in better-positioned NBFCs (40 percent).
The exodus is far from over. More people were seeking safer pastures, another recruiter told the newspaper. In the past three months, more than 700 CVs of those in the Rs 20 lakh+ salary bracket had made into the job market, the recruiter said.
But finding a new place could be hard. At least 30 NBFCs had frozen hiring despite the outbound movement, the report said.
Compensation package negotiations had dropped from 40-50 percent hike levels to 10-15 percent, Anshul Lodha, regional director at Michael Page, was quoted as saying by ET.
So, those who shifted to the NBFC space, especially from banking, for better hikes would stick around in the hope that the crisis would soon blow over, the report said.
