)
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 might not 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.
AN ATTRACTIVE PROPOSITION
- SBI Chairman Pratip Chaudhuri says the response has been way beyond the management’s expectations
- Overwhelming response attributed partly to the attractive advertisements
- Bank offering starting salary package of Rs 69,000 per month, which includes rental for housing
- The salary package may be revised upwards after the management and unions conclude wage negotiations, which are underway
- Another reason for such a huge response is the uncertain job market
