The temporary workforce in non-banking financial companies (NBFCs) is driving financial inclusion and supporting underserved markets such as micro, small and medium enterprises (MSMEs) and rural areas, according to a TeamLease report.
It highlights that even though technology is reshaping customer-facing roles in sales, support, and collection; the temporary workers play a key role as collection officers, sales officers, and relationship managers. At present, Maharashtra and Gujarat dominate the contractual workforce headcount by contributing 19.9% and 11.6%, respectively, to the overall workforce in NBFCs. The top 10 states, including Tamil Nadu, Karnataka and Uttar Pradesh, account for almost 75% of the temporary workforce distribution.
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However, the NBFCs are dealing with alarming levels of attrition rates — 96% in FY25 — which are driven by low entry-level salaries, high workloads, and insufficient onboarding support. For instance, employees with over 0-1 years of experience earn an average CTC (cost to company) of Rs 16,790 per month compared to Rs 21,981 per month for those with 4-plus years of experience.
Another notable highlight is gender diversity within the NBFC workforce. For instance, the female representation stands at 21.9% which reflects a significant female presence as compared to other sectors. Despite the high female participation, the report said that there’s a need for more flexible work options and safety measures to further boost women’s participation in frontline and managerial roles across the country.
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