Mumbai: The latest report by TeamLease Services, ‘Driving Financial Inclusion: The Role of Temporary Workforce in NBFCs,’ provides an insightful analysis of the Non-Banking Financial Companies (NBFC) sector in India, with a specific focus on the evolving dynamics of the temporary workforce.
By examining the market size, regulatory landscape, technological advancements, and temporary employment trends, the report highlights the strategic importance of NBFCs in driving financial inclusion and supporting underserved markets such as MSMEs and rural areas.
NBFCs have emerged as the backbone of India’s financial ecosystem, achieving an impressive 21 per cent YoY growth in net advances and reaching a balance sheet size of Rs 21.8 lakh crore in FY24. With the increasing adoption of digital tools and expanding customer outreach, the NBFC sector is driving significant change in workforce roles.
The report highlights while technology integration is reshaping customer-facing roles in sales, support, and collections, the human element remains vital. Temporary workers play key roles, including collection officers, sales officers, and relationship managers. These are emerging as attractive career options.
Highlighting regional trends, the report reveals that Maharashtra and Gujarat dominate the contractual workforce, contributing 19.9 per cent and 11.6 per cent , respectively. Together with other leading states like Tamil Nadu, Karnataka and Uttar Pradesh, the top ten states account for nearly 75 per cent of the temporary workforce distribution.
However, this concentration calls for balanced workforce growth across regions to ensure equitable socio-economic development. Delhi and Karnataka stand out in compensation trends, offering the highest average salaries of Rs 23,756 and Rs 23,607, respectively, for roles such as telesales agents, rural credit officers, and administrative staff.
Another notable highlight is gender diversity within the NBFC workforce. Female representation stands at 21.9 per cent , reflecting a significant female presence, with the highest participation observed in Mizoram (45.5 per cent ), Sikkim (35.7 per cent ), and Meghalaya (29.4 per cent ).
North-Eastern states have emerged as role models in promoting women’s inclusion, supported by cultural acceptance and robust government initiatives. Despite this progress, the report highlights the need for more flexible work options and safety measures to further boost women’s participation in frontline and managerial roles across the country.
The report also examines tenure-based workforce trends, revealing that 36.5 per cent of temporary workers have less than two years of experience, reflecting an alarming attrition rate.
Employees with over four years of tenure earn an average CTC of Rs 21,981, compared to Rs 18,528 for those with 1-2 years of experience. Attrition remains a persistent challenge, driven by low entry-level salaries, high workloads, and insufficient onboarding support.
Balasubramanian A, Senior VP and Business Head, TeamLease Services, said: “
The NBFC sector is not just a financial catalyst but also a critical enabler of employment and inclusion. To achieve balanced workforce distribution, promoting investments in Tier 2 and Tier 3 cities is vital. Structured skill development initiatives tailored to emerging technologies like AI and digital payments can bridge the skill gap while empowering the workforce. At the same time, expanding female participation is equally important for targeted programs such as scholarships, mentorship, and flexible work arrangements. By focusing on investment in underrepresented states, education and employability, the sector can address workforce disparities, enhance productivity, and foster economic and social empowerment across India.”
The report suggests that NBFCs, as key players in India’s financial ecosystem, adopt efficient workforce management strategies to maintain their critical role in delivering financial services.
It emphasizes the need to prioritize tailored onboarding, skill-building, and mentorship programs to reduce early attrition and foster employee loyalty. For mid-career professionals, strategies such as skill enhancement, role diversification, and performance-based rewards are recommended to sustain engagement and motivation.
Leveraging data analytics for workforce planning is another key recommendation mentioned in TeamLease Services’ report. It enables NBFCs to identify skill gaps, forecast staffing needs, and refine hiring strategies.
Additionally, the report highlights the importance of fostering a culture of continuous learning, promoting work-life balance, and implementing robust HRMS and L&D programs. These measures collectively enhance employee satisfaction, boost retention, and improve operational efficiency, helping NBFCs build a resilient and future-ready workforce.
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