It's a curious occurrence: many individuals applying for bank jobs ultimately find themselves navigating the uncharted territory of sales roles. While sales positions are often considered less prestigious and low-paying, the journey from aspiring banking professional to salesperson is shaped by various sociological factors and industry norms. Let's explore the reasons behind this unexpected shift and its impact on the Indian banking sector.
The Sociological Factors at Play:
- Prestige and Stability: A career in banking is highly sought-after in India, as it is associated with stability and status. However, the fierce competition in the job market and the evolving banking landscape can lead candidates to accept lower-paying sales roles to secure a position within the industry.
- Career Advancement: Many applicants are willing to start in a sales role with the belief that it will serve as a stepping stone to their desired positions. They hope that with experience and proven skills, they can gradually climb the corporate ladder and move into higher-paying roles.
- Financial Necessity: The need for financial security and employment drives job seekers to accept any available roles, including sales positions. They aim to showcase their abilities and eventually progress to more lucrative opportunities within the organization.
Unravelling the Industry Norms:
- Diversified Portfolio: As banks expand their product and service offerings, the demand for sales professionals increases. Employees must be skilled in cross-selling various financial products, such as loans, credit cards, and insurance policies, to boost revenue and market share.
- Performance-Driven Culture: The banking sector is known for its emphasis on performance metrics, like sales targets. As a result, employees are encouraged to develop and sharpen their sales skills to meet and exceed expectations. A study by the Indian Institute of Banking and Finance (IIBF) found that 72% of banking professionals in sales roles believe that their experience in sales will help them advance in their banking careers.
- Focus on Relationship Building: Banks prioritize fostering long-lasting relationships with customers, and salespeople play a vital role in achieving this. Consequently, banks invest in hiring and training employees with strong interpersonal and sales skills.
While the path from aspiring banking professional to salesperson may not be an applicant's first choice, the experience and skills gained in sales roles can be invaluable. Research by the National Institute of Bank Management (NIBM) indicates that banks in India spend approximately 3% of their annual operating budget on sales training and development programs. Effective sales training programs and sales playbook automation platforms like Sharpsell can support these professionals in excelling in their roles. By utilizing features like just-in-time content, AI-powered roleplays, and customizable presentation engines, employees can enhance their sales readiness and thrive in the ever-evolving banking industry.
Reach out to Sharpsell today at hello@sharpsell.ai to know more.
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