Can you guess what the attrition rate of the Loan officer/Field Staff is?
Yes.. you heard it right. Its 50%
Basically Loan officers or Field Sales executives for a Financial Institution FI are earning 10K-25K on an average.
They are shifting jobs frequently because of these reasons:
1) Lots of pressure on targets. A Loan officer works completely different from Day 1-20 vs Day 21-31 in a month. You can see a drastic difference in the file movement / collections in the last 10 days of a month to achieve the targets.
2) There are more players to give an offer. If some other FIs pay Rs 2000 more, they will shift.
3) They can easily work on other part time jobs (a lot of options like Ola, Uber are available now) to earn more. Here they have a comfort on timings. It’s not a daily 9am -7pm job.
4) Now, the technology has become robust enough so that they are NOT able to do frauds. I am surprised to get this answer 🙂 Even if they do any fraud, they are able to get caught easily.
According to you, Why do they quit?
#manispeaksmoney #lending #loanofficer