Gender Diversity Still a Challenge in NBFC Temp Roles Despite Sectoral Growth

A recent TeamLease report highlights both the rapid expansion and the workforce disparities in India’s non-banking financial companies (NBFCs). While the sector saw a sharp increase in net advances, pushing the balance sheet to ₹21.8 lakh crore in FY24, the issue of gender diversity, particularly in temporary and outsourced roles, continues to remain a pressing concern.

Gender Diversity in NBFCs: A Persistent Gap

The report reveals that gender diversity in NBFCs remains alarmingly low, with women occupying only 21.9% of overall roles. This figure falls significantly behind other segments like banking and fintech. A striking 78.1% of NBFC positions are held by men, and female representation in leadership roles is even scarcer, leading to limited influence over workplace policy, inclusion, and equity.

However, regional trends offer glimmers of hope. States like Mizoram (45.5%), Sikkim (35.7%), and Meghalaya (29.4%) lead in female workforce participation in India, thanks to supportive cultural norms and government initiatives. Other states with notable contributions include Puducherry, West Bengal, Tamil Nadu, Chandigarh, and Karnataka.

Workforce Trends and Compensation Insights

Women earn a slightly higher average wage of ₹17,449 compared to ₹17,104 for men—mainly due to their concentration in support roles and telesales, which often have standardised pay structures. Compensation also varies sharply by region. Delhi (₹23,756) and Karnataka (₹23,607) are top-paying hubs, whereas West Bengal (₹16,588) and Rajasthan (₹16,517) rank at the bottom.

Balasubramanian A, Senior VP and Business Head, TeamLease Services, notes, “Improving gender diversity isn’t just an HR initiative—it’s a business imperative. With the right mix of education access, mentorship programs, and flexible work models, NBFCs can build a more inclusive and high-performing workforce.”

Temp Staffing and Staff Outsourcing: A Gendered Landscape

The rising adoption of temp staffing services and staff outsourcing by NBFCs has allowed companies to manage cost, efficiency, and scalability. Yet, these roles are still overwhelmingly filled by men, indicating an urgent need to rethink recruitment strategies and create better pathways for women in temporary employment.

Geographically, Maharashtra (19.9%), Gujarat (11.6%), Tamil Nadu, Karnataka, and Uttar Pradesh account for nearly 75% of temporary workforce employment in the NBFC space. But to foster real progress, these practices must expand into underserved regions while ensuring inclusivity across gender lines.

Regional Workforce Distribution & Future Growth

As NBFCs play a pivotal role in financial inclusion, they must now take parallel steps to promote gender diversity across all staffing models. Inclusive hiring, especially through gender-balanced staff outsourcing and temp staffing services, will be essential to unlock untapped talent pools and drive equitable economic growth.

As NBFCs remain at the forefront of credit access and financial inclusion, attention now needs to be given to diversifying the workforce, improving gender participation, and establishing equal employment opportunities throughout India.

To learn more about how gender diversity and regional workforce growth can drive success in the NBFC sector, download our full report today or contact us to discuss actionable strategies for your organisation.

Disclaimer: This press release was originally published in Business World.