(PTI): HDFC Bank’s Managing Director and Chief Executive, SashidharJgdishan expressed concerns over the attrition rate at the bank, which had over 1.70 lakh employees at the end of March 2023 according to its annual report.
The bank’s attrition rate was at 34.15 per cent in FY23, as against an industry average of 24.7 per cent. A total of 53,760 employees quit the bank in FY23, while 85,814 were added.
“The bank has experienced an increase in attrition over the last financial year and a significant part of which was in the ‘non-supervisory staff’ levels (which includes sales officers),” Jagdishan said, attributing the same to a post-COVID phenomenon, which may have prompted the younger workforce to recalibrate what they ‘want from their lives’.
Jagdishan said he wants to focus on building an inclusive organisation, which will go a long way in reining in attrition in the coming years and also seemed to be referring to lapses on the cultural front like the unsavoury conduct of a senior manager during a business review meeting recently.
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“I am fully conscious of the fact that there may be instances where some people managers might transgress our defined way of working. We have the resolve to nip this in the bud, both by way of training/counselling and appropriate action, to ensure that the same is not attempted by anyone else. Having said that, we have some distance to traverse on this front,” he said.
Jagdishan said the bank is focusing on diversity, and plans to take the overall share of women in its workforce to 25 per cent by end of FY25 from the current 23 per cent.
The bank, which had invited unprecedented regulatory actions due to laxities on the technology front, has seen a significant improvement in its resilience and uptime metrics, Jagdishan said.
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