Axis Bank sees high attrition rate, nearly 15,000 employees quit in last few months
By MYBRANDBOOK
According to a latest report of Economic Times, nearly 15,000 employees of Axis Bank are reported have put in their papers within a short span of time leaving the bank’s branches struggling to meet the workload. The high rate of attrition seen among the staff is a result of the bank’s gross change in its functioning.
The appointment of Amitabh Chaudhry as the Chief Executive and the changes he has introduced has put an excessive pressure on several officers who have opted to leave Axis Bank. It is noteworthy that the bank has 72,000 employees and 11,500 had resigned in the last financial year alone.
The exits are seen both at the senior level as well as in large numbers at the branch level. The statement put out by the management at the bank in response to this high rate of attrition is that the numbers may be slightly higher but not so alarming. The rate of attrition this year has been 19% while the average is around 15%.
The other aspect being pointed out by the bank is that they have been going about hiring more employees and a total of 32,000 staff would have been hired by the time this financial year ends on March 31, 2020. With the resignations also taken into account, the net hiring will stand at around 12,800, the bank says.
Amitabh Chaudhry, who has joined Axis Bank from HDFC Life, is also bringing in a set of executives from other institutions to strengthen his team and to implement his plans for the bank going ahead. Some of the new inductions in Axis Bank include Deepak Maheshwari, a former banker from HDFC Bank; Neeraj Gambhir from Nomura Securities; Ganesan Sankaran from Federal Bank and Pralay Mondal from Yes Bank, to drive retail business. In an internal reorganization, Rajiv Anand, an executive director, has been moved to corporate banking.
The new Chief Executive is also eyeing technology, like artificial intelligence and some of the people hired now are believed to be experts in these areas.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
MOVERS & SHAKERS
OPEN YOUR EYES
INTERVIEWS
HOT PICK
MAKE IN INDIA BRANDS
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
PARTNER SPEAKERS
PSU
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - Thomas Kurian, CEO- Google Cloud
Thomas Kurian, the CEO of Google Cloud, has been instrumental in expan...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
