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
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
VVDN TECHNOLOGIES
FIRE BOLTT
STERLITE TECHNOLOGIES LTD.
TEJAS NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : Arundhati Bhattacharya
Arundhati Bhattacharya serves as the Chairperson and CEO of Salesforce...
PARTNER SPEAKERS
PSU
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
