In a shocking revelation, it has been found that more than 15,000 employees of Axis Bank have resigned in the last few months.
And the reason is workload, and pressure from the management to push more growth. Automation and AI is also seen as one of the possible reasons for these exits.
Which employee have resigned? And what is Axis Bank doing to stop this massive attrition?
15,000 Axis Bank Employees Have Resigned: Why?
As per a report by ET, more than 15,000 employees from Axis Bank have resigned, as they are finding it difficult to cope with the work pressure.
The management team, headed by Chief executive Amitabh Chaudhry is pushing the limits of employees, as the bank is attempting to increase revenues, and trigger more growth.
But this ain’t going down well with the employees.
It seems that entire banking operations have been revamped, as newer, more strict rules have been imposed for the employees.
An unnamed source said, “With the complete overhaul of the way the bank functions, many are left wondering about their roles. Many old-timers are feeling a bit of discomfort with the cultural change.”
Which Employees Have Resigned?
Although some exits have happened at the top and senior roles, but the majority of exits have happened at the branches: Jobs where the employees were in direct contact with the customers.
Mid and branch-level executives are the ones who have resigned enmasse, it seems.
Some of the top level management exits which happened at Axis Bank in the last few months include: Jairam Sridharan who was the chief financial officer; Shashikant Rathi, head of bond trading; JP Singh from commercial banking division; Cyril Anand, chief risk officer opted for employee retirement option.
Attrition rate of Axis Bank has been at 19%, which is much more than the average of 15%.
Axis Bank Says They Will Continue To Hire
Meanwhile Axis Bank, in their statements have revealed that they will continue to hire people in 2020 and beyond.
As per official numbers shared, they have already hired 28,000 employees in this current fiscal, and will hire 4000 more employees in the last quarter till March, 2020.
Infact, overall 30,000 employees will be hired in the next two years.
Executive director Rajesh Dahiya said, “The bank is expanding fast and this has been a year of large number of new hirings, substantially higher numbers compared to last year both in gross as well as on net basis. Our employees are our biggest asset and differentiators.”
As per some reports, the increased usage of automation and AI for banking operations has also irked several oldtimers, and they have quit due this reason.
We will keep you updated, as more details come in.
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