An Indian banking and financial services company, HDFC Bank nearly one-third of its employees have left in fiscal year 2023.
The Bank’s attrition rate is at around 30 percent. Additionally, for a few levels above the entry-level, the attrition rate is between 20 to 30 percent.
The bank has witnessed the highest attrition at the entry-level positions which stood at around 40 percent to 50 percent. In order to bring down the attrition rate the bank is trying to make more training programmes.
Moreover, its competitor bank’s FY2023 annual report discloses that Axis staff continued to leave in large numbers during the years. The employees have exited the bank both voluntarily and involuntarily over the last three years.
The attrition increased to 34.8% in FY2023 from 31.6% in FY2022. In the last 3 years, female staff attrition has been higher than male attrition. In FY2023 Male Attrition was 34.4% and Female Attrition was 35.9%.
The HDFC bank’s chief financial officer (CFO), Srinivasan Vaidyanathan said to Money Control, “We are working on more training programmes for the employees.”
“It is a work in process”, Srinivasan Vaidyanathan added.
Recently, HDFC Bank announced the successful completion of the merger of HDFC Ltd., India’s premier housing finance company with and into HDFC Bank, following the receipt of all requisite shareholder and regulatory approvals.
HDFC Bank and HDFC Ltd. announced a decision to merge on April 4, 2022, subject to obtaining the requisite consent and approvals, and had indicated a time frame of 15 to 18 months for the process to be concluded.
The Boards of both companies at their respective meetings noted that the merger is effective from July 1, 2023.
All employees of HDFC Ltd. as of the effective date become HDFC Bank employees. Over the past months, the Bank has been preparing for smooth integration not only of systems and processes but also of all aspects that will make HDFC Bank a welcoming place of work for the employees from HDFC Ltd.