Private sector lender Axis Bank has recruited 28,000 more employees on a bulk basis to support its development drive into the Tier-II and III towns after the sudden exit of 15,000 employees in the last nine months.
As per the industry sources, the growing demand for newer skill sets have inflated the sector’s attrition rate.
However, such mass departure should not appear to be surprising as the sector’s attrition rates typically range between 20 percent and 22 percent.
On a net basis, the bank, which at one point of time recruited nearly 75,000 people, did appoint about 12,800 employees from April till December, 2019.
On its part, the lender revealed that its attrition rates have marginally increased from April till December 2019 to 19 percent from 17 percent during the corresponding period of the last fiscal.
“The bank is expanding fast and last year has been a year of large number of new hiring; substantially higher numbers compared to last year both in gross as well as on net basis,” Rajesh Dahiya, Executive Director, Axis Bank, was quoted as saying in a statement.
“We have robust plans to add another 25,000 to 30,000 employees in Axis Bank and the subsidiaries in the next 2 years or so,” he added.
Besides, the bank said that it plans to open 550 branches this financial year against 400 last year.
“We shall add another 4,000 more employees in the last quarter of FY20. Much of this is being hired in semi-urban and Tier II or III towns and rural India,” Dahiya said.