In a wave of resignations, at least 15000 employees have quit Axis Bank in the past few months. The maximum number of resignations came from mid-level to branch level executives.
People familiar with the development said that the resignations are because of the new growth drive which employees were struggling to cope up with.
According to an ET report, most of the exits are from mid to branch level executives, there were a few senior-level have also exited the company. This wave of resignations is expected to hit the bank hard as branch-level employees handle customers on a daily basis. Many moved out as they struggled to cope with the new management’s steep growth targets.
Although this could create a hiccup in the private bank’s growth plans, the said that it has already geared up its pace for hiring. An unconfirmed source close to ET said, “With the complete overhaul of the way the bank functions, many are left wondering about their roles.” He further added, “Many old-timers are feeling a bit of discomfort with the cultural change.”
The bank has admitted to having witnessed record resignations but also asserted that it has already hired 28,000 professionals and is planning to hire another 4,000 in the last quarter of their financial year. It is also planning to hire another 30,000 people in the next two years. The bank currently has 72,000 employees working for it.
In January 2019 Axis Bank had appointed the former HDFC Life head Amitabh Chaudhry after his predecessor Shikha Sharma was declined another term by the Reserve Bank of India. Since his appointment, he has been cutting down on risk-taking and brought a new team of management with himself to deliver his strategy.
The bank is also planning of going big on automation and making use of artificial intelligence to drive growth, which is making many of the old-timers uncomfortable. Among the new hiring, the slant is towards engineers rather than bankers
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