Nearly 15,000 Axis Bank employees have called it quits in the past few months. The private sector lender is hit by a wave of resignations as the mid and branch-level executives find it difficult to cope with the new management's rejigging of organisational structure.
The employees have moved out owing to steep growth targets forcing them to push their limits. Some senior-level executives have also exited the private sector bank. Several branches are likely to take a hit, impacting the bank's day-to-day business.
"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," an Axis bank executive told The Economic Times.
Many employees were not clear about their roles following the overhaul at the bank. Since the bank is also betting big on automation and using artificial intelligence (AI) to drive growth, this has also made veterans ill at ease about their future.
The private lender acknowledged that it has witnessed record resignations in the past few months. The bank said that it is speeding up its pace of hiring more employees.
However, the private sector lender also clarified that it has already hired 28,000 people this fiscal and would employ another 4,000 in the last quarter. Also, the bank is on a hiring spree for engineers rather than bankers.
The private lender is planning to hire 30,000 more people in the next two years. The bank had seen attrition of 11,500 people in FY19. Its current strength is 72,000.
"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," executive director Rajesh Dahiya told the daily.
Axis Bank's chief executive Amitabh Chaudhry, who took charge of its operations in January 2019, has made several changes to the senior management in the past year.