Indian Banks Add 1.23 Lakh Employees In FY23; Hits Decade High Hiring
According to The Economic Times (ET), Indian banks hired the most people in a decade during the last fiscal year (FY23), with 1,23,000 new employees hired. The information was obtained from the Reserve Bank of India. This hiring trend is expected to continue in the current fiscal year (FY24), with private banks aggressively hiring across various functions in order to expand into tier 3 and rural areas. The largest annual net addition among banks was 125,000 in FY11, followed by 1,24,000 in FY12.
Regional bank expansion has resulted in a 61 per cent increase in net headcount in FY23 compared to FY22. The total number of employees increased 7.4 per cent year on year, reaching 1.76 million.
Top private banks such as HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and AU Bank are all contributing to this growth. High attrition rates and increased demand for relationship managers and branch network staff have been observed among new hires.
According to an ET study, the top 15 private banks in India will hire 350 people on average every working day in 2023. Over the last year, these banks' average attrition rate has been 11 per cent, with 70,000 replacement hires. This fiscal year, Axis Bank alone is expected to increase its employee base by 7-8 per cent. In the first half of the fiscal year, HDFC, ICICI, and Bandhan Bank collectively added 40,000 employees.
