Work-Life Balance Takes Center Stage As Private Banks Address Burnout
Attrition in private banks increased significantly in 2022–2023 but decreased in FY24
With efforts to reduce longer work hours and after-hours communication gaining traction across the sector, Indian banks are putting more of an emphasis on encouraging a healthier work-life balance for their staff.
Attrition in private banks increased significantly in 2022–2023 but decreased in FY24. Banks are investigating measures that assist retain staff and alleviate burnout as a result of high turnover. According to a Mint story, public sector banks, which often have lower attrition rates because of perceived job stability, have also seen complaints about workload, with staff members increasingly voicing worries about work pressure on social media.
After a video of Nitesh Ranjan, executive director of Union Bank of India, arguing for branch closures at 6.30 pm went viral, the discussion heated up.
Ranjan addresses the necessity of avoiding late-night work-related messaging in the video, which purportedly originated from an internal conference. He suggests an 8 p.m. to 9 a.m. gap in official contact, unless there are emergencies.
Additionally, according to a report by the renowned journal Mint, which cited a non-bank financier, non-banking financial businesses (NBFCs) moving into smaller towns may need to work longer hours in order to reach sales targets.
According to the story, the creator contended that financial firms must adjust to market demands and that time constraints may not always be applicable, much like the flexibility observed in retail during moments of high sales.Private banks are putting procedures in place to cut down on overtime in response to high turnover. For example, following the Covid-19 pandemic, Axis Bank implemented a "7Up" policy, which encouraged staff members to complete their work by 7 pm to avoid additional tasks at day’s end.
According to the report, Axis Bank's attrition rate decreased from 34.8% in FY24 to 28.8% in FY24, suggesting that this strategy has had some success.
In a similar vein, HDFC Bank has implemented wellness initiatives that offer private assistance for issues pertaining to one's personal or professional life and conduct webinars that encourage wellbeing and work-life harmony. By removing an executive who was observed verbally insulting colleagues during a group video chat regarding missed targets, HDFC also took action against toxic conduct in 2023.
According to the report, this incident brought to light the industry's battle with workplace stress and the necessity of polite relationships in high-pressure settings.
