Axis Bank Resignation Spree: 15,000 Employees Quit Within Nine Months Amid Organisational Restructuring
As many as 15,000 employees of the private lender Axis Bank have called it quits in the last nine months.
As part of its restructuring process, the bank now aims at adding around 28,000 employees on a gross basis into the Tier-II and III towns, reported The Economic Times.
Several mid-level and branch-level executives are unable to accommodate the management’s changes to the organisational structure.
The employees have resigned due to steep growth targets forcing them to work beyond their limits. Some senior-level executives have also put up their papers and exited. Amid the resignation spree, several branches are likely to get affected, impacting the bank’s everyday 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.
The bank is shifting to automation and using artificial intelligence (AI) to boost its growth. This has instated fear among all the veteran employees about their roles.
“The bank is expanding fast and last year has been a year of a large number of new hirings; 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.
“Our employees are our biggest asset and differentiators,” he added.
The private lender has acknowledged that it is speeding up its pace of hiring more employees in the coming future. However, the bank also clarified that it has already added 12,800 people since April 2019 and would employ another 4,000 in the last quarter.
The bank is on a hiring spree specifically for engineers rather than bankers.
The private lender is planning to hire 30,000 more people in the next two years. The bank’s current strength stands at 72,000.
Furthermore, the bank plans to open 550 branches this financial year against 400 last year.