• Expectations from Teamlease executives suggest that the financial sector in India may grapple with continued staff attrition in FY2024
  • HDFC Bank experienced an increase in employee turnover rate from 27.6% to 34%
  • Axis Bank reached around 35%,from 31.6%
  • Kotak Mahindra Bank and Yes Bank saw an attrition rate of around 50% and 43% respectively
Teamlease Expectations for Finance Sectors Banks Employee Turnover Rate
Teamlease Expectations for Finance Sectors Banks Employee Turnover Rate

Bank Employee Turnover Rate (%)
HDFC Bank 34
Axis Bank 35
Kotak Mahindra Bank 50
Yes Bank 43

  Expectations from Teamlease executives suggest that the financial sector in India may grapple with continued staff attrition in FY2024. Notably, HDFC Bank experienced an increase in employee turnover rate from 27.6% to 34%, Axis Bank reached around 35%. from 31.6%, while Kotak Mahindra Bank and Yes Bank saw an attrition rate of around 50% and 43% respectively.

  In the latest financial year, HDFC Bank, India's leading private lender, saw a significant increase in its employee turnover rate, rising from 27.6% to 34%. At the same time, Axis Bank saw an increase in turnover, which rose to around 35% from 31.6% previously.

   Rising attrition rates at banks such as Kotak Mahindra and Yes Bank underscore the struggle to retain sales staff handling various loans. Teamlease's Karthik Narayan asserts that with significant demand for these roles, inadequate compensation and training, even a modest salary bump of 1,000 rupees ($12) becomes a compelling reason for employees to seek alternative job opportunities.

  In the latest issue of "Financial Perspectives Unveiled," the cover story delves into the dynamic landscape of BFSI, where the resilient spirit of Narayan continues to navigate the sector amid a formidable 30%-40% attrition rate. As the central bank's policy reins tighten on unsecured loans, casting shadows on the growth trajectory, voices echo the need for a recalibration that doesn't cast an undue burden on the pillars of financial security.

Embarking on this month's journey, the Indian Reserve Bank has orchestrated a symphony of stringent norms for personal loans and credit cards, orchestrating a tune that reverberates concerns of a potential economic downturn. What unfolds next in this financial saga is not merely a plot twist but a nuanced interplay of banking and insurance dynamics, calling for a delicate balance between regulation and industry sustenance.