HDFC Bank: Attrition Rate Fell In FY24, Share Of Women Employee Rises
The share of women employees is now nearly a fourth of the lender's total bench strength.
India's largest private bank saw fewer employees leave the bank in the year ended March, while the share of women employees is now nearly a fourth of its total bench strength.
In its annual report released on Thursday, HDFC Bank Ltd. said the attrition rate dropped to 26.9%, compared to 34.5% a year ago. Among the non-supervisory staff, which includes sales officers, the attrition rate dropped to 30.5% in FY24, compared with 39% in the preceding year.
As of March, the total number of employees at the bank rose to 2.13 lakh, compared with 1.73 lakh a year ago.
"...in financial year 2023–24, the bank has taken several efforts to arrest attrition, including setting up a task force at the highest level to identify the controllable causes and taking corrective action," Sashidhar Jagdishan, MD & CEO, HDFC Bank, said in his message in the annual report.
Last financial year, the private banking sector witnessed severe attrition rates among the junior-most level. This has led to a lot of debate over whether banks can sustain such high levels of attrition for a long period of time.
The share of women employees in total employee strength rose to 26% during the year, the bank said. This has exceeded the threshold the bank had set for itself, where it had decided to raise the share of women employees to over 25% by FY25.
During the year, the bank merged Housing Development Finance Corp. with itself as part of India's largest financial sector merger. This resulted in 4,000 employees of the mortgage financier joining the bank.
