Axis Bank to recruit 4500 this year

MUMBAI: Private sector Axis Bank plans to recruit about 4,500 people this year, which is around 40% of the banks’ total staff strength at the end of March 2007, S Bhattacharya, president, human resources, Axis Bank, said.

As head of HR in the bank, Bhattacharya is battling close of 15% attrition rate currently, up from 12% last year. The bank is facing a stiff challenge, particularly in the sales section, where 16% of the staff quit every year.

“Career opportunities have increased, but I think people in HR management are facing a nightmare today,” Bhattacharya said. The problem is particularly acute in the junior levels and in the sales department where 16% and 18% are leaving the bank every year. Bhattacharya expects the trend to continue for the next couple of years.

However, Bhattacharya claimed that the attrition levels at Axis Bank was lower than its private sector peers.

Out of the 4,500 to be hired this year, Axis plans to hire 2,500 people from other banks.

“We mostly don’t hire much from public sector banks expect for senior levels because they (state-owned banks) have stopped recruiting for the last 10-12 years and so our age profile requirements do not match theirs,” he said.

Axis banks’ average age currently is 28.8 years. Besides other banks, it faces competition in retaining talent from insurance companies, IT companies and even BPOs.

Interestingly, Axis Bank offers one of the highest employee stock options plan (ESOPs) to employees in the banking sector. “Unlike most companies where ESOPs are given only to senior level employees, we have a broad-based ESOP scheme where everybody is eligible on the basis of their performance. But we give it part by part each year so for every year an employee spends with us they are have something to look forward to,” Bhattacharya said.

He also said that more and more Indians are now looking for opportunities in India because of the depreciation of the dollar against the rupee. “Foreign universities have also made enquiries for opportunities with us because a 3-4 year experience in India or China increases value of their CVs,” he said.

The bank is also planning to recruit 52 students from IIMs in Bangalore, Kolkata, Ahmedabad, Indore, Lucknow and Kozhikode. The bank is also looking at smaller business schools for students especially in areas where the bank has branches. The bank mostly recruits finance and marketing graduates from these schools.