At top private banks, post-Covid boom fuels hiring spree
private banks saw a net headcount addition of 295,000 professionals in the last four years with 94,046 jobs added in FY24, a 13% increase over FY23, which had the highest annual net additions at 106,753.
Together, this cohort—including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, Yes Bank, Bandhan Bank, IDBI Bank and RBL Bank—employs 795,000 professionals as of FY24, an impressive 59% growth in total headcount over FY20.
Factoring in attrition-driven replacement hiring, the actual hiring numbers are much more.
According to an exclusive study for ET by specialist staffing firm Xpheno, during the four-year period from March 2020, the top 10 banks also recorded a replacement hiring of talent, estimating average attrition of 12% in the workforce with minimum working experience of above one year. That puts the attrition-linked replacement hiring for this period at an estimated 280,000 professionals and gross hiring activity—a total of net additions and replacement hiring—at 575,000 from this cohort.
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