Attrition challenge mainly in Jr management; will pursue inorganic growth opportunities: Kotak Mahindra Bank

economictimes.indiatimes.com:

Kotak Mahindra Bank's chairman Prakash Apte on Saturday said the attrition challenge for the bank is concentrated at the junior management level. Addressing shareholders, Apte also marked out pursuing inorganic growth opportunities as a strategic driver for the bank going ahead. The private sector lender has seen one of the sharpest spikes in attrition among peers, as the banking industry grapples with the problem of employee churn.

Its overall attrition stood at 50 per cent in FY24, according to reports based on disclosures. «The challenge of attrition predominantly is at the junior management level in the areas of sales, service, call centre and collections,» Apte said. It is focusing on several areas such as ease of working, better engagement, training, benchmarking and technology automation, he added.

He said the bank feels nurturing the talent pool is a priority area and will be doing so by creating a conducive work culture that fosters innovation, collaboration and continuous development. Building a team of talented, engaged and motivated employees features in a list of nine strategic drivers which the bank will be pursuing going ahead, Apte said. The bank, which has had a history of acquisitions, will also pursue inorganic opportunities, Apte said, including this item in the list of strategic drivers.