Will `nip in the bud' the transgressions of managers: HDFC Bank

economictimes.indiatimes.com:

HDFC Bank will `nip in the bud' the transgressions of managers and will build an `inclusive' organisation that would help it address the attrition, CEO Sashidhar Jagdishan wrote to shareholders. The private lender which has faced a lot of flak over alleged misdemeanour by its managers said that they were cognizant that the experience of working with HDFC Bank can be better on several counts.

“I am fully conscious of the fact that there may be instances where some people managers might transgress our defined way of working,” Jagdishan wrote in the bank’s latest annual report. “We have the resolve to nip this in the bud, both by way of training, counselling and appropriate action, to ensure that the same is not attempted by anyone else.

Having said that, we have some distance to traverse on this front.” Jagdishan also said that the lender was taking concrete steps towards reining in attrition in the coming years. “The Bank has experienced an increase in attrition over the last financial year and a significant part of which was in the ‘non-supervisory staff’ levels which includes Sales Officers,” he said.

“One reason that can be attributed towards this increase, is a post- COVID phenomenon, that may have prompted the younger workforce to recalibrate what they ‘want from their lives’. It is a reality that all major employers are grappling with, especially in the BFSI sector.

However, we are cognizant that the experience of working with HDFC Bank can be better on several counts, especially culture.” The bank recently revealed that it has witnessed more than 50 percent attrition levels in its entry level staff functions. The lender was also forced to suspend one of its senior employees in Kolkata after a video of him allegedly