More Than One-Third of Axis Bank Staff Quit in FY2023

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In the financial year 2022-2023, Axis Bank experienced a higher number of employees leaving the bank, with the turnover rate increasing to 34.8%. This is higher than the previous year’s turnover rate of 31.6% and the turnover rate of 19.1% two years ago.

Despite Axis Bank acquiring most of Citibank’s employees (97% of them) when it acquired Citibank India’s consumer business in March 2023, the majority of the employees leaving the bank were from its own workforce. In FY23, the turnover rate for female employees was 35.9% and for male employees, it was 34.4%. The bank had a total of 91,898 permanent employees as of March 2023, with 68,308 male employees and 23,587 female employees.

Comparatively, in March 2022, Axis Bank had 85,815 permanent employees, and the turnover rate for female employees was 33.2% while for male employees it was 31.1% during FY22.

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Axis Bank attrition by age and management category in FY2022

Age/DesignationAttritionEmployees at Year End
< 30 yrs14,58435,580
30-50 yrs11,32249,435
> 50 yrs54800
Total25,96085,815
Top Management09
Senior Management21218
Middle Management1,0028,909
Junior Management8,74237,766
Sales Channels16,19538,913
Total25,96085,815

The highest turnover rate for both years was among employees aged 21-30, with a rate of 24%. This was followed by the 31-44 age bracket with a rate of 14%, and the 45-59 age bracket with the lowest turnover rate of 8%.

The median salary of employees increased by 7.6% in FY23 compared to 6.2% in FY22. As a result, staff costs rose by 16% to ₹8,797 crore in FY23. It’s important to note that this increase in costs included only one month’s expenses for the newly acquired Citibank employees.

Axis Bank filled 46% of vacant positions by internally transferring employees within the bank and its subsidiaries during FY23.

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Axis Bank’s Managing Director and CEO, Amitabh Chaudhry, expressed confidence in sustaining the bank’s performance in the medium to long term. He mentioned the bank’s focus on customer satisfaction, digital capabilities, Bharat Banking, and the successful acquisition of Citibank India’s consumer business as factors contributing to their positive outlook.

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