Axis, ICICI go slow on hiring, HDFC Bank pushing ahead

The banks have neared optimal manpower levels, and poaching from each other has reduced

Private-sector banks such as P Axis Bank and ICICI Bank are slowing their hiring pace, as they near their optimal manpower levels in different business units. These lenders, along with HDFC Bank, are among the largest employers in the country, and are no longer looking to compete fiercely for talent, as attrition ebbs and poaching subsides.

"Banks are becoming more intentional about hiring. While they will continue to invest in expanding their networks, they will not be doubling down on people's capabilities. There is no need to hire people in the same trajectory," said Rajkamal Vempati, president and head of human resources, Axis Bank.

The "trajectory" here meant furious hiring when the lenders faced an attrition rate of 35-40% in many of their businesses. In the last financial year, banks witnessed a sharp rise in attrition, as demand surged for young workforce in sales, marketing with digital skills, insurance, retail and among fintech companies.