News: Attrition, retirements trim SBI workforce

#Updates

Attrition, retirements trim SBI workforce

According to data released by the Reserve Bank of India, the banking industry has added 42,000 jobs in FY12 taking the total number of people employed directly in banks past the million mark to 10.13 lakh. The country's largest lender State Bank of India, which has hired over 25,000 in the last three years, has seen its overall staff strength fall by 7,500 in March 2012 due to a surge in retirements and a 15 percent attrition among new hires. This has prompted the bank to hire another 10,000 employees by March 2013. The reduction in jobs has resulted in the growth in SBI's wage costs easing to a single digit. While this has improved ratios, the bank is feeling the crunch in several branches which are short of staff. Also, the bank continues to expand to new areas and is finding the need to continuously hire. Part of the employees are lost to the new generation private banks which are expanding their operations at a much higher pace compared to public sector banks.

According to data released by the Reserve Bank of India, the banking industry has added 42,000 jobs in FY12 taking the total number of people employed directly in banks past the million mark to 10.13 lakh. The country's largest lender State Bank of India, which has hired over 25,000 in the last three years, has seen its overall staff strength fall by 7,500 in March 2012 due to a surge in retirements and a 15 percent attrition among new hires. This has prompted the bank to hire another 10,000 employees by March 2013. The reduction in jobs has resulted in the growth in SBI's wage costs easing to a single digit. While this has improved ratios, the bank is feeling the crunch in several branches which are short of staff. Also, the bank continues to expand to new areas and is finding the need to continuously hire. Part of the employees are lost to the new generation private banks which are expanding their operations at a much higher pace compared to public sector banks.

Source: The Economic Times

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Topics: #Updates, C-Suite

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