Amid all the talks of the current slowdown, one sector seems to be immune to its effect — the banking sector. On offer — higher increments, employee stock options, bonuses, promotions and flexible working environment.
With several new banks set to come up by next years, existing lenders including ICICI Bank, HDFC and Axis Bank are looking to boost employee morale in every possible way.
And human resource departments are trying to work out ways to ensure retention of employees.
“Private sector banks are indeed worried as their employees with knowledge and experience in the field would naturally be poached and they are trying to come out with ways that would help in retention,” a senior executive at HDFC Bank, who did not wish to be identified, told HT.
ICICI Bank, for example, offered ESOPs to its employees this year.
“It is obvious that banks would lure and retain talent via combination of bonuses, variable pay and ESOPs but they would also offer better job profile and secure career path,” said Rituparna Chakraborty, vice-president, Indian Staffing Federation.
“Banks would now identify the key performers they wish to retain and then, give them larger roles and attractive retention pay plans,” said Rajiv Burman, managing partner, Lighthouse Partners, an executive search firm.
With competition likely to get intensified, existing lenders cannot afford to let their guard down and lose employees to competitors, an ICICI Bank executive said.