Kotak Mahindra Bank’s employee turnover rate has been steadily rising and touched 45.9 per cent in FY23 from 39.0 per cent in FY22 and 28.8 per cent in FY21, reflecting high volume of employee exists.

The attrition was almost equitable for male and female employees, with 45.3 per cent male employees and 47.8 per cent female employees exiting the bank in FY23.

In comparison, 38.7 per cent male employees and 40.0 per cent female employees left in FY22, whereas 28.9 per cent male and 28.8 per cent female staff left the bank in FY21, according to the annual report for FY23.

Permanent employee turnover rate includes turnover on account of death, superannuation, disciplinary action and non-regrettable exits by employees with low performance, the bank said.

Bulk of the attrition in FY23 was in the below 30 years age group, where 14,175 or 58.2 per cent of workforce left the bank. The turnover rate for the 30-50 years age segment was 36.6 per cent with 9,728 employees leaving, and for the over 50 years segment was 13.8 per cent with 18 employees.

During the year, the bank hired 32,080 new employees in the under 30 years age group, of which 73 were middle management, 20,089 were junior employees, and 11,916 were fixed-term contractual employees.

Further, it hired 14,614 people in the 30-50-year bracket, of which 21 were senior management, 1,538 were middle management, and 9,947 were junior employees. Male employees were hired for all 23 senior management level positions.

Due to a smaller base, the hiring rate for female employees was higher at 67.6 per cent with 13,104 women being hired, whereas for male employees was slightly lower at 62.1 per cent with 33,607 male employees being hired.

Kotak had 73,481employees as of March 2023, of which 56,115 were permanent employees. In the report, the bank said that it continues to review talent at a leadership level and has rolled out various interventions to build future leadership capability for key talent.

Last week, businessline had reported that Axis Bank saw an increase in its attrition, with the employee turnover rate rising to 34.8 per cent in FY23 from 31.6 per cent in FY22 and 19.1 per cent in FY21. This despite the bank absorbing over 97 per cent of Citi’s employees, of 3,200 people, following the acquisition of Citbank India’s consumer business effective March 2023, as per data in the bank’s annual report for FY23.

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