Private banks witnessed significant attrition in 2022-23, which, to the relief of many, declined in FY24. For public sector banks, attrition remained subdued, considering how whose employees receive jobs in public institutions. However, in recent years, even these employees have taken to social media to express their concerns about work pressure.

So when a video surfaced recently showing Union Bank of India executive director Nitesh Ranjan saying branches should be closed after 6:30 p.m., it created a stir among other lenders.

According to a source close to the matter, the video comes from an internal meeting of the bank’s management with employees on the day of the announcement of the second quarter financial results last week.

“One last thing I would like to add on (the issue of) work-life balance, and (it’s) something I’ve also faced… (let’s say at) 10 a.m., when I plan to go to bed, I receive a WhatsApp (message) reminder of a goal that someone has not achieved. Can we all decide that from 8 p.m. to 9 a.m. we will not do any WhatsApp communication on the official channel?,” Ranjan says in the video.

According to Ranjan, employees should not send messages on official channels between 8 p.m. and 9 a.m. the next day, unless there is an emergency. “Even then, please address the individual, not the (official) groups,” he says in the video.

Union Bank of India did not immediately respond to emailed queries.

Conversations about work-related stress regularly surface across industries in a digitally connected world, particularly in the startup, tech, and consulting sectors where “hustle culture” is a crucial and celebrated ingredient in the success of a business. Even if this has invisible and delayed consequences on employees, the consequences are sometimes tragic.

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Not everyone is convinced of the meaning of sick leave notices. The founder of a non-bank financier said that as non-bank financial companies increasingly penetrate small towns, their sales teams must be determined to achieve their goals.

“There cannot be a period of total work stoppage,” said this founder on condition of anonymity. “During Diwali, a jeweler will not close shop. Similarly, there are periods in the year when NBFCs will have to work longer hours.”

Private pressure

Private banks are also trying to control long working hours. In FY23, lenders saw a sharp increase in attrition as demand for young workers with digital skills in sales and marketing increased in the insurance, retail and financial technology.

Mint reported in November that private banks aimed to hire at least 50,000 people for entry-level roles in the coming year to combat high attrition in this segment.

“We came up with a policy called ‘7Up’ after two years of the pandemic to monitor the working hours of branch employees,” said Rajkamal Vempati, president of human resources at Axis Bank, who saw its rate of Attrition decrease to 28.8% in FY24. from 34.8% the previous year.

“…We check whether employees are often on their computers after 7 p.m. to complete their end-of-day work or whether they are retained by their supervisors for end-of-day conversations,” Vempati said, adding that the The bank’s 7Up project aims to ensure that employees finish their work by 7 a.m. and are not held up for further revisions or conversations.

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At HDFC Bank, India’s largest private lender, the employee assistance program provides “confidential and professional support” to staff facing personal or professional difficulties.

As per its FY24 Annual Report, HDFC Bank is organizing wellness webinars to prioritize employee well-being, promote work-life balance and create a positive work culture.

In 2023, HDFC Bank suspended an executive seen shouting at subordinates during an undated group video call, citing an alleged inability to meet sales targets. The suspension sparked a debate over toxic workplace behavior, primarily involving stressful tasks in sales, Mint reported in June 2023.

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Higher salary, higher demand

Experts say that work pressure in private banks exceeds that of public sector banks due to higher targets.

“This is especially true for sales jobs, where bankers must work beyond stipulated hours if targets are not met,” said Veinu Nehru, managing partner at executive search firm Fynehand Consultants.

Nehru said salaries in financial services companies are generally higher than those in other sectors at equivalent level and therefore operating costs are also higher.

“In such a scenario,” Nehru said, “institutions would like to see more productivity from employees.”

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