The recently released FY2023 annual report of Axis Bank, unveiled on June 26, 2023, centers around the theme of “Open, to Win Together.” The report emphasizes the significance of transparency and inclusiveness, encapsulated in the catchphrase “Dil se Open.”
Under the banner of “Together,” the bank extends its commitment to its employees, emphasizing their holistic well-being, including mental health. The report highlights various initiatives undertaken by Axis Bank, such as conducting regular surveys, implementing an Artificial Intelligence (AI) bot to engage in HR conversations, and providing professional counseling services to support employees during times of stress. Notably, the report reveals that 600 employees have received counseling, with an additional 1,247 employees awaiting their turn in the counseling queue.
However, it is disheartening to observe that despite this proclaimed commitment to openness, Axis Bank has reduced the amount of information it previously shared regarding employee attrition. The bank has also refrained from responding to queries on this matter. Ironically, during this year of supposed togetherness, the report discloses that over a third of Axis Bank’s employees have departed—a significant increase compared to the previous fiscal year, FY2022.
The Axis Bank board of directors proudly includes former senior executives of the Reserve Bank of India (RBI) and a nominee of Bain Capital. Furthermore, a majority of board members claim specialization in human resources management. However, the board’s annual report barely acknowledges this substantial exodus of employees, opting to remain silent on its underlying causes.
Regarding the final element in the new slogan, “Winning,” Axis Bank has inadvertently earned itself the undesirable distinction of leading customer complaints among banks, as previously discussed in an article. It is possible that the bank may also claim the unwanted prize for staff attrition.
While the annual report highlights the crucial role played by employees in achieving the bank’s long-term goals and proudly asserts that its policies prioritize the overall well-being of its workforce, the high attrition rate raises concerns. The report’s silence on the causes of the exodus further compounds these concerns.
Despite the positive initiatives undertaken by Axis Bank to support employee wellness, the bank must address the underlying issues that have led to such a significant loss of talent. Openness should extend beyond rhetoric and include transparent communication about the challenges faced and proactive steps taken to address them.
As Axis Bank aspires to foster an inclusive and supportive work environment, it must align its actions with its professed values. Recognizing the importance of employees as integral contributors to the bank’s success, Axis Bank should proactively address concerns related to attrition and prioritize initiatives that promote employee engagement, growth, and well-being.
In conclusion, Axis Bank’s FY2023 annual report conveys the theme of “Open, to Win Together” and emphasizes the significance of transparency, inclusiveness, and employee well-being. However, the report falls short in addressing the significant employee attrition experienced during the fiscal year, raising questions about the bank’s commitment to its workforce. As Axis Bank moves forward, it must strive to bridge this gap, aligning its actions with its professed values to build a stronger, more resilient organization that truly embodies openness, togetherness, and success.
