Indian banks roll out policies to indulge employees as chorus grows against work stress

Private banks saw significant attrition in 2022-23, which, to the relief of many, declined in FY24. For public sector banks, attrition has remained muted, given how employees view jobs at state-owned institutions. However, over the past couple of years, even these employees have taken to social media to voice their concerns about work pressure.

So when a video surfaced recently of Union Bank of India’s executive director Nitesh Ranjan saying that branches should be shut after 6:30 pm is doing the rounds, it created a stir among other lenders. 

According to a person aware of the matter, the video is from an internal meeting of the bank’s management with employees on the day of its second-quarter financial results announcement last week.

“One more thing I would like to add on (the issue of) work-life balance, and (it’s) something that I have also faced… (say at) 10 o'clock when I am planning to go to bed, I receive a WhatsApp (message) of a reminder of some target someone has not achieved. Can we all decide that from 8 pm in the evening to 9 am in the morning, we will not do any WhatsApp communication on the official channel?," Ranjan is seen as saying in the video. 

According to Ranjan, employees should not send messages on official channels between 8 pm and 9 am the following day unless it is an emergency. “Even in that case, please reach out to the individual, and not to (the official) groups," he says in the video.

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

Conversations around work-related stress surface every so often across sectors in a digitally connected world, particularly in the startup, tech, and consulting sectors where ‘hustle culture’ is a crucial and celebrated ingredient in a company's success. While this takes an invisible and delayed toll on employees, sometimes the consequences are tragic.    

Also read | At the Big Four, work stress is taking a toll on both employee and employer

Not everyone is convinced that stop-work notices make sense. The founder of a non-bank financier said that as non-banking financial companies further penetrate smaller towns, their sales teams have to push aggressively to reach their targets.

“There cannot be a blanket time for work to stop," said this founder on condition of anonymity. “During Diwali, a jeweller will not close shop. Similarly, there are time periods in the year when NBFCs will have to work longer hours."

Private pressure

Private banks also have been trying to check long work hours. In FY23, lenders saw a sharp rise in attrition as demand for young workers with digital skills in sales and marketing surged in insurance, retail and fintech. 

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

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

“... We are checking if employees are often on their computers after 7 pm wrapping up end-of-day work or held by their supervisors for end-of-the-day conversations," Vempati said, adding that the bank’s 7Up endeavour is meant to ensure that employees complete their work by 7 and are not held back for other review or conversations.

Also read | Aim for clarity: In defence of a work-life imbalance

At India’s largest private lender, HDFC Bank, employee assistance program gives “confidential and professional support" to staff facing personal or work-related challenges.

As per its FY24 annual report, HDFC Bank conducts wellness webinars to prioritise employee well-being, promote work-life balance, and build a positive work culture.

In 2023, HDFC Bank suspended an executive seen screaming at his subordinates in an undated group video call, citing alleged inability to meet sales targets. The suspension sparked a debate on toxic behaviour at workplaces, primarily involving stressful jobs in sales, Mint reported in June 2023.

Also read | Companies must act to check toxic behaviour in office

Higher pay, higher the demand

Experts say work pressure at private banks surpasses public sector banks owing to steeper targets.

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

Nehru said that salaries of financial services companies are typically higher than other sectors at an equivalent level, and therefore cost of operations are also higher. 

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

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