ICICI Bank not to hire aggressively, skips attrition replacement

ICICI Bank, which more than doubled its headcount in the past five years, has decided to go slow on hiring for now.

The country’s largest private sector lender has paused on fresh recruitment and, in many cases, isn’t even replacing those leaving the company. Instead, it is focusing on improving the productivity and efficiency of its existing workforce.

“We believe given our scale of operations, employee additions through the last two years and our aspirations in terms of growth and productivity, we can do with a lesser number of employees. We have executed this strategy carefully, looking at the manpower in each of the functions, and wherever we believe productivity can be enhanced, we have not replaced attrition,” Executive Director N S Kannan told analysts during a recent interaction.

ICICI Bank