It’s not capital adequacy ratio (CAR) but human capital adequacy (HCA) which is gaining ground at Bank of Baroda (BoB).
Many new recruits leaving for better prospects in a short period
KOLKATA: It’s not capital adequacy ratio (CAR) but human capital adequacy (HCA) which is gaining ground at Bank of Baroda (BoB).
The public-sector bank is undertaking a host of measures, including tie-ups with international agencies, to tackle increasing challenges of employee loyalty, attrition and grooming internal talent.
The public sector banking space has been witnessing considerable attrition in recent times. Many new recruits have been leaving after receiving the requisite training or within a few months for better prospects.
“HR issues are one of the biggest problems troubling PSU banks including the dearth of talent. Each bank loses almost 100-150 people every year. We have about 38,000 employees at present. While it may take time for any change in rules of compensation to come about, as a bank, we are gearing up to equip various HR measures,” Anil K Khandelwal, chairman and managing director, BoB told DNA Money.
“The bank has roped in US-based Wright Consultancy to create a pipeline of new talent, and as a part of this programme, 300 senior managers are being groomed to take on larger responsibilities. The level of loyalty is very high among this group and hence we thought that incentives were necessary,” he said.
With major plans to increase its business from foreign operations where it already has a significant presence, the bank has created a BoB Foreign Service division, where a pool of talented people is being trained for overseas recruitments.
Realising the need to groom more internal talent, rather than having to lose new trained recruits, the bank has begun Khoj, a programme where almost 1,000 officers from within the bank will be trained for sales and services. This apart, about 500 youngsters are being trained in various aspects of banking including wealth management, insurance, mutual funds, corporate credit. This, according to the bank, will help in having specialised people in different sections of banking activities.
Banking industry officials said poaching could turn out to be a big concern for banks if compensation and incentives are not corrected. The need to revise the performance-based scheme of the government, for effective implementation, is perhaps urgent, they feel.
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