HDFC will let go of nearly 4,500 employees in the October-December quarter, falling earnings growth to an 18-year low and increasing costs have been a big focus area.The bank indicated that future hiring pace could slow as it focusses on productivity through various measures including accelerated automation and digitisation.
Acording to the bank the slash in jobs is primarily due to the regular attrition rate in the financial sector, and higher productivity and efficiencies the bank has been able to build. Total employees of the bank fell to 90,421 in December 2016, down 5% from 95,002 in September 2016.
With the increasing digital penetration and online information more easily accessible to everyone, the business is definitely moving from “sellers” market to “buyers” market. Hence the necessity to reach customers online is tantamount which means lesser sales force at the ground level ( feet on street), lesser touch points etc.
Content Source: economictimes.com