Axis Bank, the third-largest private sector bank in India, offers a comprehensive range of financial services to various customer segments, including Large and Mid-Corporates, MSME, Agriculture, and Retail Businesses.
With a significant footprint of 4,594 domestic branches, 11,333 ATMs, and 5,710 cash recyclers as of March 31, 2021, Axis Bank also operates internationally with eight offices focusing on Corporate Lending, Trade Finance, Syndication, Investment Banking, and Liability Businesses.
Axis Bank, a leading private sector bank in India, was experiencing tremendous growth and workforce challenges. The banking industry’s expansion and increased business sanctions demanded more hires to support new branches, high attrition rates and the acquisition of other commercial banking operations further strained their recruitment processes.
This presented a critical challenge: attracting and retaining top talent in a fiercely competitive landscape. Traditional recruitment methods simply couldn’t keep pace with the bank’s ever-expanding footprint and the need for a skilled and diverse workforce to fuel its future.
Recognizing that their talent is their greatest asset, Axis Bank along with RippleHire embarked on a comprehensive strategy – one that optimized costs, ensured compliance, and transformed Axis Bank’s recruitment approach.
By leveraging their workforce network and RippleHire’s TA Cloud, Axis Bank expanded their reach, built a strong candidate pipeline, and streamlined recruitment, positioning them for continued success.
Axis Bank’s story is a testament to the power of collaboration, innovation, and leveraging technology to transform talent acquisition.
Read further to delve deeper into the specific strategies and results achieved by Axis Bank.
Axis Bank's comprehensive strategy driving growth, efficiency, and employee engagement
Gearing up for rapid growth
Axis Bank found itself at the cusp of an exciting new chapter, facing several key areas for improvement in its talent acquisition strategy:
Unprecedented Business Expansion:
Axis Bank experienced a remarkable surge in business sanctions, jumping from 92,000 to an all-time high of 103,000 in just one year. This growth signaled a pressing need to rapidly scale the workforce to support the bank’s thriving operations.
Talent Retention in a Competitive Landscape:
In an industry known for its high turnover rates, Axis Bank recognized the importance of not just attracting but also retaining top talent. This presented an opportunity to reimagine employee engagement and career development strategies.
Strategic Acquisition and Integration:
The acquisition of Citibank’s commercial banking business in India opened doors to new market segments. However, it also brought the exciting challenge of smoothly integrating a large number of new employees into the Axis Bank family within a tight timeframe.
Elevating Compliance Standards:
As a leader in the banking sector, Axis Bank aimed to set new benchmarks in regulatory compliance. This meant enhancing their recruitment processes to not only meet but exceed stringent audit requirements, ensuring thorough documentation and due diligence at every step.
These areas for improvement weren’t just challenges; they were catalysts for transformation. Axis Bank saw them as opportunities to revolutionize its approach to talent acquisition, setting the stage for sustainable growth and industry leadership.
Goals for growth and excellence
To meet these challenges head-on, Axis Bank set clear and ambitious goals:
Meeting Increased Hiring Demands:
A significant uptick in business sanctions within the liability sales division prompted Axis Bank to expand its branch network by a substantial number in FY24. To support this growth, the bank embarked on a major hiring drive, aiming to recruit a significantly larger workforce compared to the previous year. This strategic move was necessitated by the need to replace departing employees and accommodate the demands of the expanding business operations.
Fostering Diversity and Inclusion:
A primary goal was to significantly increase diversity among new hires, with a particular emphasis on gender balance, representation of individuals with disabilities, and the integration of remote work opportunities. This aimed to foster a more inclusive and representative workforce.
Enhancing Internal Mobility and Recruitment Strategies:
Recognizing that internal transfers accounted for a relatively small portion of overall hiring, Axis Bank prioritized expanding external recruitment efforts. This included a significant focus on campus and academic hiring, constituting a substantial portion of their recruitment strategy, to strengthen the talent pipeline.
Streamlining Onboarding Post-Acquisition:
The integration of employees from Citibank’s commercial banking division required a streamlined onboarding process. Axis Bank aimed to efficiently integrate these new hires within a tight timeline, ensuring a smooth transition and alignment with their organizational culture.
Ensuring Compliance and Quality:
To comply with rigorous regulatory standards, Axis Bank implemented measures to enhance recruitment processes. This included streamlining documentation, expediting background checks, strengthening candidate management systems, refining rehire protocols, and improving overall governance. Additionally, the bank prioritized monitoring the performance and retention of new hires to ensure recruitment quality.
Transitioning to a Self-Sourcing Model:
To optimize recruitment efficiency, Axis Bank shifted its focus from external consultants to internal talent pools and innovative technology. By leveraging employee referrals, internal job postings, and AI-driven tools, the bank aimed to expedite the hiring process while enhancing candidate quality.
Improving Candidate Experience:
Enhancing the overall candidate experience was essential. This involved minimizing offer rejections and ensuring a smooth onboarding process to foster strong engagement among new hires.
Strategic implementation and collaboration with RippleHire
Axis Bank’s transformative journey was significantly bolstered by their partnership with RippleHire, an advanced talent acquisition cloud platform known for its gamified employee referral portal and end-to-end recruitment solutions.
A cross-functional team, including stakeholders from HR, business units, and technology, was formed to design a comprehensive talent acquisition strategy.
The approach focused on addressing Axis Bank’s pressing needs while aligning with industry best practices:
Enhanced Quality of New Hires
RippleHire’s system provided comprehensive performance monitoring to improve new hire productivity and reduce attrition rates.
Diversity, Equity, and Inclusion
Targeted recruitment initiatives and efficient processes facilitated the achievement of a 30% diversity goal among new hires.
Governance and Compliance
The strategy ensured adherence to regulatory requirements, improved documentation, and streamlined offer management, while integrating seamlessly with Axis Bank’s position management system.
Transition to Self-Sourcing
The focus shifted towards leveraging employee referrals, internal job postings, and AI tools to optimize recruitment processes and reduce reliance on external vendors.
Enhanced Candidate Experience
RippleHire’s platform facilitated a seamless candidate experience, from automated asset reporting to improving the onboarding process and reducing offer dropouts.
Innovation in Recruitment
Process redesign and automation, such as tailored workflows, automated offer management, and a revamped career site, ensured efficient and effective recruitment.
Impact and Future outlook
Axis Bank has significantly elevated its recruitment strategy by optimizing internal processes and expanding external reach.
Key achievements include:
Streamlined hiring: Integration with Axis Bank’s position management system ensured that hiring was aligned with business needs.
Enhanced internal mobility: The optimized internal job posting process empowered employees to explore career growth opportunities within the bank.
Expanded talent pool: A revamped career site and improved employee referral program broadened the reach of recruitment efforts.
Accelerated offer management: Automated offer management reduced processing time and errors.
Successful business integration: RippleHire’s flexibility facilitated the seamless integration of new employees following the acquisition of Citibank’s commercial banking business.
Looking ahead, Axis Bank is committed to leveraging technology to further enhance its talent acquisition capabilities. Key focus areas include:
- Implementing AI-powered search and match recommendations
- Enhancing internal mobility platforms
- Improving candidate engagement strategies
This strategic focus has positioned Axis Bank as a leader in the industry, demonstrating a commitment to attracting and retaining top talent.
