According to chairman and managing director M Venugopalan, Public sector organisations cannot hope to attract talents from the premier institutions as they cannot match the salaries that private and foreign banks offer. So, we plan to capture talents from second and third-rung institutions.
The bank plans to recruit about 1,000 professionals by the end of the next fiscal. It has already inducted about 50 professionals so far through campus recruitments.
Further, the bank has decided to take people only at the manager and senior manager levels.
Mr Venugopalan said: Pay scales in public sector banks (PSBs) are fixed for each scale. Entry-level pay scales are too low, and if we want to attract people with specialised skill sets from prestigious B-schools and other institutions, we will have to offer attractive salaries.
The bank will be seeing substantial attrition in 3-5 years with at least a third of its senior staff retiring. Said Mr Venugopalan: The average age of our staff is around 46. So, they will be due for retirement soon. Further, with the bank implementing core banking and sophisticated computersiation across all its branches, over the next few years, there will be need for IT professionals, who are adept at handling the latest IT infrastructure.