Old generation private sector lender Federal Bank has gone for an HR makeover to strike a youth-experience balance and make itself more competitive in the Indian banking space.
The south-based bank is now making efforts to groom youngsters and, at the same time, retaining key top officials by extending their service period.
Federal Bank, where employees have an average age 35 years, will see many retirements of its senior management belonging to 1971-72-73 cadres in the next three years. A back-of-the-envelop calculation suggests, around 350-400 employees at different levels will retire during this time.
Two of its key personnel?PC John, who was earlier the chief general manager & CFO, and TS Jagadeesan, who was the general manager?who were supposed to retire in January and May next year, respectively, have been repositioned in the bank.
The bank ensured their continuity by asking them to resign and later reappointing them as consultants with a three-year term. John has now been appointed as the executive director while and Jagadeesan the chief general manager of the bank.
Moreover, for the first time in the history of the bank, some deputy general managers have been promoted as regional heads. Earlier, only general managers used to head regional headquarters .
?The relatively young DGMs, in their late 40s or early 50s, are being groomed to take up serious responsibilities in the future,? said a source. When contacted John confirmed the development.
?It is all for the better and smoother operations of the bank. This year, we plan to recruit 800 to 1,000 people keeping pace with our expansion plans. At the same time, we want to groom our younger people for taking up greater responsibilities. Banking is not a single-man game,? he said.
The fourth largest private sector bank recently launched Fedforward, primarily meant for providing instant services to HNI/NRI clients, its traditional strong customer base. The facility has been primarily launched in Mumbai, but will be available in all cities in due course.
Under the Fedforward, two dedicated relationship officers will be present to attend the customers in addition to a principal officer.