Why are attrition rates so high in the banking sector?

There is a growing concern that is affecting the business of money – attrition in the banking sector. In This episode of the State of the Economy podcast, Hamsini Karthik and Srinath Sridharan, Author, policy researcher and corporate advisor, delve deep into the reasons behind this phenomenon and its impact on the industry. In the podcast, they discuss how digitisation, emerging technologies, and shifting workforce dynamics are reshaping the banking landscape and what it means for aspiring bankers in the Gen Z and Gen Y generations.Srinath Sridharan highlights the significant changes the sector has undergone and how certain roles that were once done manually have been replaced by automated systems, leading to a reduction in the need for human resources.They also discuss the changing dynamics of the workforce, and younger employees shift jobs seeking growth and opportunities. They also talk about the quality of talent in the banking industry and how this could impact the sector.Listen to the podcast to know more about how banking will continue to be an essential part of the economy, and how it can provide long-term career opportunities for those willing to invest their time in the industry.