Page 38 - Banking Finance January 2024

ARTICLE

CAREER CUSHIONING

FOR PUBLIC SECTOR

BANK EMPLOYEES:

ENHANCING

OPPORTUNITIES

BEYOND JOB SECURITY

I n the ever-evolving and volatile world of work, career backup plan," is the practice of taking proactive steps to
prepare for potential career swaps or challenges. It involves
cushioning has emerged as a proactive strategy for
identifying potential vulnerabilities in one's current
individuals to navigate their professional journeys and
enhance their career prospects. While the concept of
career cushioning is not entirely new, it has gained significant employment situation and taking steps to mitigate those
risks. The relevance of career cushioning in the banking
traction in recent years, particularly in the dynamic banking industry is particularly evident due to the dynamic nature
landscape. There are recent news reports in media citing of the sector. Technological advancements, regulatory
Reserve Bank of India caution of high attrition rates, as high changes, and economic shifts are leading organizational
as 50 percent, especially in the private sector banks.#1 restructuring, job transitions, and new skill requirements at
While the reasons behind were primarily pointing towards a much faster pace than ever before. Career cushioning
enormous work load, it is the career cushioning which would empowers banking professionals to navigate these changes
have otherwise helped such employees navigate through the effectively and remain competitive in their job roles.
tough phases.
Junior level attrition in private banks
Career cushioning, commonly referred to as "creating a
FY23 (%)
Industry average 35 - 40
HDFC Bank 40 - 50
Axis Bank 33 - 35
Kotak Mahinndra Bank 58
IndusInd Bank 33
Source: The BusinessLine

BANKING FINANCE | JANUARY | 2024 | 33