IndusInd Bank Implements Hybrid Work Policy, Offers Flexible Remote Work Arrangements to Select Employees

IndusInd Bank Introduces Hybrid-Work Model for Select Employees

In a significant shift towards remote work, IndusInd Bank is introducing a hybrid-work model for select employees, as per the bank's chief human resources officer (CHRO) Amitabh Kumar Singh. This change comes in response to a recent call by Prime Minister Narendra Modi to employers to allow work from home in an effort to conserve fuel and forex reserves, triggered by the ongoing war in West Asia and the subsequent spike in crude prices.

Pilot Phase Yields Positive Feedback

The Mumbai-based private lender conducted a pilot a few months ago, where employees belonging to the technology, marketing, and human resources functions were asked to work from home for two days a week. The pilot phase received positive feedback, prompting the bank to roll out the hybrid-work model across India, with a slightly broader set of functions included.

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Implementation in Phases

The model is being implemented in phases. In the first phase, functions that are easier to implement in a work-from-home framework are being included. In the second phase, a slightly broader set of roles and functions will be added. The bank has now expanded to power naming functions, which typically include operational, regulatory, and digital functions that drive the bank's ability to operate and manage customers.

Key Features of the Hybrid-Work Model

While the hybrid-work model is not a full-fledged remote structure, employees are still expected to operate within their base city and attend the office when required. Branch banking and customer-facing functions will largely remain in-person, as banking is an essential service that cannot be compromised.

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Comparison with Axis Bank

IndusInd Bank is not the first bank to implement a hybrid work model. Axis Bank, the country's third-largest private lender, has executed a similar hybrid model since FY21, following the COVID-19 outbreak, where non-client-facing employees are required to come to the office only two days a week.

Cost Savings and Industry-Wide Trend

While IndusInd Bank has not put a cost savings number to this model, it is expected to significantly help in the austerity measures announced by the Prime Minister. Singh believes that more organisations are likely to explore similar models, though each bank may design policies based on its operational constraints.

Conclusion

As the banking sector continues to adapt to changing circumstances, IndusInd Bank's introduction of a hybrid-work model is a significant step towards remote work. While the model is not a full-fledged remote structure, it is a step in the right direction, and other banks may follow suit in the future.