HDFC Bank is planning to allow some of its employees to avail a two-day work-from-home (WFH) option, for thirty days, according to sources in the know, a move which could make the firm potentially join the small list of banks which have allowed similar hybrid options for their workers.
In banks, employees in business and corporate enabling functions largely include information technology (IT), finance, operations, risk, and compliance, among others.
“Discussions to have a WFH option for some employees are definitely in the pipeline for a one-month trial period… This option could be introduced as soon as possible. There have been informal talks for some teams in the bank, which are mostly non-client-facing. Some teams are privy to this, while some are not, yet,” according to one of the sources.
This comes after Prime Minister Narendra Modi’s recent appeal to companies to allow work from home in an effort to conserve fuel and forex reserves, as the war in West Asia has triggered a spike in crude prices.
On May 15, Moneycontrol exclusively reported that private lender IndusInd Bank is introducing a hybrid work model for select employees. It had conducted an initial phase 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.
“If this trial period goes on well, there is a good chance that this might be extended for a longer period of time,” the source quoted above said.
“Internal meetings are also asked to be conducted virtually as much as possible,” another source said.
HDFC Bank confirmed the developments. “This option is applicable for employees in Business Enabling Functions as well as those in Corporate Enabling Functions. The Bank’s branches and customer-facing roles will continue to function as per the normal schedule,” an official spokesperson said.
To be sure, Axis Bank is the first major lender to have introduced a hybrid work model in a sector that has largely restricted the option of working from home. The country’s third-largest lender introduced this option for its non-client-facing employees back in FY21, during the height of the COVID-19 pandemic, and has since continued with the practice.
While information technology and startups have largely adopted the hybrid work culture, traditional sectors such as banking still continue to be conservative, with most lenders gradually calling their employees back to the office over the last two years.
IndusInd Bank’s human resources chief Amitabh Kumar Singh had told Moneycontrol that while the introduction of an WFH option may not be an industry-wide trend, more organisations are likely to explore similar models, although they may vary from bank to bank.