Bank of Baroda is considering the option of Work from Home for its employees on a permanent basis. It has appointed management consultancy firm McKinsey & Co to help implement a strategy in this regard. Sanjiv Chadha, MD and CEO of the bank, said McKinsey will help the bank in devising a strategy on how it can stay ahead of the curve in a changed world post the pandemic. The terms of reference, he said, included things like, if the bank had its staff working from home, or if they were working from a hybrid environment where they would come to the office for one or two days, how can such a system be implemented and how it can hire talent and give them flexibility. He maintained that the number of people visiting branches had gone down and habits once acquired die hard, hence the bank must be prepared for a world where branches are less central to the bank’s network. Instead of branches, the bank would focus on customer touchpoints or outlets, which numbered 25,000, he added.
