ICICI Bank Junks Ranks, Scraps Exec Symbols
In a major HR shift, ICICI Bank has flattened its top management by getting rid of all grades of deputy general manager (GM) and above. Management executives are now known by their role and there are no grade-based benefits. The bank has also got rid of all symbols of hierarchy — no longer can anyone guess an executive’s seniority based on the size of his car or access to the executive dining room.
This is a big shift for a bank where even the internet bandwidth earlier depended on seniority. The move will impact over 400 executives of the level of deputy GM, joint GM, GM and senior GMs. This is the first major change in HR policy since Sandeep Bakhshi took charge as CEO last year.
“If we have to be agile and nimble-footed, we cannot remain a hierarchical organisation. Because of the grades, these structures and levels got hard-coded and there was a sense of hierarchy,” said group HR chief T K Srirang. Following the shift, the bank will have the flexibility to move an erstwhile deputy GM into a role that used to earlier be filled in by a senior GM.
“This has given us the opportunity to move more youthful other folks and provides them roles forward of time,” he stated. Business heads could have more flexibility as their power and authority can be related to the function. Earlier, a GM who headed a area would have upper sanctioning authority than a deputy GM in similar function.
The other impact for employees is that there will likely be no automatic promotion in keeping with the period of provider. “In any organisation in India, there is an expectation that each and every three-four years there can be a promotion. Now, as an alternative of sitting in the same function and aspiring for the next function, executives should aspire for a new function to move forward,” he stated. The 2d giant change is that trade has been organised round a ‘customer ecosystem’. What this means is that for a set of customers, there can be a head with a composite goal to provide more than one products from different verticals.