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ICICI: The melting Pot
(Contn.)
An Organisation In Flux
Kalpesh
has a point. ICICI is no longer a place where the number of years spent
will influence a person's standing in the organisation. There's hierarchy
for sure (most people in the office address the top management as Sir or
Ma'am; of late, it's more of the latter). Only senior general managers and
above take the glass lift, and they dine separately. Remember, ICICI,
unlike HDFC, is not an informal organisation. Relationships are very
important in this people-driven organisation. But that perhaps is the only
constant in an organisation that is constantly changing.
It had to be, especially in the early days,
when ICICI expanded into new areas. Retail finance is very different from
managing large infrastructure finance deals behind a desk. According to
Kamath, the employee-centric focus was sharpened in the last three years
when the organisation saw the convergence of technology, as well as the
ability to leverage it. As opportunities were coming up in the financial
services area, there was a need for a different kind of organisation
structure. One that was completely different. One that is continuously
evolving, which questions the status quo every six months. Then, ICICI
moved a step closer to the client by setting up the client relationship
group. Again, there was a lot of organisation discomfort at this change.
ICICI's push into technology shares a
symbiotic relationship with an organisation in flux. Smiles Kamath: ''As
technology started becoming integral to everything we do, speed became a
driver. Speed is a people-centric issue. E-enabling of ICICI was started
just 14 months back and we have completed it.'' When ICICI's e-technology
initiative was implemented, employees had to learn to live with different
structures. Some have had to create their own implementation team, because
ICICI has given every venture the character of a Valley starter. In other
words, two to three people become owners of the venture; they have all the
have freedom to run and build the team. And 90 days to deliver.
As Kalpesh Kikani's example shows, existing
employees are given a fair opportunity to move within the organisation,
should there be a requirement in an existing department or a new area that
the company is entering. The information is available on the ICICI
Universe, part of ICICI's intranet. An employee's loan status, leave
status, salary, goals, and so on, are available to each employee and his
immediate supervisor through the intranet. There's more to the intranet:
tracking employees' timings, and billing them for heavily-subsidised
meals.
Indeed, everything is out there in the
open. If employees don't seem to mind, that could have something to do
with the fact that ICICI is an organisation that changes its focus
depending on what is relevant. The core keeps on shifting. At one level,
it's around product-centric, industry-centric, or client-centric teams
which meet together for a particular project. Now that the organisation
has been e-enabled, there's a fourth dimension. Says Bhojani: ''Today,
ICICI is like a treadmill, whose speed keeps on increasing. ICICI has to
make changes and move faster. HR has become more of a change agent to
partner the company in its initiatives.''
The Exit Barriers
While
empowerment helps, ICICI has created exit barriers through training and
career development programmes. Let's take training first. Empowerment does
not come without responsibility. Kamath, himself a training freak, extends
all possible support to initiatives that update knowledge to the latest
levels. So, domestic and overseas training is an integral part of HR at
ICICI. The ICICI Training Institute at Pune offers programmes aimed at
developing knowledge, skills and potential across all levels of the
organisation.
On an average, a person goes through about
62 man-hours of training at ICICI every year, including specialised
functional training either in India or abroad. Says Kamath, who spends a
minimum of 10 days every year learning or teaching (especially new
applications of technology): ''I make this as an example to others. Not
knowing something is not something to hide, but something that I could
correct. Training needs are high here because we are a company that rides
on technology.''
Training is intrinsically linked to the
leadership programmes at ICICI. The tool used is the well-known 360 degree
exercise. In the first 10 days of December, each of the 90 senior
managers-from senior veeps to senior general managers-selects 12
people-internal customers, peers and subordinates. Each of these 12
answers 49 questions about the person. The data is collated by an external
consultant, who, without revealing names, informs each of the 90 veeps or
general managers what each of the subordinates and peers had to say. And,
of course, the consultant suggests areas for improvement, which includes
generic training programmes.
In ICICI, and anywhere else, career
progression is propelled by the employee's own initiatives. Employees are
encouraged to involve themselves in the company's overall performance
through profit-sharing incentive schemes based on financial results.
Indeed, ICICI's performance appraisal and career progression systems have
been fine-tuned in the last three years. For instance, there is this
system for spotting high performers. It's quite straight-forward actually:
a simple performance appraisal form is filled in by each employee and an
immediate supervisor. A moderating committee-made up of members of
cross-functional teams-sits in and takes a decision on performance
bonuses. The score-sheet is then returned to the immediate boss who then
sits across with the appraised and shares the appraisal. Says A.T. Khusre,
ICICI's General Manager (HR): ''It's a completely transparent process and
that is when the feedback takes place.'' Then, the immediate supervisor
discusses career options with the respondent.
The Parallel Systems
Kamath
loves repeating this analogy, but it bears a once-more. It goes like this:
''Everybody is on a fast train, and at periodic intervals, the train
stops. At this point, people who are not going to make it, get off. And
new people get on. This is happening in ICICI. As you give transparent
feedback, people who feel that they are not going to be a good fit find
other jobs.''
The first leg of the parallel system to
meet this end is called Management By Results, or MBR. At the beginning of
the year, the organisation decides its goals. The top management sets
stiff goals (which, mind you, can be changed in the middle of the year,
given the changing environment). These are disseminated as functional
goals and are assigned to the head of each department. Says Mody: ''It is
a trickle-down approach. Top management sets the goals first, and the
goals down the line follow.'' Based on the goals, it is HR which steps in
and tells the department how many people are needed to achieve the goals,
the skill-sets, possible compensation packages, and so on. When the goals
are set and weightages assigned, these are the clear performance
indicators. Halfway through the year, there is a review to ensure that
each person is on track. And the whole thing is online.
That's the macro-approach. The Personal
Development Plan, or PDP system, on the other hand, discusses the
strengths and areas of improvement and tries to find out if the employee
has changed his role in ICICI, developed new skills and so on. Says Khusre:
''We help people to improve their CV.'' Each person at ICICI is rated on a
bar scale of 1 to 4 for each of the eight competencies, of which four are
common and four are specific to each person and his work. The promotional
and personal development plan is worked out based on the rating. And that
includes training.
On the softer side, ICICI takes care of an
employee's entire family. Given the long hours at work, ICICI has started
a Saturday kids club for children between the age of five and 12 years on
first floor. Here the kids are taught crafts, computer education, and
other things, while the parents are at the desk. ICICI is also in the
process of short-listing an organisation to run creches at its residential
quarters at Andheri and Prabhadevi in Mumbai. There's more: bus services
to the station from ICICI Towers. Or a jogging track around the building,
and a gym inside. Then there're book fairs, free medical check-ups, and
subsidised lunches.
Kamath insists there's more to be done. He
says: ''We need to get a career development structure in proper shape.
Because it's still in the evolutionary stage, we can create excitement.
And ICICI as a group has to make the move towards being a customer-centric
organisation. Everything has to evolve around the customer.'' Clearly, the
churning isn't stopping at ICICI. Neither is the excitement.
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Why
ICICI Is Number 4 |
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Adding a little magic'' to your life, the advertising- promise of
this financial services behemoth, could well be the right phrase to
describe the employee experience at ICICI. The company leverages
technology to deliver services to its internal customers through an
employee portal, ICICI Universe.
ICICI has
automated recruitment through its career site which includes
features like job postings, organisation profile, online skill
tests, and virtual interviews. Employee referrals, rewarded through
bonuses ranging from Rs 20,000 to Rs 50,000, is a preferred
recruitment technique: 30 per cent of the hires last year were
through referrals, an indicator of employee satisfaction.
ICICI believes
that the quality of work life enhances employee productivity. The
company takes care of all the 'life' needs of the employee, right
from ensuring that the children of employees are admitted in premier
schools, to providing holiday homes for leisure, thereby enabling
managers to focus better on their work. The work facility is state
of the art; 'swank' is what some employees called it. All
conceivable conveniences including a 'subsidised' cafeteria,
concierge services, personal travel services, swimming pool,
sleeping rooms, gymnasium, steam and sauna rooms, and, of course, an
ATM are offered onsite. The office is open 24 hours, employees have
flexible hours, and can even work from home; 8 per cent of the
employees currently use this benefit. One innovation is a
camera-linked crèche, which allows parents to keep an eye on their
child through their computers. The company also boasts a Saturday
kids club: employees bring their kids to work on a Saturday, and
company-appointed 'instructors' put them through a day of activities
related to fun and learning. Once a month ICICI organises a
learning-trip for its employees' children.
An onsite
dietician advises employees on their diet and monitors cafeteria
food to ensure healthy eating habits. A medical facility houses all
emergency equipment and has an onsite doctor. Other health benefits
provided include dental coverage, retiree healthcare insurance, life
insurance, mandatory annual health check ups, hospital tie-ups and
stress reduction programmes.
Imparting and
managing knowledge is a thrust area. ICICI's knowledge management
portal, 'Wise Guy' stores a wealth of information, which is
accessible to all employees. 'My knowledge corner', one section of
the portal contains an inventory of employee skills, which helps
share expertise across the group. Training-an average of 62 hours
per employee-is also managed online. ICICI also offers sabbaticals
(up to four years). A fee reimbursement plan is available to
employees, where the tuition-fee for courses related to the business
are reimbursed. Last year, 3 per cent of the company's employees
availed of this facility.
Besides
competitive compensation, recognition is an integral part of the
culture at ICICI. Some of the recognition rewards include a paid
holiday, gifts for the employee and his family members, features on
the employee on the intranet, parties, and cash rewards. Recognition
extends to the employee's family as well: employee-kids, who excel
in academics or extra-curricular activities, are recognised through
scholarships and sponsorships.
Madhavi
Misra and Purva Misra, Hewitt Associates LLC |
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