New BANKING FRONTIERS’easycms.in/clientportal/7/file_uploader/IWP COMPENDIUM... · 2015. 12. 16. · BANKING FRONTIERS IWP 2015 3 Preface “If you look after your internal customers

BANKING FRONTIERS IWP 2015 1

BANKING FRONTIERS’

INSPIRING WORK PLACES 2015

COMPENDIUM

KNOWLEDGE PARTNER

2 BANKING FRONTIERS IWP 2015

Inspiring Work Places 2015

Banking Frontiers decided to identify and honor banks and financial services institutions Who have been able to make a difference through effective Human Capital Management. The idea was to bring to the fore the ‘Inspiring Work Places’ among these institutions. Several entities filed their nominations for the purpose and an expert jury comprising specialists in HR, Banking and Management selected the winning organizations – among Insurance companies, NBFCs, Private Sector banks and Public Sector banks - that have made a difference under three broad categories – Best HR & Talent Practice, Best Inspiring Workplace and Best HR Technology - and these organizations were honoured and rewarded at a conference cum awards program in Mumbai on 15 December 2015. This compendium gives the highlights of the winning nominations.

BANKING FRONTIERS’


Preface

“If you look after your internal customers you don’t have to worry about the external customers.”

Richard Branson - Founder-Virgin Group.

Every organization spends a majority of its resources on customers

and the above statement by the visionary Richard Branson is

quite apt when it comes to attacking a problem from its roots.

Businesses and human endeavors are systems which organizations

cannot address in snapshots or silos to attain their desired objectives.

By its very nature of being in the services sector, the success of any

financial services organization is totally dependent on the people behind

it. These organizations have been trying to be disruptive in innovating

methodologies to enroll, empower and also strengthen their internal

customers or employees to create an inspiring work place.

As the first ever initiative to recognize the best HR practices in the

BFSI sector, Inspiring Work Places received a great support from the

BFSI sector. With the encouraging number of nominations received

by us, it is clear that there are many organizations today which are

constantly working towards making a great place for great people to do some great work.

This year, we have seen very mature and thought provoking entries from various organizations across the

categories of applicants with each sector showing some exemplary innovations. Some HR savvy organizations

have shown extraordinary skills in enrolling their staff in CSR while others have made some fantastic utilization of

balance scorecards for goal settings. Few public sector organizations have shown some outstanding examples of

working intelligently around their existing constraints to enrich the work experiences and convert their constraints

into opportunities. This surely proves that the financial sector is home to some of the enviable best practices.

I would personally like to thank Deloitte for being our process partner for the same and at the same time extend

our gratitude to our luminary jury under the chairmanship of Mr Allen Pareira – an institution of HR in himself who

has steered the jury meetings successfully to identify the gems who made a remarkable difference.

Lastly, I would also like to thank the valuable participating organizations which placed their trust in Banking

Frontiers by sending in their nominations and supported this initiative.

I am a staunch believer of this wonderful quote by Henry ford “If you always did what you have always done,

you will always get what you have always got”. That essentially prompts all of us to do thing differently and again

apply for the IWP awards next year with some wonderful and rejuvenating ideas.

Babu Nair Publisher-Banking Frontiers


India’s Banking, Financial Services and Insurance sector is

experiencing change like never before. The rapid expansion

which we are witnessing today is adding to the industry’s

complexity and volatility. As Indian organizations are gearing

up to meet international standards, they are faced with various

challenges in the form of competitive pressures, stringent regulatory

environment, entry of new players, changes in customer loyalty and

innovation - all of which are pressuring them to adopt new business

models, streamline operations, improve processes and innovate

their talent management practices.

Talent concerns – some old, some new – are keeping the

industry executives on their toes. In order to address these concerns,

business and HR leaders are coming together to devise an efficient

road map for managing and retaining talent in the future.

There is now a need to recognize those who are driving these

changes form the front. The Inspiring Work Places Conference

organized by Banking Frontiers is one such event which aims to provide a platform

to HR and business think tanks to share their ideas and innovations with the rest

of the fraternity.

Leading experts from Banking, Non-Banking, Insurance and other financial

services sectors have shared their best practices and innovation with us through

their nominations and we look forward to a compelling discussion on some of the

more pressing talent concerns during the Conference. Through this Conference

we will be exploring the impact of Social Media and Digitization. We will also

attempt to understand the challenges faced with respect to Diversity and Inclusion.

Finally, we will appreciate the importance of nurturing future leaders to future

proof organizations and hear from leaders their perspective on this. Through these

discussion our aim to provide you with an interactive and informative experience

The thoughts, experiences and ideas shared by the various nominees have been

captured in this compendium. We hope you will find this Compendium insightful and

informative as you create your organization’s HR roadmap for the years to come.

Dr. Vishalli Dongrie

Senior DirectorHuman Capital Advisory ServicesDeloitte Touche Tohmatsu India Private Limited

Evaluating HR practices


Public Sector Banks

Best HR & Talent Practices

Winner : Vijaya Bank

Special Recognition : Punjab National Bank

Best HR Technology

Special Recognition : Bank of India

Inspiring Place to Work

Winner : Canara Bank

Private Sector Banks


Winners : Axis Bank

: Federal Bank

Special Recognition : South Indian Bank

Jury Award : IDFC Bank

Best HR Technology

Winner : South Indian Bank


Winner : YES Bank

Special Recognition : Kotak Mahindra Bank

MNC Banks

Special Jury Awards

: HSBC-India

: DBS Bank

Insurance Companies


Winner : Tata AIG Insurance Co

Special Recognition : Bajaj Allianz

Best HR Technology

Winner : SBI Life Insurance Co


Winner : HDFC Life

NBFCs


Winner : Ujjivan Financial Services

: Mahindra Finance


Winner : HDFC Asset Management

Special Recognition : IL&FS

Jury Award : Ujjivan Financial Services

Best HR Technology

Winner : NSE

Star Practitioner Award

Winner : Angel Broking

The Performers and their Performances


Allen C A Pereira Former Director, NIBM

Asha NaikChair Professor, NIBM

Suresh Mhatre President, Institute of Management Consultants of India

Tilak Raj BajaliaFormer Director, SIDBI

Mohan V TanksaleChief Executive, IBA

Ajit SinghPresident, HRIA

Mohit Bhatia Chief Human Resource Officer, Executive Coach

Shailendra P. Garg Management Consultant. Strategic Leader and Professor

Dr. Sujaya BanerjeeChief Talent OfficerEssar Group

Tanvi BhattThought Leadership & Personal Branding Strategist

Dr. J N MisraCEO, IIBF

Jury Panel


Jury Speak

Vijaya Bank - winner Best HR & Talent practices (PSB category):

Over the last few years, Vijaya Bank has consistently focussed on enhancing the quality of

its Human Capital & Corporate capabilities by rebooting its HR functions & adopting HR

policies and practices that are contemporary as well as aligned to its growth plans.

Its endeavours in Four critical areas viz; Managing Talent, Improving Leadership Development

processes, Employee Engagement, & Strategic Work force Planning stand out among

its peers.

- Allen Pereira

Canara Bank- winner Inspiring Place to Work:

The Bank has an explicit Motto, “Yes Together We Can “ to inspire Top Management and

employees at all levels to work together in an open & family culture for achieving Excellence.

The Bank was one of the pioneers in the public sector, to induct state of the art information

technology platform for HRM. The Bank has constantly reviewed and refined its HR & Talent

management practices to be in line with the best in the industry. The emphasis has been

on transparency, consistency, Shared vision & provision of a right mix of challenging work

environs coupled with scope for learning, growth and personal development.

The mechanism of Employee Development Centre, and the Talent Bank Scheme are two

of the latest initiatives taken by the bank for institutionalising its talent grooming &

mentoring processes.

- Allen Pereira

This year we saw some fantastic entries for the Banking Frontiers Most Inspiring Places to

Work. We saw a number of organizations submit their glorious initiatives across all three

award categories. I personally was duly impressed with the breadth of initiatives done by

Kotak Mahindra Bank to engage and inspire the talent to dream more and do more. And I

strongly believe that there is no better deserving organization for the special recognition

Jury Award.

- Tanvi Naik

It is heartening to see the various initiatives taken by BFSI organizations towards creating

inspiring work places. The use of technology to connect and interact with employees has

assumed great significance. Some of the initiatives taken by some organizations to promote

diversity and inclusivity are awesome. What was heartening to see was the adoption of

forward looking employee-centric thoughts in both public and private sector entities.

- Ajit Singh


Vijaya Bank

Organziational objectives supreme

Vijaya Bank has implemented an HR policy that falls in line with the organizational

objectives and industrial requirements in vogue. The policies are so designed that

they not only take care of the bank’s needs with regard to business augmentation

and development, attrition trends, industrial trends, current economic scenarios

and various other factors, but also the career growth of individual staff. The bank has

a well laidout process of internal and external training, assessment of leadership

qualities and personality, case studies etc and constant interaction with the top

management that ensures leadership development. Leadership development

programs are conceptualized and proposed by the HR department and the

organizational development team. The same is analyzed and placed before the

board by the senior management. The board deliberates, suggests modifications

if necessary, approves the proposals and closely monitors the progress.

The bank has been regularly aligning its HR Policies to fall in line with the

organizational objectives and industrial requirements in vogue. It has also initiated

a process of having a competency framework. The performance of the officers of

the bank is assessed based on their achievements vis-a-vis the targets and the

reviews and assessments made by their immediate controlling authorities. The

assessment is shared with the assessee with a provision for him to appeal in case

of disagreement with the assessment. There is also an HR committee at the board

level to review and monitor the effectiveness of the HR initiatives and programs.

The MD & CEO of the bank is the chairman of the committee, which includes both

the EDs as members.


Punjab National Bank

Focus on leadership development

Punjab National Bank has adopted a blended learning model, which incorporates a

variety of delivery styles and accommodates different organizational needs to achieve

the most effective knowledge transfer. This comprises eLearning, PNB Samvad,

which is a platform to exchange ideas and express opinions, ‘YES I CAN’, a program

for those employees completing one year with the bank to motivate them to work

towards the welfare of the oganization, talent committees for identifying the potential

successors who have significant tenure left in the organization and leadership

development and succession planning. The bank has been continually introducing

newer products, which are technology driven and unless the staff at field level is

adept and conversant, it may not be able to market or sell the product. For this, the

bank provides its employees with relevant knowledge and enhances their skills to

perform their current roles in alignment with the organizational business goals, while

also grooming them for larger responsibilities.

The bank envisages a training reach of 50% of employees every year. In view of

changing specialised field of IT, IT officers training reach is aimed at 100% every year.

The bank has a comprehensive system of annual performance appraisal measuring

on qualitative and quantitative parameters. All the employees are assessed on the

basis of these performance apprisal forms. The appraisal form is online on PNB

Parivar and the forms comprise two sections - budgetary and non-budgetary. The

hierarchy in the appraisal mechanism is (a) reporting authority, (b) reviewing authority

and (c) accepting authority. The effectiveness of HR programs can be judged by

improvement in customer service, increasing business numbers and improving

employees’ satisfaction. The bank’s attrition rate at 2.58% is below the industry

average of 14.0% during FY2013. With the increased focus on leadership development

Initiatives, productivity per employee and per branch has seen an upward trend.


Bank of India

An all encompassing system

Bank of India’s HRMS is a centralized web-based online system. HR data is

updated instantly at central location whenever any HR activity is done through

the PeopleSoft portal by users of different offices/locations of bank. The system

is being used for HR planning, training, appraisal and performance review,

promotions applications, reimbursements, salary processes, terminal benefits (PF,

gratuity, pension, DRF, and new pension system), festival advances to staff, online

submission of leave applications, etc. The system has also facilitated an efficient

way of doing succession planning, training and development, performance

management, reporting, which has resulted in productivity and increases business

growth.In the bank, every employee is been given targets/business goals. They

are assessed quantitatively by analyzing their achieved targets and the business

achieved is also seen qualitatively. The quarterly, half yearly and annual progress

of intiatives and polcies are undertaken. The employees’ performance is taken

into consideration to measure the effectiveness of each HR program.


Canara Bank

Unique Talent Bank Scheme

In Canara Bank, the organizational goals are shared with the employees so

that they can be partners in progress and contribute beyond transactional

support. The bank has broadly adopted internal leadership training, mentoring

program, external degree program and external coaching to develop its leaders.

One specific activity is to identify the Key Responsibility Areas (KRAs) in each

functional area are identified and the role of officers is fixed. Performance will

then be judged vis-à-vis the KRAs. The performance appraisal is being carried

with the objective of evaluating the performance of an employee in his/her

present job and his potential for jobs with higher responsibilities, in serving the

objectives of career planning, development and training, placement, counselling

and promotion and in helping an individual to develop his potential and enable

him to realize his own life goals. The system of performance appraisal covers all

levels of employees.

The bank is among the frontrunners in implementing information technology in

various segments of banking activities. The Talent Bank Scheme, an ingenious

endeavour towards the bank’s succession planning initiatives provides

opportunities for generalist officers to acquire specialist skills. The bank has

identified 10 critical functions areas under the scheme to groom officers in

order to have adequate talents for specialized jobs. Then specialized trainings

are given to identified officers. Job rotation is another HR intervention, which

provides an opportunity to serve in various departments so as to develop the

required expertise to handle higher positions. The Performance Management

System takes care of identification of real talent through objective evaluation

and high potential individuals are provided opportunities to don critical and key

roles, based on their expertise/competencies.


Axis Bank

Customized HRMS

Axis Bank has deployed a system of HR metrics to measure and evaluate the

impact an employee has throughout the lifecycle. While most of the metrics are

descriptive, there is also a predictive modelling in place for forecasting attrition,

manpower planning and proactive stay conversations. Some of the metrics that

are tracked and published to the senior management on a monthly basis focus

on training, attrition, recruitment, POSH and disciplinary cases. Besides, there

is a live, real time tool that proivides insights to the senior management on the

reasons for exits in the bank. The Business Partnering team has access to a real

time dashboard that features details on manpower and attrition for their respective

geographies. Learning dashboards with attendance, penetration and coverage

data are also tracked on a quaterly basis.

The prime effectiveness of the HR application is to help people acheive more,

build their capabilities, increase their capacity, intensify their engatgement

and develop deeper connections between purpose and meaning. The system

covers functionalities from recruitment to superannuation, learning practice

with a difference, which include cloud based speciality solutions that facilitate

geme based or theme based learning, HR governance, employee performance

and talen development, HR transformation and HR Connect, which is the Axis

Enteprise portal. The bank has also developed a mobile app that delivers the most

commonly used employee service functions in the hands of the employees.


Federal Bank

Bringing in a sense of ownership

One core HR activity of Federal Bank is the HR audit done at the year-end every

year through HR relationship officers placed at zones. HR department is also a

partner in all the business and review meetings that helps gauge the effectiveness

of HR practices. People competencies are linked to the bank’s competencies,

which in turn are related to its focus areas of development, best practices it intends

to adopt, sector and market trends and organizational strategies. The bank has

the best of engagement programs and remuneration packages and other support

facilities like loans with concessional interest rates for specific purposes. The bank

takes every effort to make each employee feel the ownership and responsibility

towards his organization. The human resource strategy of the bank is developed

to support the business and human resource management planning is recognized

as a fundamental part of the business planning process. The proactive role of the

management in foreseeing the necessities make it an employee friendly bank.

The policies of the bank related to transfers and promotions are the best in

industry and a lot of energy and mind has been put to before finalizing on allotting

the choices. Through educating and promoting the use of technological products

and channels like internet banking, mobile banking, Fedbook, operating through

ATMs and kiosks, the bank ensures empowerment of customers with latest

facility and convenience with less employee intervention. To ensure the quality

of the workforce, regular trainings and periodic assessments are being done in

the organisation. Online Quizzes on various banking topics are conducted on a

frequent basis involving all the cross sections of the employees, including the

executives. The bank believes that leaders can be moulded through consistent

support, perfect guidance and befitting appreciation.


South Indian Bank

Unique practices, thrust on technology

Some of the unique HR practices followed by South Indian Bank are the annual

information and system audit, which ensures both compliance as well as

effectiveness of HR programs. Non compliance if any will be rectified and reported

within a given time frame. In addition, the bank has devised a system wherein the

employees can rate the effectiveness of HR services through HRMS and register

their feedback. The training programs are followed by an assessment test, through

which HR can measure the effectiveness of the program. Monthly performance

review for probationers and monthly assessment test through GIEOM platform are

the other features of the system. Each employee is an ‘S.I.Bian’ and each S.I.Bian

is an ambassador of the brand S.I.B. The HR processes ensures fast track career

progression and a feeling of belongingness is created through our ESOS, thereby

making them the real owners of the bank.

South Indian Bank has always embraced next generation banking technology and

is a pioneer in the implementation of an in-house, fully integrated HRMS. There is

an exclusive server for HRMS. The HRMS facilitates online processing of various

personnel requirements and helps in the quick disposal of the same. The bank

has implemented a systematic competency mapping arrived through the annual

performance apprisal. The appraisee is provided with an opportunity to place on

record all his achievements, constraints faced and training required if any. Apart

from recording the performance, it is also a process by which management finds

out how effective an officer is for a particular post. Personal efficacy tests and

psychometric tests are the tools used for personnel competency assessment

apart from the appraisal process. Through talent segmentation a healthy mix of

generalists with branch exposure and specialists with expertise in specialised

areas are maintained in all the departments.


IDFC Bank

Employee Experience as employee brand

IDFC Bank has launched an initiative of employee experience resolving to treat

the employees as the best customers. The principles of design thinking, employee

journey mapping and learning initiatives have been used to ensure that the best

practices are implemented. This initiative is already creating ripples in the market

gravitating talent towards the bank. It starts with the first interaction as a candidate

where dedicated interview rooms with Kindles are made available over a cup

of coffee, marking the beginning of a friendly recruitment journey. A dedicated

relationship manager ensures that each candidate has a very special onboarding

experience. The onboarding includes a bouquet to the family recognizing their

role in the employee’s career, medical report with risk assessment, preloaded

Starbucks gift card that the employee can enjoy with family and friends.

Initiatives such as digitized joining documents, Whatsapp group connecting the

joining employees, keeping the ID card/visiting cards/parking sticker/ stationery,

induction training schedule, configured system/phone and welcome flowers on

Day1 mark the start of a well thought-through journey designed for each employee.

Once the employee is on board we maintain a rigor of structured events and

initiatives around health, wellness and interaction over fun events bringing

employee groups together and helping them engage with their colleaguesin a

lighter environment facilitating collaboration. In short, Employee Experience is the

Explicit Employee Brand for IDFC. Talent development has been one of the key

people agenda and it has run various initiatives based on Talent Gaps. Besides, it

also runs structured competency and aptitude tests for the employees at the time

of hiring which helps in understanding the incumbents and the fitment better.


YES Bank

The 5 Cs model is the mainstay

YES Bank’s HR and talent practices were developed to engage its human capital,

create an intentional culture, encourage open and honest communication,

strengthen ‘connect’ with employees and community, support career development

and show that the bank cares as an organization. The bank has adopted a

performance and potential recognition framework driven by the principles of

Management by Objectives, aligned to the bank’s strategic objectives. Goal setting

is done at the beginning of the year and is a joint responsibility of the business

head, team leaders and executives, ably supported/monitored by human capital

management.

The goal sheets are derived from the 7 Key Strategic Objectives of the bank, which

is formulated to maximize opportunities in challenging times and help us achieve

our mission of becoming the finest quality bank of the world in India by 2020. The 7

Key Strategic Objectives are: liabilities mobilization, sustainable revnue generation,

risk management, effective cost management, superior and consistent customer

services. superior human capital management and strengthening systems, controls

and processes. Deployment of vision based on the 7 strategic objectives is further

drilled down to sub goals. These sub goals consist of KPIs and the achievement

of these KPIs vis-a-vis targets would lead to a single Vision Compliance Score.

This score reflects the bank’s progress towards Vision accomplishment and is

published quarterly.

The bank benchmarks its HR practices to the global best and next practices relevant

to Indian context. The bank has partnered with Great Place to Work Institute, India

to undertake an independent ‘Executive Engagement Survey’ and assessment of

workplace cultural practices. The effectiveness of the learning and development

initiatives is measured using the Kirkpatrick’s four levels of evaluation model -

Reaction - What executives felt about the training; Learning - resulting increase in

knowledge or capability; Behavior - extent of behavior and capability improvement

and implementation/application; Results - effects on the business or environment

resulting from the trainee’s performance. The bank’s focus on emerging as the

‘Professionals’ Bank of India’ helped create a distinctive and consistent ‘YES Bank’

culture and experience across its rapidly expanding pan-India branch footprint. In

order to engage the growing workforce, the bank follows the 5 Cs Engagement

Model - Culture, Communication, Career, Connect, and Care.


Kotak Mahindra Bank

Processses that shape the employees

At Kotak Mahindra Bank, several initiatives and processes touch the bank’s

employees at various stages - leadership development, employer branding,

superior onboarding experience, employee engagement, more robust and

scalable performance management systems, feedbacking mechanisms, career

opportunities, learning and development and growth. The bank endeavors to

provide an environment where leaders and employees across businesses/levels

can impact, create and be part of building the organization and strongly believe

that the bank’s people strategies are aligned to provide the ‘best employment’

experience along with value creation. The group head, Human Resources is a

member of the Kotak Leadership team and is directly involved in the major business

decisions of the organization, including the formation of strategy, the design of the

organization and the implementation of the business model.

The HR structure is designed to complement the business strategy, helping the

HR team to work closely with business leaders/ line managers and at the same

time support end to end employee lifecycle. HR centers of excellence support

the HR business partner framework in delivering service expectations. From a HR

perspective, the bank has four enablers to support the organization strategy -

build a strong employer brand in geographies and businesses it operates; nurture

a robust leadership and talent pipeline at each level; create and sustain a high

performance cultureand finally continue to be value based organization. As much

as 98% of the current leaders of the banl are homegrown. It has been able to

attract and retain the best because of the culture it has been able to nurture -

apolitical, quintessentially Indian and respect for people’s capability rather than

their credentials of looks.


HSBC-India

Mentoring employees, helping them too

HSBC has been focusing on streamlining of processes and de-risking and this

has helped in building management confidence and employee experience. The

bank has introduced systems that enable it to efficiently track and monitor key

priority areas:

v Personal Conduct Cases Module

v MyTAX Module

The bank has laid down a very comprehensive module around Personal Conduct

Cases. Issues have been broadly categorized as:

v Bullying & Harassment

v Discrimination

v Staff Fraud

v Information Security Risk Breach

v Compliance Breach

v HSBC Policies, Procedures and Standards

Staff confidence in management can grow when the complainant can see

necessary and timely action being taken against the suspect. The module also

works as a reminder to staff that deeds that befall outside the realm of expected

behavior, policies and standards will be dealt with appropriately. The bank has

implemented a comprehensive Personal Conduct Cases Workflow (PCC) Module,

which encompasses a global solution to effectively track personal conduct cases

through parameterized menu screens and user controlled actions reflecting

through multiple MIS reports to apprise line and senior management on a real

time basis.

The bank has also developed a completely in-house, automated Tax Module

system. This has helped the bank to eliminate the risk of incorrect tax deductions

and also a satisfied end-user, the employee! MyTAX module is an online system

which is a simplified version for investment declarations. The module is a one-

stop shop for any changes to be made towards tax declarations for a given

financial year.


DBS Bank

3 pillars forming the core of HR

The HR practices at DBS Bank are anchored around the 3 pillars - Family, Health

and Wellness. The bank has 3 platforms to cater to the required engagement with

the employees:

DBS Cares: The HR policies are launched under this umbrella, the bank collects

feedback during the policy framing phase and also post the launch phase to imbibe

the need of the employees in the best of spirit.

Rec Club: Recreation Club hosts the various fun activities across the bank and is

formed of the enthusiastic and energetic employees driven by HR.

Women@DBS: This is a platform to understand the need of the women employees

and provide the required support to help them to move up the ladder. The bank

has launched various flexible work arrangements to enable women in managing

work and life effectively in the time of need.

The thread that binds above three platforms is communication. HR team plays a

key role for the various levels of communication channels that have now become

a key enabler. The four most voted channels are: Skip Level meetings with the

employees and the BU heads, Townhall, Chat with CEO amd Direct2CEO The

bank also has aa robust talent management and succession framework, aimed

at building leadership capability. It follows a rigorous talent identification process,

across grades.Talent is identified basis both performance as well as potential for

leadership roles. Identified talents are taken through various initiatives, real-time

projects and workshops to augment their skill set, with view to grooming them as

future leaders of the bank.

The bank also has a structured performance appraisal process and review, which

occurs bi-annually. This is distinct from a formal goal-setting process, which all new

joiners are encouraged to conclude within a month of joining. However, behavioural

assessment of high potential leaders is an ongoing process, which forms a crucial

input in the selection criteria for the talent program. The future HR modeling is built

on the focus on HR Analytics therefore the bank does invest significant efforts in

tracking and analyzing the trends to plan for HR strategy on a year on year basis.


Tata AIG General Insurance Co

Excellence through employee referals

Tata AIG General Insurance has understood the potential for hiring through

referrals, especially since the social media has become stronger. In order to

meet the manpower requirements and to ensure that the company continues to

focus on reducing its CPH, or cost per hire, without impacting the quality of hire,

it was imperative for it to leverage on this medium and increase its contribution

to the overall source mix. The program not only helped it in sourcing the right

talent but also ensures reduced CPH, faster TATs, better quality of hire along with

high retention rate. The company follows the Ram Charan Leadership Pipeline

framework for developing leaders. Specifc interventions have been designed

as a curriculum for development of individual contributors, managers of others,

nanager of managers and managers of function.

Critical support areas where HR is involved in implementation of business strategy

for the company are:

v active stake holder engagement, key business priorities transformed into key

operating plans for the HR function v alignment through communication and

cascade plans v creating a culture of meritocracy v monitoring and management

of People Metrics v timely and effective goal setting through Balance Scorecard

v strong review mechanisms to monitor progress on short term and mid term

goals v partering with managers and business for course correction if required.

The leadership and development team focuses on building capability through

competency framework; building leaders through succession planning framework,

IDPs for high potential talent, coaching framework, building excellence through

learning aids that include a blend of pshychometrics, simulations, cross functional

learning projects. The company has also launched a competency framework, which

is now being utlized for talent management and hiring.


Bajaj Allianz

Program for developing leaders

The HR team in Bajaj Allianz is part of all business discussions, centrally as well as

locally to align themselves with the business. The focus areas for HR are aligned to the

company’s strategy and focus areas. The team pro-actively presents a productivity

report to line every month consisting of analysis of location-wise growth/de-

growth of manpower, attrition, per employee productivity, sales to non-sales

manpower ratio. During performance appraisals, employees are assessed on target

achievement vs. target assigned. As a part of the process each reporting manager

is expected to have one on one discussion with the employee while finalizing the

performance appraisal rating. The employee is marked on three performance

criteria: 1. Exceeds target, 2. Meets target, and 3. Partially/ does not meet targets.

The potential is assessed on certain parameters such as ability and willingness to

learn, energy and enthusiasm, people orientation and customer orientation. HR

plays an important role in facilitation of the talent management process at the local

level, zonal level and head office level. The company has a Future Leader Program

aimed at nurturing emerging leaders, Women Initiative for Leadership Learning to

help women employees overcome challenges in the corporate world, Office Head,

which is program with the objective of developing selected candidates for future

office heads positions and Agency Academy, which is intended to develop selected

participants to gain an indepth expertise in agency activity and groom them for

future leadership positions.


SBI Life Insurance

Strength is on competency framework

One noticeable aspect of the HR policies of SBI Life Insurance is that local

candidates, in the given geography, are given preference in order to ensure

diversity and local representation. The candidate profiling and role fitment

match during recruitment process bring desired focus by selecting appropriate

resources as per role definition. The company has a strong mechanism of an

internal job postings to create competition for vacancies. Diversity is also assured

by deputation of experienced workforce from State Bank Group and BNP Paribas

Cardif, France. They bring valuable experience and proven global practices that

help in innovating products and services.

Around 10% of the leadership team comprise women employees, identified high

potential employees are given cross functional exposure and experience in

working at different geographical locations to prepare them for leadership roles,

gender equity is ensured through appropriate policy framework that protects

interest of women employees. Very uniquely, the company has paternity, child

adoption and sabbatical leave that enables employees to take care of their

personal side. During appraisal and promotion process it is ensured that women

employees are not at disadvantage and are treated equally.

As a part of its inclusion initiatives, company started six month internship program

for differently abled students of SPJ Sadhana School, Mumbai as part of an

attempt to build employability amongst all sections of the society. The competency

framework in the company consists of Customer Focus, Communicating Effectively,

Performance Orientation, Personal Effectiveness and Credibility and Building

Collaborative Partnerships. Besides, the company also specifies role specific

competencies inlcuding strategic perspective, innovation orientation, nurturing

talent, execution excellence, process orientation and business acumen. The

competency dictionary is helping the company to assess, maintain and monitor the

knowledge, skills and attributes of people which can be converted into triggers in

accomplishing the organizational goal.


HDFC Life

Putting in place innovative practices

The basic tenet of HDFC Life is the focus on how to bring in innovative best

practices that are unique to the organization. This has helped the company to

have an competitive advantage and help it gain the position of ‘The most obvious

choice for all’. The company has several programs, the most important of which

is STAR, of Sales Team Appraisal and Recognition, which is an effort to take the

current performance management framework to the next level of excellence. This

is an optimal framework, which drives the desired performance at the channel

level while crystallizing specific goals at the individual level. The essence of the

STAR process is to drive superior performance with the right behaviours. The key

process highlights include rewards in the form of increments for those meeting

or exceeding expectations, bi-annualized promotion process, Scorecard driven

performance management. In addition to exhaustive sales inputs, all participants

undergo extensive cross functional training across verticals, which will enable

understanding of the finer nuances of the job and the industry. There is also the

Smart Achievers Program with the objective of identifying and developing a talent

pool committed to build life insurance sales as a career and create a pipeline of

trained, professional and motivated front line sales personnel for HDFC Life. The

company in order to deepen the talent pool and thus enable robust succession

planning, has put in place a scientific process,which encompasses talent review,

feedback, learning and development of the leaders. The crux of this process

is based on leadership competencies referred to as the High Performance

Behaviours (HPB) – a framework that defines competencies considered critical

for all leadership role holders. The company has also introduced Potential Review

Process for helping the organization get a view of the readiness of its leaders to

meet the current and future needs of the business and its strategy and be future-

ready by identifying near-term successor candidates for some of the critical roles.


Ujjivan Financial Services

Opportunity to serve the society

Ujjivan Financial Services provides an opportunity to its employees to make a

difference to the society, in the form of various CSR projects across India (from

putting up toilets in government schools and organizing eye camps, to setting up

a bus shelter and providing potable water tanks). Even though the company has a

hierarchy, there is an open-door policy in practice and respect for all employees.

A large part of the company’s workforce is made up of undergraduates. These

are people, who have a sense of purpose instilled in them towards making a

difference. They get engaged into a job in which they make / support decisions

regarding the financial support being extended to a customer. As they interact

with the customers, they see transformations happen right in front of the. Building

a capability to be empowered in such a process is a great high for our field sales

staff. As people gain experience, they are given opportunities to grow. There is a

record of 48% of the job openings being closed through internal movements. The

company’s performance appraisal philosophy covers: to recognize achievement

through performance, to recognize potential and provide growth opportunities for

excellence in performance, to amply compensate and reward achievements of

employees, to ensure that consistent feedback is made available to employees on

their performance and expected. For measuring the effectiveness of HR programs,

the company publishes an HR Score Card across regions, which measure all

important HR metrics pertaining to recruitment, training, employee engagement,

performance management, and personnel management. The key metrics that

are tracked are recruitment, training, employee engagement, performance

management and personnel management.


Mahindra and Mahindra Financial Services

Balance Score Card drill down method

In Mahindra and Mahindra Financial Services, talent is central to all the activities.

The company strongly believes in developing in-house talent that will grow with the

organization contributing towards the organizational objective. The Employment

Value Proposition is defined as: v Growth is a Way of Lifev Employees are Empoweredv People Matter

The company facilitates the Balance Score Card drill down through the goal setting

exercise. It is reviewed half yearly (for Managers and above employees) and

yearly through goal setting exercise, half-yearly perfromance review and annual

perfromance reviews. This is also driven through quarterly performance Review

for middle management and below employees. The process of performance

management is intended to improve individual and organizational perfromance.

The organization goals are collectively achieved by all the function by drill down

of Balance Score Card to the last level. Employees and their respective managers

mutually establish goals and expections that are specific, measurable, attainable

and linked to company objective. All the employees are given equal opportunity to

perform in their roles with organizational support of proving them with infrstructure

and training to deliver their roles. Employee performance is assessed periodically

and corrective actions are taken when required. High perfromers are also identified

through the same process and are recognized for their contribution.The HR relies

on the scores and analyses of MCares (Mahindra Employee Satisfaction Survey)

and Great Places to Work Benchmarking report. Learning & Development has

designed programs for the filed executives, which can be delivered over the social

platforms on their mobile phones like whatsapp. The program is designed as an

engaging story which is weaved in a series of 2 minute podcasts. The program

uses the concept of anthropomorphism to engage the participants. The program

allows participants to access the learning anywhere and anytime through their

mobile phones.


HDFC Asset Management Company

Measuring talent through C.H.A.R.M.

HDFC AMC values integrity and ethics in its people and practices. By creating

a line of sight to the organisational goals, vision and mission each employee

recognizes the value they add to the organization supplemented by a congenial

work atmosphere and fair and transparent preferred management system. One

of the highlights of the company’s HR policies is the talent management policy

defined as C.H.A.R.M. or Culture (a development culture of meritocracy reinforces

the talent philosophy of the organization), Hiring (hiring for potential not position.

Organizational compatibility is critical.), Accountability (Well defined role of line

leaders and commitment of top management in the development of talent),

Rewards (Organizational reinforcement of development routed through integrated

team based performance management.) and Movement (Mobility of talent offers

employees a full exposure to the business.)

All the policies and processes are aligned with organizational goals create a

learning organization. The company looks at competency assessment as a holistic

approach to creating an inventory that compares actual skill/knowledge/ability

exhibited on the job with desired levels identified for each role. Every employee

is assessed on 6 attributes. For each attribute, levels are defined which map the

employee’s actual displayed skill/knowledge/ability. For each attribute examples /

instances of behavior displayed are captured to validate the mapping.This output

is used for talent segmentation in the following ways - identify potential through

strengths and areas of improvement, provide developmental inputs, make career

decisions, create succession plans. The company has robust mechanism such

as Internal Complaints Committee is set up to address any issues. Essential

trainings are conducted to drive awareness and inculcate a constructive

work culture.


IL&FS Financial Services

The Journey of I

For the staff in IL&FS, it is defined as a ‘Journey if I’. The highlights of the HR

function in the company are competency based selection process, pre-joining

engagement, HR systems training video, 30-day onboarding feedback, robust

onboarding process, floor walks, workplace diversity across levels and high

internal referral percentage. As much as 35% of hiring is through internal referrals.

There are high levels of people connections through I-Connect, through townhalls

and through employee engatement survey and HR Voice of Customer Survey.

Efforts are taken to ensure that employees are aligned to organization’s goals and

aspirations and to achieve better performance and business growth. The system

of competency assessment and development ensures acceleration of growth of

top potential to get the empployees ready for future roles, and spotting HIPOs and

equipping them with suppor they need to enahce their potential.


National Stock Exchange

Scientific talent management

NSE has the following value proposition: Committed to improve the financial well-

being of people. The company values employee development and demonstrates

it through continuous knowledge and skill upgradation of the employees, thus

enhancing competence and building capabilities on a continuous basis. It is

committed towards continuous improvement. NSE values Integrity, Customer

focused culture, trust, respect and care for the individualand team work. Some of

the focused HR programs in the company are:

Championed by Executive Talent Management integration: Senior Executives

promote and participate in leadership development activities. Leadership

development focuses on the strategic development of the organization as a whole.

360 degree feedback: People Managers undergo the 360 degree feedback

process. This is face to face 360 degree process which is facilitated by the

executive coach. The subordinate, peers, superiors and customers gives the

feedback to the employee.

Talent Flexibility Index: Job rotations are done as per the career plan of the

employee. Talent Flexibility Index is measured year on year to find the effectiveness

of the job rotation process. (Talent Flexibility index is a unique practice identified

by GPTW in the Culture Audit exercise 2014 conducted for NSE).

Capability Index: There are five capabilities identified critical for business

outcome which are embedded in the behavioral competency framework. Based

on the competency assessment, the development needs are identified for each

employee in the organization.

Focus Groups: Employees are part of various cross functional group in the

company such as people focus group, strategy focus group, process focus group

and customer focus groups

Talent Assessment: Talent assessment is based on the assessment / development

center. The High Potential (HIPO) employees identified at the operational

level through their last three performance rating undergoes the assessment /

development center.


Angel Broking

Corporate strategy linked to individual KPAs

Angel Broking has implemented Balanced Scorecards linking corporate strategy

to individual KPAs. The company has laid-out policies on employee referal, re-

hiring, career progression plan and rewards and recognition. The TAT for all kinds

of recruitments in the company is 30 days and the recruiment process comprises

calibration of JD for non-standard requirements, sourcing CVs, shortlisting,

interviews and selection. HR is a strategic business function in the company.

People engagement and people management are overseen by Recruitment, HR

Operations (Admin, Payroll & Help-Desk) and Leadership Academy Every employee

is given opportunity to build on his or her core competencies and enhance the

entrepreneurial spirit among the employees. The company provides opportunity to

satisfy the economic needs of the employees consistent with the prevalent business

environment. The company has been able to cultivate over the years a vibrant work

culture, which is professional and friendly founded on principles of mutual respect,

cooperation, trust and human values

The company has implemented a fully functional automated HRMS system Angel

Harmony since the past 9 years. I is integrated with end to end HR processes and

workflows right from on boarding to off boarding. It is an integrated online system

for HR, which has reduced manual intervention to a minimal level and allows

270-degree of review between employees, manager & the dept head with scores

on performance visible to all. It uses sophisticated tools such as national and

regional stack ranking, performance bands and rank based recommendations. All

this is supported through one-on-one interactive feedback and coaching session

with team. The budget report prepared online is real time & helps manager monitor

his team’s bell curve & costs due to increments. Through these functionalities

employee & manager both can self service their requests.

Almost all information starting from general information like HR policies, holiday

list, important notifications etc to employee specific information like departmental

circulars, attendance, leaves, grade based benefits etc are present in the HRMS.

Features like HR helpdesk & IT helpdesk ensures employees need not physically

visit the HR & IT depts. for their queries. Both have a TAT of 24 hours of reply which

ensures prompt query resolution.


About Banking Frontiers

The Banking, Financial Services and Insurance, or BFSI, sector is today the most happening sector - be

it the excitement of challenging business models, or products and services or mergers and acquisitions

or pure organic growth or the response to globalization. There is keen popular interest in what is

happening in the sector and dissemination of information is a major challenge

Banking Frontiers aspires to meet this vital need as a medium providing the latest and the crucial

information on the sector by way of researched articles, opinions, analyses and news happenings.

Starting as a 20-page magazine way back in February 2002, primarily focusing on banking technology,

we have come a long way. Today, the focus has enlarged from technology to the entire spectrum of

banking and financial services - capturing for the readers what is happening and what is expected to

happen in the sector - in short the essence of the industry bringing together the issues and concerns

that it faces and the views and experiences of the leaders

We have also diversified our activities into providing online and offline platforms for the stakeholders of

the sector such as round tables, seminars, conferences, web forums, web surveys and research to cater

to the needs of the BFSI community

Some of the key functional areas addressed by Banking Frontiers include:

v Risk Management

v Compliance

v Retail Banking

v Corporate Banking

v Treasury

v Information Technology

v Security

v Alternate channels

v Customer Care

v Actuaries

v Claims management/Settlement

v Marketing

v Channel Management

v Chief Investment officers

v Branch Expansion


Services

Banking Frontiers comes with an excellent combination of domain and expertise in four

sectors namely (i) BFSI, (ii) Technology, (iii) Events and (iv) Journalism.

Our combined skills are positioned uniquely to help organizations to get the best possible

growth in the Financial Sector.

A combination of these services can be designed to fulfill the needs of most of the members

of the financial sector and to the service providers who cater to them.

Our offerings can be very systematically organized to meet the desired objective be it

branding, understanding industry views and inputs, thought leadership or purely demand

generation.

For in-depth details email us at [email protected]

For further details please visit bankingfrontiers.com


Banking Frontiers is a brand owned by

Glocal Infomart Pvt. Ltd.D-312, Twin Arcade, Military Road, Marol, Andheri (E), Mumbai 400 059, IndiaTel +91-22-2290 7809, 2925 0166, 2925 5569 Fax +91-22-2920 7563 www.bankingfrontiers.com

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New BANKING FRONTIERS’easycms.in/clientportal/7/file_uploader/IWP COMPENDIUM... · 2015. 12. 16. · BANKING FRONTIERS IWP 2015 3 Preface “If you look after your internal customers