Employees of ICICI Bank will increasingly get assessed on overall performance and growth of the bank than individual targets or performance.
It means collective performance is more important than individual performance for the bank. It also means, a bell curve based performance assessment to chart out employee appraisal benefits gives way to a wholistic 360-degree performance of all.
“We are increasingly talking about 360-degree performance as a bank. Bell curve is the other side of this,” said an executive familiar with the development.
“If a team is in charge of corporate loan, there is nothing that stops them from talking to the client about, let’s say salary accounts. Individual target is not everything. It’s a wholistic approach,” said the person on condition of anonymity.
The decision indicates salary increment and compensation benefits will have a direct link with the overall performance and growth of the bank.
In fact, ICICI Bank indicated so during analysts’ calls in the past few months and underlined the importance of the so called 360-degree focus on growth and customer needs.
“We aim to create holistic value propositions for our customers through our 360-degree customer-centric approach and focus on opportunities across client and segment ecosystems,” according to the call transcript of an analysts’ call in October following declaration of the Q2 result of FY22.
“We have talked about the fact that we look at customer 360 and so we don’t look at just a single product in most of the instances now. When we give out a home loan, we also have the customer opening their savings deposit with us and this is true across all the products. The customer 360 is a very key thing for us and similarly looking at the entire ecosystem, be it a corporate ecosystem or any other ecosystem that we focus on,” according to the same analysts’ call transcript.
Employee expenses increased by 21.2% year-on-year, the bank had said after the Q2 results. ICICI Bank had slightly over 100,000 employees as of 30 September, 2021. The employee count has increased by about 8,000 in the last 12 months.
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