ICICI BANK PRINCIPAL MANAGERIAL COMPONENTS OF STRATEGY EXECUTION

Executing Strategy Managerial Components

Leadership Has a policy of nurturing young employees and promoting them to leadership positions Has been one of the key sources of leaders for the financial services sector in India (V Vaidyanathan (MD, Future Capital Holdings), Renuka Ramnath (Founder, MAAM)) Instituting Policies Code of Commitment to enforce minimum standards of practice when dealing with customers Independent committees of the Board ensure good practices in Risk, Credit, Fraud Monitoring and Customer Service Promotion process is focused on being transparent and unbiased thereby ensuring employee satisfaction Short term training and evaluation of customer orientation during recruitment ensure competent employees Has marshaled resources in each of the above areas by setting up executive committees for each area

Executing Strategy Managerial Components

Building competencies, capabilities and resource strengths

Has collaborated with NIIT and NISM to train and recruit aspiring managers for key roles Has set up the IT strategy committee to study trends and suggest IT solutions for implementation Has training programs in collaboration with Manipal university for managers

Has set up a training center in Khandala to conduct training programs to meet the changing requirements of the sector
Has put in place a number of HR policies with regard to remuneration, promotion etc. to encourage performance Constantly develops innovative product solutions and services

Has an ESOP plan in place to retain high performing staff

Executing Strategy Managerial Components

Adopting best practices and striving for improvement

Benchmarking against firms within the sector (Citi Bank) and from other sectors (Merck) for their HR practices Amongst the first Indian banks to initiate Six sigma in the year 2000-01 Business process reengineering : The initiative of Cafemumbai was based on cross functional teams (journalists, technologists and marketing specialists developed the site in 90 days) Amongst the best online banking systems in India, started in 1998 The first bank to set up electronic braches in India. First branch set up at Thane and now there are 25 such branches

Installing information and operating systems

Has a good CRM platform in place : integrated data across all banks and services which is maintained with Terradata Company
Performance tracking system to monitor the performance the employees during interaction with customers

Executing Strategy Managerial Components

Tying incentives and rewards to strategy execution Has ESOP scheme which was started in 1999 Performance linked bonus component to motivate the well performing employees Has a crche which charges a monthly fee to look after employees' children Environment where employee suggestions are given adequate consideration

Corporate culture that promotes execution Culture where customer satisfaction is given paramount importance Selection of employees on the basis of the fit to the culture at the organization ICICI has one of its core values as ownership and passion which are key to the execution the strategy set by the top management Khayaal aapka an initiative to promote customer centric culture Saath aapka, an initiative to promote camaraderie among employs

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