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Change Management @ICICI

By

Group 4SPIRITS:

Saurav

Sharanya

Neha

OmShashwat

Dhiraj

Under guidance of

Prof.Kumar Alok

CIMP,Patna-2011

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ICICI at a Glance

Vision:

To be the leading provider of financial services in India and a

major global bank

Established in 1955

Diversified since 1980

Assets worth Rs. 4062.34 billion by 31st march 2011

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Objectives:

Creation, expansion and modernisation of private concerns

Encourage the participation of internal and externalcapital in the private concerns

Encourage private ownership of industrial investment

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The Change Leader

K V KAMATH Kamath rejoined ICICI in 1996

Aimed ICICI to be a market driven company

Realized limited expertise of ICICI

Identified ignorance of lending practices in newly opened

sectors as main problem

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1st level Changes at ICICI

The creation of the IIG,O&G,PTD and SPG(new skillsets).

Recognizing an individual's efforts.

Separating the CSP from the PDG.

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Effect of such changes

MCG & GCG issuemore scope in MCG(working inMCG offered better exposure and bigger orders.)

Creating new skill sets, however, led to one unintendedconsequence.

Recognizing an individual's efforts.

Separating the CSP from the PDG.

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Kamaths Remarks

"Just because somebody is within the MCG does not guarantee

him success. And these assignments are not permanent.

Today's MCG man could easily by tomorrow's GCG person

and vice-versa.

"This may be said by people who did not make it. And there

will always be such people." Some of the people who did not

fit in this set-up were quick to leave the organization

While Kamath's comments in the media seemed to dismiss

many of the employee complaints, ICICI was in fact, putting

in place a host of measures to check this unrest

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Steps Taken

Training programmes were conducted.

Rewards on Group Performance rather than on individual

performance.

Selection of Star performer award was made transparent.

ICICI also reviewed the compensation structure in place.

360-degree appraisal system was introduced.

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2nd level Changes at ICICI

ICICI Bank was merged with Bank of Madura (BoM)

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Issues related to this changes

There were large differences in the twoentities.

uneasiness among the staff of BoM

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PeriodEmployeeBehavior

Day 1Denial, fear,no

improvement

After a monthSadness,slightimprovement

After a Year

Acceptance,

significantimprovement

After 2 Years

Relief, liking,enjoyment,businessdevelopment

activities

The HR BlueprintAreas of HRIntegration FocussedOn

A data base of theentire HR structureRoad map of careerDetermining the blueprint of HR movesCommunication of

milestonesIT Integration - PeopleIntegration - BusinessIntegration.

Employee

communicationCultural integrationOrganizationstructuringRecruitment &Compensation

PerformancemanagementTrainingEmployeerelations

Table I'Post-Merger' Employee

Behavioral Pattern

Table IIManaging HR during the ICICI-

BoM Merger

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Steps Taken

Performance management

Cultural integration

Employee behavior pattern study Employee communication

Training

Promotional schemes

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Recommendations

Lewins Change Management Model shall

be inculcated.

3 Stages of Lewins Change Management :

Unfreeze

Change

Refreeze

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