Icici1
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Change Manageme nt @
What is Change??
Change is a structured approach to transitioning individuals, teams, and organizations from a current state to desired future.
Factors for Change.. • Nature of the workforce • Technology • Economic Shocks • Competition • Social Trends • World Politics
ICICI & KV Kamath • Kamath rejoined India’s leading financial services co. in 1996 as the CEO replacing Narayan Vagul. • Aimed at making ICICI a market driven co. • Initiated a lot of Organizational changes immediately to make ICICI a financial powerhouse. • Kamath identified ICICI’s limited expertise as the biggest problem and decided to make ICICI
Changes by Kamath.. • Creation of infrastructure group (IIG), oil & gas group (O&G), planning and treasury department (PTD), structured project groups (SPG). • Creation of Client groups like major client group (MCG), growth client group (GCG), personal finance group. • Change in employee reward system. • ICICI-BoM Merger.
Consequences of Changes.. • Kamath’s ‘too fast too soon’ approach created a lot of confusion and unrest among the employees. • Employees found creation of groups unacceptable. • Lack of proper training and expertise for various groups.
Consequences (contd.) • No relationship between performance and reward. • BoM merger lead to huge cultural differences in the organization. • BoM employees feared regarding their positions coming under scrutiny.
Organization Culture
Culture is a system of shared meaning held by members that distinguishes the organization from other organizations.
Characteristics of Culture • Innovation and risk taking.
• Attention to detail.
• Outcome orientation.
Characteristics (contd.) • People orientation. • Team orientation. • Aggressiveness • Stability.
How employees learn culture. • Stories • Rituals • Material Symbols • Language
Overcoming challenges & ICICI’s culture • ICICI organized training programmes for existing employees. • The company appointed consultants to handle the change management problems and work culture. • A 360-degree appraisal system was put in place.
(contd.) • The HR issues were successfully handled by ICICI, which resulted in high morale of the employees. • ICICI’s employee strength and profitability kept on increasing over the years. • By the end of 2000, ICICI emerged as one of the largest financial institution of India.
Thank You !!!
What is Change??
Change is a structured approach to transitioning individuals, teams, and organizations from a current state to desired future.
Factors for Change.. • Nature of the workforce • Technology • Economic Shocks • Competition • Social Trends • World Politics
ICICI & KV Kamath • Kamath rejoined India’s leading financial services co. in 1996 as the CEO replacing Narayan Vagul. • Aimed at making ICICI a market driven co. • Initiated a lot of Organizational changes immediately to make ICICI a financial powerhouse. • Kamath identified ICICI’s limited expertise as the biggest problem and decided to make ICICI
Changes by Kamath.. • Creation of infrastructure group (IIG), oil & gas group (O&G), planning and treasury department (PTD), structured project groups (SPG). • Creation of Client groups like major client group (MCG), growth client group (GCG), personal finance group. • Change in employee reward system. • ICICI-BoM Merger.
Consequences of Changes.. • Kamath’s ‘too fast too soon’ approach created a lot of confusion and unrest among the employees. • Employees found creation of groups unacceptable. • Lack of proper training and expertise for various groups.
Consequences (contd.) • No relationship between performance and reward. • BoM merger lead to huge cultural differences in the organization. • BoM employees feared regarding their positions coming under scrutiny.
Organization Culture
Culture is a system of shared meaning held by members that distinguishes the organization from other organizations.
Characteristics of Culture • Innovation and risk taking.
• Attention to detail.
• Outcome orientation.
Characteristics (contd.) • People orientation. • Team orientation. • Aggressiveness • Stability.
How employees learn culture. • Stories • Rituals • Material Symbols • Language
Overcoming challenges & ICICI’s culture • ICICI organized training programmes for existing employees. • The company appointed consultants to handle the change management problems and work culture. • A 360-degree appraisal system was put in place.
(contd.) • The HR issues were successfully handled by ICICI, which resulted in high morale of the employees. • ICICI’s employee strength and profitability kept on increasing over the years. • By the end of 2000, ICICI emerged as one of the largest financial institution of India.
Thank You !!!
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