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The average age of employees in public sector banks (PSBs) is high when compared to the private sector banks. This is a major challenge for PSBs now and the subject was discussed at the Gyan Sangam at Pune recently, which was attended by Prime Minister Narendra Modi.
Mangaluru-based Corporation Bank, which has a staff strength of around 18,000, is planning a comprehensive talent management, leadership development and succession planning process under its business process re-engineering exercise. The exercise has been occasioned by the fact that the average age of the top management in Corporation Bank is 57 years.
A major proportion of the bank’s senior team will be retiring over the next few years taking with them a vast amount of experience and expertise.
SR Bansal, Chairman and Managing Director, told BusinessLine that this makes it imperative to identify and groom successors and have proper leadership development strategies and succession planning for all strategic and key roles in the bank. There is an opportunity now to not only attract quality talent but also improve the quality and retention over time.
Approximately 500 employees will be retiring each year for the next five years. As of now, the average age of experienced employees is around 48 years. This excludes 7,752 new recruits who joined the workforce in the last four years.
He said ‘high potential’ employees identified for this process will be groomed by way of a personal development plan that includes external/internal learning, stretch assignments, rotation, coaching and mentoring, among others. This exercise will enable the identified ‘high potential’ employees to take up strategic and key roles at higher level at the time of requirement. Leadership workshops will be conducted for such executives in senior management.
Employees are also encouraged to self-nominate themselves for the courses available in the bank to fulfil their training needs in line with their current job profile and also in other areas of their interest for self-development.
Approximately, 1,200 officer employees are estimated to undergo the development programme and workshops under this exercise.
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