Money & Banking

‘Grey’ matter to help BoI fill the leadership vacuum

NS VAGEESH KRAMKUMAR Mumbai | Updated on January 16, 2018

To overcome the deficit in experience and knowledge arising from retirements at the senior management level, Bank of India (BoI) is planning to unveil a mentorship programme, whereby former top public sector bank executives will be engaged to groom new leadership.

According to MD & CEO Melwyn Rego, as part of the succession planning exercise, his bank is identifying leaders for the future from “senior management grade” officers – Chief Managers and Assistant General Managers (AGMs) – so that they can be mentored.

Towards this end, BoI will be utilising services of retired General Managers from public sector banks.

“We have thought of attaching 23 officers – 15 Chief Managers and 8 AGMs -- to one mentor.

“Every month they will spend a few hours (half-day) in the first fortnight and few hours in the next fortnight using the services of this mentor. The reason for engaging retired GMs from public sector banks is they understand the operating environment,” explained Rego.

About 440 AGMs and about 1,000 Chief Managers will be picked as leaders for the future.

The BoI chief emphasised that a lot of focus being given on human resources (HR) as that is something that will pay the bank in the medium term.

The HR focus is underscored by the fact that the public sector bank, for the first time last year, conducted in-house executive development programmes for newly promoted Assistant General Managers. Further, customised training programmes on credit appraisal, retail banking and first time branch managers were conducted at outside institutes.

Rego said “The number of mentors has not yet been decided. It is work in progress. This is a board approved strategy.

“We have to identify leaders for the future. This is not a one-time exercise. So, someone becomes a leader, he/she can’t rest on his/her laurels. There will be a review process every year – some will be removed and some added – based on actual performance.”

Published on September 11, 2016

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