Calcutta, June 11: State Bank of India (SBI), the largest bank in the country, plans to put its best officers on the escalator through a fast-track promotion strategy that ensure they don’t stagnate in mind-numbing jobs.
The fast-track promotion strategy will ensure that capable and efficient officials will be given quicker promotions to the senior management level instead of having to stagnate at lower and middle management levels.
Senior officials of SBI said, “The bank has planned to meet 30 per cent of its vacancies through this fast track programme. The bank has already worked out the modalities of the programme. It may be introduced any day.”
SBI has also firmed up plans to infuse ‘young blood’ into the organisation to meet the challenges of the future. As a first step, the bank is looking into the possibility of direct recruitment from B-schools. The Mumbai office of SBI Capital Markets, a subsidiary of SBI, has recently carried out a direct recruitment exercise.
Under the fast track promotion programme, the bank plans to promote officials in Scale II to Scale V on the basis of a written examination, group discussion and an interview, besides the routine performance appraisal.
Smart and capable officers will now be able to shimmy up the ladder faster on the basis of their performance in the examination and the other tests.
Typically, in an organisation like SBI, by the time an official is promoted to the level of a deputy general manager (DGM) or Scale VI, he is already 40-45 years, provided he has not missed any promotions.
With this additional channel, an officer clearing the exams could be promoted to the post of a DGM by the time he reaches the age of 35, effectively shortening the process by around five to seven years.
“They will not wait for their turn for being promoted to higher grades. They will not stagnate for years in a post. This will also boost the morale of the employees and will have a direct impact on the business of the bank,” added the officials.
The average age of the top-brass of the country’s largest nationalised bank is around 50 years. “At this age, it becomes difficult for a person to get used to new technologies and innovations. Banking has undergone a drastic change in the last few years. More changes will come in the future. So the bank needs a young generation of bankers who can easily adapt themselves to these changes,” said the officials.