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HR Policies of State Bank of India

hr policies of state bank of india

India’s biggest bank is facing an HR overhaul that could alter how it hires, promotes, and transfers employees. Here’s what we know so far.

State Bank of India has achieved great success in providing rural credit by opening Agricultural Development branches and offering direct financial assistance to marketing and processing cooperative societies.

Recruiting

State Bank of India (SBI) is dedicated to creating an environment in which its employees can thrive safely and productively, which is why background investigations on all final applicants are performed, including references checks, criminal background record check and where applicable credit check.

SBI is revamping its transfer and posting policy, moving away from a vacancy-based system toward one that takes employee competence into account. Furthermore, it has introduced a career planning process in order to develop leaders at every level within its organisation, including deputy managing director, chief general manager and general manager positions.

Bank is also committed to developing its employees through training. Six Domain Specific Training Institutes were set up for providing tailored instruction in areas like consumer markets, retail banking, risk management and foreign exchange products – with 51 Regional State Bank Institutes of Learning and Development also playing their part.

SBI is looking to recruit both lateral hires at middle level as well as probationary officers; recently hiring Soumya Kanti Ghosh, previously working with Tata AIG and Amex, as a chief economic advisor – these hires receive market salaries and can eventually rise up to become chief general managers themselves. Furthermore, new training programs including virtual mentoring that connect employees to senior managers elsewhere are being explored by SBI.

Training & Development

Training & development is an integral component of SBI’s HR policies, helping employees develop the necessary skills and knowledge needed to perform their jobs efficiently, leading to an increase in both individual employee productivity as well as companywide economic progress and progress across nations.

SBI has begun revamping its human resource policies in order to enhance overall performance, with stricter hiring processes and new appraisal systems that focus on measurable targets being introduced as measures of success. Furthermore, leadership training programs have also been put in place and prioritized within this plan.

Bank policy has also undergone significant transformation. For instance, management graduates from top business schools have begun being recruited into specialised roles at the bank. While critics of such actions worry that it will leave gaps in these departments, Bhattacharya believes recruiting will actually increase knowledge and expertise within an organisation.

Additionally, State Bank of India has implemented several changes to its transfer and posting policy. While before its employees would typically move every two years, this has now been changed so they may stay in their current jobs up to three years longer. Furthermore, its training institutes have been renamed accordingly – such as State Bank Academy in Gurugram becoming State Bank Institute of Credit & Risk Management while State Bank Staff College Hyderabad becomes State Bank Institute of Consumer Banking.

Performance Management

The bank’s performance-management system is built upon a Balanced Score Card (BSC), which takes into account both financial parameters as well as non-financial aspects like customer indicators, internal business processes and learning and growth. Employees can compare their individual performance against that of other bank employees using this system.

To promote a safe and healthy working environment for its employees, the Bank conducts background investigations on all final applicants for employment – which may include reference checks, criminal background record checks and/or financial credit and motor vehicle records checks where necessary.

SBI Bank, India’s oldest public-sector lender with over 200 years of history, is currently going through an ambitious transformation. From being known for producing leaders quickly to investing in cultivating its talent pool. To facilitate this shift in culture, hiring practices have become more stringent and an appraisal system with quantifiable targets has been implemented.

The Bank focuses on hiring only the brightest talent available and equipping them with tools necessary to meet their career aspirations goals. Employee success is recognized with a competitive compensation and benefits package; furthermore, all employees will be treated with dignity and respect; there will be no discrimination on grounds such as race, color, religion, sex, age national origin disability sexual orientation veteran status etc.

Compensation & Benefits

SBI offers competitive compensation and benefits packages to attract and retain employees, from generous leave policies to health insurance options that cater specifically for them. It also offers its staff discounts on loan products and services; free workshops/training programs as well as flexible work schedules and the potential for career advancement are just a few benefits available at SBI.

SBI is a state-owned bank and financial services company with more than 217 years of history, serving clients throughout South India since 1771. Although its fortunes have fluctuated during this time, SBI continues to thrive despite economic turmoil; recently reporting record profits.

The bank boasts an expansive branch network and customer base. Employees at its bank are well trained on its products and services. Furthermore, it boasts an effective risk management system while working to streamline processes in order to compete against other banks.

SBI is currently looking to hire more mid-level employees, particularly for non-core functions. Their goal is to increase market share by offering more attractive compensation packages for its staff; additionally, SBI hopes to create an increasingly flexible workplace by offering flexible work arrangements such as flex hours or remote working.

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