Letter to BS: Two global firms to train the right men for top PSB jobs

This refers to the report “Two global firms to help BBB select, train the right men for top PSB jobs” (October 19). Though a little late, the decision to seek professional guidance to design, implement and institutionalise the right leadership development strategy for public sector banks (PSBs) is a welcome move. The delay by a couple of decades, in professionalising boards and the top management of public sector undertakings including the PSBs has already cost the Indian economy dearly. Clearly, the priorities of the political leadership were not in alignment with the concerns of national development. 

Now that the wisdom is dawning, even if it has happened after the dip in the financial sector, efforts to save the institutional system from total destruction has to be fast and focused.  Financial and institutional restructuring may be easier, as India has the necessary resources waiting to be mapped and deployed. But the HR-related issues that are being partly addressed in this proposal pose huge challenges. They include:

• Having transparent market-related remuneration packages commensurate with skill-expectations at all levels;
• When cross-migration of employees for talent pooling or merger of institutions happen, meeting the aspirations of the workforce to ensure retaining employee morale;
• Ensuring long enough tenure at the board level and in the top management;
• Identify globally-ranked Indian institution/s to run the leadership development programme  and simultaneously negotiating with such institutions to conduct full-fledged work area-specific management development programmes to create future leaders;
• Creating a world-class management school dedicated to the financial sector.

M G Warrier, Mumbai

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