performance linked incentive schemes of icici and sbi

Term Paper

On

“Performance linked incentive schemes of schedule banks”

Submitted to, Submitted by,

Mr. R.S.Deol Karan Wadhera

RT1803A16

10808494 (reg. no.)

CONTENTS

EXECUTIVE SUMMARY

SCHEDULE BANKS

PERFORMANCE LINKED INCENTIVE SCHEMES

INCENTIVE SYSTEM REVIEW OF LITERATURE PERFORMANCE LINKED INCENTIVE SCHEMES OF –

STATE BANK OF INDIA ICICI BANK

BIBLIOGRAPHY

EXECUTIVE SUMMARY

The basic purpose of this project is to find out what the various performance based incentive schemes are and how are these being used by the bankers to improve their profitability.

Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.

The basic purpose of the PERFORMANCE BASED INCENTIVE SCHEMES is to motivate the employees to work more effectively and efficiently in order to attain the organizational goals. As we know that success of any service organization depends upon how stong that bank is in managing its employees and retaining them over the period of time to have much better customer and employee relationship.

For my project I have studied the incentive schemes at :-

STATE BANK OF INDIA ICICI BANK

These both are schedule banks , STATE BANK OF INDIA is a public bank where as ICICI is a private bank.

State bank of India is following the PERFORMANCE BASED INCENTIVE SCHEMES , which is based on basic pay + additional incentives.

ICICI bank is more towards ESOP-Employee Stock Option Plans and Early Retirement benifts.

Scheduled banks

Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.

As on 30th June, 1999, there were 300 scheduled banks in India having a total network of 64,918 branches.The scheduled commercial banks in India comprise of State bank of India and its associates (8), nationalised banks (19), foreign banks (45), private sector banks (32), co-operative banks and regional rural banks.

"Scheduled banks in India" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), but does not include a co-operative bank".

"Non-scheduled bank in India" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank".

The following are the Scheduled Banks in India (Public Sector):

State Bank of India State Bank of Bikaner and Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Saurashtra State Bank of Travancore Andhra Bank Allahabad Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank

Dena Bank Indian Overseas Bank Indian Bank Oriental Bank of Commerce Punjab National Bank Punjab and Sind Bank Syndicate Bank Union Bank of India United Bank of India UCO Bank Vijaya Bank

The following are the Scheduled Banks in India (Private Sector):

ING Vysya Bank Ltd Axis Bank Ltd Indusind Bank Ltd ICICI Bank Ltd South Indian Bank HDFC Bank Ltd Centurion Bank Ltd Bank of Punjab Ltd IDBI Bank Ltd Jammu & Kashmir Bank Ltd.

The following are the Scheduled Foreign Banks in India:

American Express Bank Ltd. ANZ Gridlays Bank Plc.

Bank of America

Bank of Tokyo Ltd.

Banquc Nationale de Paris Barclays Bank Plc Citi Bank N.C. Deutsche Bank A.G.

Hongkong and Shanghai Banking Corporation Standard Chartered Bank. The Chase Manhattan Bank Ltd. Dresdner Bank AG.

PERFORMANCE LINKED INCENTIVE SCHEMES

The basic purpose of this system is to motivate the employees to work more effectively and efficiently in order to attain the organizational goals.

As we know that success of any service organization depends upon how strong that bank is in managing its employees and retaining them over the period of time to have much better customer and employee relationship.

From the figure it’s clear that for attaining high profitability the banks should try to have customer satisfaction which can only be attained if the employees are satisfied and they work wholly and solely for the banks.

The scheme aims at rewarding the performers. The following officers are eligible under this scheme:-

Branch Managers. Managers of division at branches. Assistant General Managers of regions.

INCENTIVE SYSTEM

In many industries or undertakings and for a large group of operations well-designed systems of payment by results shall yield advantages to all concerned. Many of these benefits shall be realized when sufficient safeguards are provided. Such prerequisites are:

1. The co-operation of workers in the implementation of an incentive scheme is essential because the employees somehow devise, if they do not like a scheme, ingenious ways of evading or sabotaging the plan, often with the tacit connivance of the foreman of supervisor. Worker’s cooperation may be secured through proper discussion with their representatives.

In particular, worker’s co-operation is necessary in:

(a) the methods followed in measuring the results or output upon which payment is based

(b) the methods followed in setting wage rates for different classes of work and(c) appropriate safeguards concerning earnings, job security and settlement of

disputes over piece-work rates and allotted time.To prove that the schemes were often introduced without workers’ co-operation and consequently met with failure we quote the following:

‘ .. the practice adopted by several industrial establishments in the Mumbai region in regard to the preparation of an incentive scheme is to hire an industrial consultant and to make him work in the establishment under the cloak of secrecy, until a scheme has been finally prepared. It is only after several months that the workers of the establishment and their unions begin to suspect that some scheme is under preparation. Trade union leaders, who are not employees currently, are not even allowed to watch how standards have been evolved. Naturally, the workers reject out-of-hand, a scheme prepared so surreptitiously.’

2. The scheme must be based on scientific work measurement. The standards set must be realistic and must motivate workers to put in better performance.

Workers must be provided with necessary tools, materials and equipments so as to enable them reach their standards.

3. Indirect workers, such as supervisors, foremen, charge hands, helpers, crane operators, canteen staff, store keepers and clerical staff should also be covered in the incentive scheme.

4. There should be management commitment to the cost and time necessary to administer incentive schemes properly and these must be carefully assessed before embarking on an incentive program. There are many situations in which the potential gains are just not worth the cost and effort involved. It also means a commitment in terms of integrity to the spirit as well as the letter of the programme – having the courage to abide by it when the payout deteriorates and the honor to own up when the results are not forthcoming.

5. There is a greater need for planning. Many incentive schemes, started hurriedly, planned carelessly and implemented indifferently have failed and have created more problems for the organization than they have tried to solve. This was what happened to three big plants of Hindustan Steel (now SAIL), where an incentive scheme was introduced during 1960s. Though the initial objective of raising the output was achieved, problems arose regarding production of sophisticated items and improvement of the quality of products. The scheme did not function satisfactorily from the point of view of maintenance of plant and equipment, which, in turn affected output. The performance of ancillary units like the repair shops was unsatisfactory because the incentives in these shops were based on the overall steel production and not the units’ own performance. Thus, the need for careful preparation for the installation of an incentive scheme.

6. The other safeguards are:

(a) The incentive scheme should be appropriate to the type of work carried out and the workers employed.

(b)The reward should be clearly and closely linked to the efforts of the individual or group.

(c) Individuals or groups should be able to calculate the reward they get at each of the levels of the output they are capable of achieving.

(d) Individuals or groups should have a reasonable amount of control over their efforts and therefore their rewards.

(e) The scheme should operate by means of a well-defined and easily understood formula.

(f) The scheme should be properly installed and maintained.(g)Provisions should be made for controlling the amounts paid, to ensure that

they are proportionate to effort.(h)Provisions should be made for amending rates in defined circumstances.(i) Create incentives for performance and disincentives for non-performance.(j) Set and review specific objectives for each employee periodically.

Prerequisites of a Good Wage Incentive Scheme

The installation of an incentive scheme presupposes the existence of certain prerequisites, which are, more often than not, ignored. Quite often, incentive payments are just taken to be necessary part of the total wage packet, and hastily conceived schemes are introduced primarily because of pressures from workers and trade unions. such schemes naturally result in a number of personnel problems which may, in fact, be

1.Impediments to improve productivity

It is, therefore, advisable to ensure that a proper climate exists for the introduction of such schemes. Some important considerations, which should ordinarily be taken into account while choosing a particular type of wage incentive scheme, are:

(i)The management should strive to create a proper climate by adopting sound policies of recruitment, promotion, trading etc., right from the inception of an enterprise. Unless there is mutual understanding and concern for improving productivity, even a well-conceived incentive scheme may not yield the optimum results. Therefore, the management must concentrate on creating a proper industrial relations climate before introducing incentive schemes.

(ii) The objectives of the scheme must be clear, and these should be well understood at the levels of management and of workers. Certain specific factors may be selected as the basis for a scheme. Too many factors selected at a time may

make it complicated. The scheme should suit both the particular enterprise and its workers. At every stage, right from the conception of the scheme to conducting studies, etc., all the workers and supervisors should be consulted so that they understand the objectives and benefits of the scheme and may contribute to its success.

(iii)Incentive schemes should be installed only when production has reached 60 per cent of the rated capacity. Care should be taken to provide a suitable gestation mechanism in the scheme on a time-bound basis so that incentive payments at a lower level of the performance are allowed only for limited time periods. The quantum of incentive paid at the low levels of production and efficiency should be such as to ensure that earnings continuously increase when the targets are raised.

(iv)The scheme chosen should be one which would result in overall economy for establishment. Incentives should not only increase production but also result in higher productivity and lower cost per unit; and the gains of increased productivity should be shared both by the employer and the employed.

(v)The scheme should not be very costly in operation, i.e., it should not involve the maintenance of very elaborate records, complicated calculations, and too much material handling.

(vi)The scheme should be based on a work study, and the work contents of various jobs should be stabilised.

(vii)In principle, each individual or group should be paid according to effort and productivity, for disparity in earnings may create discontent. Unless the scheme i.e. well defined, it may turn out that indirect groups may receive higher incentive earnings than the main production group.

(viii)The scheme should have elasticity to take care of technological and other changes taking place from time to time and rectify errors that may have crept in at the time of its initial introduction.

(ix)The scheme should not undermine co-operation amongst the workers. It should rather stimulate co-operation with a view to achieving the common objective of increasing the well-being of the business and, therefore, of the workers in general.

(x) Performance standards and norms for incentive payments should be set up at the average performance level of the employees, i.e., they should not be too high nor too low. Such performance standards should be set as are within the control of employees. The adoption of objective assessment procedures and the use of functional responsibility are to be advocated in addition to such indices of productivity as wage cost per unit sale, salary savings on inventory, etc.

(xi)To make the scheme effective, a climate should be created in which the employees feel that the management is fair and just in its dealings with them on wage incentive matters. For this purpose, mutual discussions and appropriate management action would be called for.

(xii)Incentive payment should be made as soon as possible after a job is completed. Any hastily conceived or haphazardly introduced incentive scheme does more harm than good. Therefore, it should be introduced after a proper consideration of the various preparatory measures.

2. Incentive Plans for White Collar Workers/Salesman

The salesmen are usually given incentives in the form of sales commissions. One study reported that almost 75% of the organisations surveyed paid salesmen on some type of incentive basis. This is due to three factors:

(i) The unsupervised nature of most sales work.(ii) Tradition in the market, and(iii) The assumption the incentives are needed to motivate salesmen.

There are several incentive plans, each appropriate for different markets, products, etc., but all plans are basically variations of three types of plans: straight salary, straight commission, and combination plans.

a. Straight Salary Method: Is not an incentive plan; the salesman is simply paid on weekly, monthly, or on yearly basis. The advantages of this method are that:

(i) The salesmen know in advance what their income will be; and

(ii) The expenditure on salesmen is known beforehand.

The disadvantages are:

(i) This method tends to shift salesman’s emphasis to just making the sale rather than prospecting and cultivating long- term customer; and

(ii) Pay is not related to results. This lack of relationship reduced salesmen’s performance.

b.Straight Commission Basis: Under this method the salesmen are paid on the basis of sates effected, i.e., they are paid for results and only for results. Therefore, high performance salesmen are generally attracted. But the disadvantages are:

(i)Salesman focuses on making a sale on high volume items. Cultivating dedicated customers and working to push hard-to-sell items are often neglected,

(ii)Salesmen tend to be less company-oriented and more money-oriented, and the company has less control over them;

(iii)Salesmens income generally fluctuates widely.

(c) Combination Method of Salary and Commission Basis:

Under this, salesman not only gets a fixed salary but also a commission in proportion to the sales effected. The advantages of this method are:

(i)Since salesmen are assured of minimum earnings, they are relieved of financial worries.

(ii)The company has more control over its salesmen, as there is sizable salary component in most combination plans. So that it can direct salesman’s activities by detailing what services and salary component is being paid for.

But the main disadvantage is that salary is not related to performance; only incentive value of money is being traded off for its security value. Such plans also tend to become very complicated, and misunderstanding often results in frustration. In spite of these disadvantages, these plans are widely used with several basic variations.

d.Salary Plus Commission: Commission Plus Drawing Account where not only commission is paid but the salesman is also allowed to draw on future earnings to get him through low sales period; commission plus bonus, where salesmen are paid primarily on the basis of commission but they are also given a bonus for activities

like slow moving items; and salary plus bonus, wherein salesmen are paid a basic salary; and also given a bonus for carrying out specified activities.

3. Incentives for Management Employees

In many organizations, the managers are paid bonus. There are two types of bonus plans: one determined by formula (i.e., some criteria like increased sales) and two, determined by some discretion used in allocation of bonus (i.e., paid on more or less permanent basis). The bonus plans are generally reviewed annually to make them more effective. For top level management, bonuses are generally tied to overall corporate results. The size of bonus is much higher for top-level executives, and lower for the lower level executives.

Review of literature

Jacob P. Koshy , Oct-2008

Performance-based incentive scheme now on a voluntary basis.

The study recommended an annual bonus of up to 20% to employees whose achievements exceed certain targets, which has been accepted by the cabinet.

Brian Bijdeveldt, 2009Creating Effective Employee Incentive Schemes

Traditional Incentive Plans are probably not appropriate for many smaller companies. However, with a little work and a little creativity, you can create an Incentive Program for your small business that really will work

Performance-Based Incentives Working Group , Jun-2009

Performance incentives affect utilization, quality and efficiency; provides guidance for the design, implementation and evaluation of performance incentive arrangements; and sets out recommendations for the donor community and for policymakers and program managers in developing countries.

Service target performance incentive scheme (March 2009) The incentive schemes works best for the service industries such as banking , telecom , aviation etc where the core role is played by the employees for the success of the organization. Thus there is need to provide the achievers with the incentives in order to motivate them for their work.

The Financial Express, April 2010 Performance-based incentives for public sector bank execs

The incentive package would be determined on the basis of overall performance of the chairmen. The bank chairmen would be required to project their targets at the beginning of the year. The performance would be assessed on the basis of the target achievement,” the official said. The autonomy of the bank CMDs has already been increased.

Earlier, the finance ministry had indicated the existing salary structure would not be tampered with, but the hike would come in the form of incentives.

Performance linked incentive schemes of :-

STATE BANK OF INDIA

The incentives will be given annually based on business performance andother specified criteria. The Scheme operates on the principle of achieving certain benchmarks of performance and at the present juncture achievement of business and profitability budgets for the branch are considered as the most noncontroversial and acceptable benchmarks. The inclusion of profit as one of the criteria is to ensure that an official will not be eligible merely on the achievement of budgetary goals in deposits and advances alone. Profit is a derivative of proper mix of the interest rate that is paid on deposits and received on advances. Moreover, profitability also reflects the concern of the Branch Manager/Assistant General Manager in controlling costs and improving other income by increasing non-fund based business.2. All AGMs who are controllers of regions, Branch Managers and Managers of Divisions who achieve atleast 100% of their budgeted growth in aggregate deposits, advances and net profit (not applicable to Managers of Divisions) during the year ending 31st March will be eligible for consideration. Budget and achievement for this purpose will be defined as quarterly average of deposits and advances and net proftfor the year.Further, for Branch Managers and AGMs of regions, there must be at least75% budget achievement in deposits and advances in all market segments taken together after excluding the C&I segment. For Branch Managers and Managers of Divisions the audit rating of their branch should be A or A (+).Separate criteria regarding audit ratings are stipulated for AGMs of regions. In addition, there should be at least 50% achievement under the budget for NPA recovery. The detailed criteria for each category are set out in. 1. These parameters for evaluation may undergo changes in future so as to keep an element of challenge therein. The respective amounts of incentive are also set out’3. The incentive will be in cash and it is proposed to be given to those who meet the requirements detailed in Annexure I. The format in which the details of performance of Branch Managers, Managers of Divisions and Assistant General Managers of Regions is to be submitted to the Sanctioning Authority to claim the incentive.4. The Deputy General Manager of the Zone will be the RecommendingAuthority for granting of incentives to Managers of Divisions, Branch Managers and Assistant General Managers of regions under their control. The Deputy General Manager (Credit Department) will recommend for grant of incentives to

BMs, MoDs of branches under his direct control. The General Manager (Operations) will be the Sanctioning Authority. For operational convenience and to ensure the motivational aspect, all the recommendations from a Zone must be put up to the General Manager (Operations) in a single lot as early as possible and in any case, not later than 31st May.

The incentives are proposed to be given on the following scales:-

1) For Branch Managers, the incentives will be subject to the following conditions:a) For achievement in deposits and advances, budgeted growth and actual calculated as quarterly average for the entire year are to be reckoned. Year-end budget achievement in deposits and advances in segments other than C&I, taken together, must be atleast 75%. For profit, year-end achievement of the budget is to be taken.b) The audit rating of the branch should have been maintained at or upgraded to A or A+. If the branch has been downgraded from A+ the incumbent will not be eligible.c) NPA recovery must be at least 50% of the budget of the branch.d) The Branch Manager must have remained in that position on 31st March for 9 months or more.2) For Managers of Divisions, the incentives will be subject to the following conditions:a) The incentive scheme applies to divisions that have budgets for deposits, advances and NPA recovery.

b) In respect of Managers of Divisions (P&SB, NRE, SIB, C&I & Agriculture) for achievement in deposits and advances, budgeted growth and actual calculated as quarterly average for the entire year are to be reckoned. Since divisional budgets are not settled for profit this parameter will not apply.c) The audit rating of the branch where the division functions should have been maintained at or upgraded to A or A+. If the branch has been downgraded from A+ the incumbent will not be eligible.d) NPA recovery must be at least 50% of the budget of the division.e) The Managers of the Division must have remained in that position on 31st March for 9 months or more.3) For Assistant General Managers of regions, the incentives will be subject to the following conditions:

For achievement in deposits and advances, budgeted growth and actual calculated as quarterly average for the entire year are to be reckoned. Year-end budget achievement in deposits and advances in segments other than C&I, taken together, must be atleast 75%. For profit, year-end achievement of the budget is to be taken.

If 10% or more of the branches in their region are having ‘B’ or ‘B (-)’ ratings in the Audit Report Formats as on 31st March or if 25% or more of the branches of the region audited during the year had slippage in audit rating or if 25% branches have registered negative growth in P segment deposits as on 31st March, the AGM will not be eligible. Year-end budget achievement of the region in deposits and advances in segments other than C&I, taken together, must be at least 75%.

NPA recovery must be at least 50% of the budget for the region. The Assistant General Manager must have remained in that position on

31st March for 9 months or more.

AT ICICI BANK

At year-end fiscal 2003, we had 15,179 employees, an increase from 5,063 employees for ICICI at year-end fiscal 2002 and 3,460 employees for ICICI at year-end fiscal 2001. ICICI Bank had 4,820 employees at year-end fiscal 2002 and 4,491 employees at year-end fiscal 2001. Of the 15,179 employees at year-end fiscal 2003, 5,558 were professionally qualified, holding degrees in management, accountancy, engineering, law, computer science, economics or banking.

Management believes that it has good relationships with its employees. ICICI Bank has a staff center, which serves as a forum for grievances, pay and benefit negotiations and other industrial relations matters. ICICI Bank had inducted 2,725 employees of Bank of Madura consequent to its acquisition in March 2001. The employees inducted from Bank of Madura in the grade of clerks and sub-staffs are unionized. We have a cordial relationship with this union. We have realigned theservice conditions and compensation structure of the officers who came to us from Bank of Madura, which is now comparable with the one existing for ICICI Bank’s officers.The financial services industry in India is undergoing unprecedented change as deregulation gains momentum. Moreover, changing customer needs and rapid advances in technology are continually redefining the lines of innovation and competition, thereby providing us with new challenges and opportunities.

To meet these challenges, we have relied extensively on our human capital, which comprises some of the best talent in the industry. They continue to attract the best graduates from the premier business schools of the country. They dedicate significant amount of senior management time to ensure that employees remain highly motivated and perceive the organization as a place where opportunities abound, innovation is fuelled, teamwork is valued and success is rewarded.

Employee compensation is clearly tied to performance and we encourage the involvement of all our employees in our overall performance and profitability through profit sharing incentive schemes based on the financial results. A revised performance appraisal system has been implemented to assist management in career development and succession planning.ICICI Bank has an employee stock option scheme to encourage and retain high performing employees. Pursuant to the employee stock option scheme as amended by the Scheme of Amalgamation, up to 5.0% of the aggregate of ICICI Bank’s

issued equity shares after the amalgamation, can be allocated under the employee stock option scheme. The stock option will entitle eligible employees to apply for equity shares. The grant of stock options is approved by ICICI Bank’s board of directors on the recommendations of the Board Governance and Remuneration Committee.The eligibility of each employee is determined based on an evaluation of the employee including employee’s work performance, technical knowledge and leadership qualities. Moreover, ICICI Bank places considerable emphasis and value on its policy of encouraging internal communication and consultation between employees and management.

Management – Compensation and Benefits to Directors and Officers – Employee Stock Option SchemeICICI Bank has training centers at Khandala in the state of Maharashtra, which conduct various training programs designed to meet the changing skill requirements of its employees. These training programs include orientation sessions for new employees and management development programs for mid-level and senior executives. The training center regularly offers courses conducted by faculty, both national and international, drawn from industry, academia and ICICI Bank’s own organization. 95Training programs are also conducted for developing functional as well as managerial skills. Products and operations training is also conducted through web-based training modules.In addition to basic compensation, employees of ICICI Bank are eligible to receive loans from ICICI Bank at subsidized rates and to participate in its provident fund and other employee benefit plans. The provident fund, to which both ICICI Bank and its employees contribute a defined amount, is a savings scheme, required by government regulation, under which ICICI Bank at present isrequired to pay to employees a minimum 9.0% (9.5% until fiscal 2003) annual return. If such return is not generated internally by the fund, ICICI Bank is liable for the difference. ICICI Bank’s provident fund has generated sufficient funds internally to meet the minimum annual return requirement since inception of the funds. ICICI Bank has also set up a superannuation fund to which it contributes defined amounts. In addition, ICICI Bank contributes specified amounts to a gratuity fund set up pursuant to Indian statutory requirements.

ICICI Bank offered an Early Retirement Option to its employees. All employees who had completed 40 years of age and seven years of service with ICICI Bank

(including periods of service with Bank of Madura, ICICI, ICICI Personal Financial Services and ICICI Capital Services which were amalgamated with and into ICICI Bank) were eligible for the Early Retirement Option. Out of approximately 2,350 eligible employees, approximately 1,495 employees exercised the Option. The amount payable to these employees was the lesser of the amount equal to:• 3 months’ salary for every completed year of service, and• 1 month’s salary for the number of months of service left.

The above payment was subject to an overall limit of Rs. 2.0 million for employees at the level of Joint General Manager and below, and Rs. 2.5 million for employees at the level of General Manager and Senior General Manager. For the purpose of this computation, salary included basic pay and dearness allowance but excluded all other allowances. The total cost of the Early Retirement Option is estimated to be approximately Rs. 1.7 billion (US$ 36 million). In addition, while we have made provisions for leave encashment and retirement benefits based on actuarial valuation in accordance with relevant accounting guidelines, the early retirement of employees will result in additional payouts over and above the provisions made to date in respect of those employees. The total retirement benefits in excess of provisions made are estimated to be approximately Rs. 300 million (US$ 6 million). These costs will be accounted for in their financial statements.

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