ICICI Bank's 'One Bank, One Team' Model Revolutionizes HR, Gains Global Attention

ICICI Bank's "One Bank, One Team" initiative has proven highly effective and garnered interest even from outside the country. This model draws inspiration from the journey of cricket legend Mohinder Amarnath, who faced repeated doubts and setbacks but triumphed at the 1983 World Cup. ICICI Bank recently invited Amarnath to speak with employees, using his story to illustrate the triumph of will, grit, and determination. This isn't the first time the bank has drawn from the sports world; two years ago, they invited former Indian hockey team captain Viren Rasquinha to discuss the importance of teamwork and adaptability. These initiatives aim to foster a sense of unity and collaboration among employees, aligning with MD and CEO Sandeep Bakhshi’s ‘One Bank, One Team’ strategy.

Since Sandeep Bakhshi joined ICICI Bank in October 2018, the bank's HR policies have undergone significant changes. Moving away from an individual key performance indicators-driven model, the bank now emphasizes a team-based approach. This shift is relatively unique among large organizations and has even caught the attention of a small bank in the UK that follows similar HR practices. According to T.K. Srirang, Group Chief Human Resources Officer of ICICI Bank, the new system has been highly effective over the past four to five years, reinforcing their belief in the strategy. The bank's success across various segments demonstrates the value of working as a cohesive team.

At the core of the "One Bank, One Team" model is the belief that every employee joins the bank to excel. ICICI Bank's role is to support and enable employees, providing them with the right platform to unleash their potential. As a result, the bank's 141,000 employees do not require constant monitoring or individual targets. This approach has propelled ICICI Bank to the top of BT-Taggd’s The Best Companies to Work For in India list. Additionally, many of the bank’s HR managers have business backgrounds, and even newly recruited HR professionals from top management colleges are required to spend the first six months in a business role before transitioning to HR. This ensures that functional training programs, led by internal trainers, are practical and relevant to current experiences.