#23 Kotak Mahindra : Entrepreneurial Creativity
An ideal example of an organization which nurtures an environment of transparency, values contribution of every individual and respects basic human dignity is Kotak Mahindra Bank. Established in 2003, the bank has been providing a central platform for customer relationships across various businesses. Ranked #23 in the Great Place to Work® Institute’s Study and #2 in the Industry Category of Banking/Credit Services sector, the company’s values act as the principle guiding force. The values revolve around being down to earth and approachable, mutual respect with transparency in dealings, passion to achieve, and an entrepreneurial approach.
The organization stresses on its values as early as in the recruitment stage where candidates possessing certain characteristics are given preference like people who come across as ‘down to earth & approachable’, ‘have a passion to achieve’, ‘show an entrepreneurial streak’, ‘believe in displaying mutual respect’ and have an ‘ethical bent of mind’. These aspects help align them to the Kotak culture and core values.
The induction process is unique involving K-One and K-Bit programs. Kotak Orientation for New Employees (K-One) is a formal company induction which is mandatory for each and every new joiner within 30 days of joining. This is also backed by Kotak Business Induction Training (K-BIT) for product and process training as relevant. These programs give a broad overview of businesses/functions, products, insight into their work culture and opportunities to interact with.
The Kotak Mahindra Bank also has in place programs designed for the development of employees such as the Storming Workshops that focus on assessing the behaviours of individuals which facilitate the leaders to understand the same resulting in increased performance and reduced attrition; PRAISE Certification Programs (PCP) that equip all managers with the skills of conducting an effective performance discussion and dialogue; RACE (Reward & Recognition and Career Enhancement) & ROTY (ROund the Year) process allows for automatic grade and monetary up gradation at any point of time based on achievement levels, etc.
In addition to this, the company has several reward and recognition practices which include I-Applaud, which is a platform that provides informal recognition from co-workers, supervisors and even subordinates. Star Performers and Achievers or any person that strikes a sizeable deal or brings in a critical customer is appreciated on the company Intranet. All customer appreciation that comes to employees are posted on the company Intranet under a section called ‘Way to Go’. Long Service Awards is a tradition followed at Kotak Mahindra Bank to recognize the dedication and loyalty of people who have spent five years and above with the organization. Besides this, each business vertical has its own rewards and recognition scheme to reward exceptional performance. These are covered under STARS R&R Program in partnership with I-mint.