Private lender ICICI Bank is removing designations at the senior management level to make the teams more efficient.
According to the reports, designations at the bank will now be symbolic of the job that a person is expected to perform. The Senior Management Executives will have the job title of ‘Head’ followed by their function or department.
Job titles such as Assistant General Manager, Deputy General Manager, Senior General Manager, and General manager will be eliminated. The titles will only be for internal annual appraisals, salary hike and allowances, the report said.
A spokesperson from the bank was quoted saying, “We are taking a fresh look at our structures, processes, and systems, and we are moving to role-based designations at the senior management level. These role-based designations are being aligned with appropriate decision-making powers so that we can respond to market opportunities in a faster manner."
Earlier in 2017, Tata Motors created a stir in the industry with its decision of scrapping designations of more than 10,000 employees.
Under the new system, designations such as General Manager, Vice-President, Area Manager, Regional Sales were eliminated to create a flat organization. However, after some time the company rolled back to the designations. Tata Motors decided to simplify the designation system as opposed to what was existing previously in the company.
At Tata Motors it seemed not many people were convinced with ‘no designations’ policy, and overall the company required a significant cultural change which was not easy to achieve in such a short time.
It would be interesting to know how the employees at ICICI will welcome this move and how the bank will manage the overall cultural change.