CHANGES AT ICICI

1) Changes implemented by Kamath to make ICICI a one stop

shop for financial services.

 Kamath created four groups in the company:

 IIG (Infrastructure Group)
 O&G (Oil & Gas Group)
 PTD (Planning and Treasury Department)
 SPG (Structured Products Group)
 He placed the skilled personnels in the corporate centers and
the rest in the zonal center.
 He created three more groups to attend the problems of the
customers:
 MCG (Major Client Group)
 GCG (Growth Client Group)
 PFG (Personal Finance Group)
 MCG attended the top 100 customers and GCG looked after the
needs of the mid-size companies.
2) Factors that contributed to the success of the
change efforts.

 Created new divisions to tap new markets.

 Made the organization more flexible.
 They responded to market changes well.
 Response to customers were made faster.
 Training programmes and seminars were
conducted.
 Individual star performers were rewarded.
3) Resistance was managed well by Kamath.

 ICICI turned all its departments into individual profit

centres and bonus was given accordongly.
 Appointed consultants from Hewitt Associates to work
out a uniform compensation and work culture.
 ‘Fear of unknown’ was tackled by adept communication
and ‘fear of inability to function’ by adequate training.
 They formulated HR blueprint to ensure smooth
integration of human resources.
 Training programmes were conducted to upgrade the
skills of the employees.
 ICICI management directly communicated with
employee unions of BoMs to maintain good relations.