Change Management @ ICICI
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Case Details:
Case Code : HROB008
Case Length : 10 Pages
Period : 1996-2002
Organization : ICICI
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Financial Services
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"What role am I supposed to play in this ever-changing
entity? Has anyone worked out the basis on which roles are being allocated
today?"
- A middle level ICICI manager, in 1998.
"We do put people under stress by raising the
bar constantly. That is the only way to ensure that performers lead
the change process."
- K. V. Kamath, MD & CEO, ICICI, in 1998.
The Change Leader
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In May 1996, K.V. Kamath (Kamath) replaced Narayan Vaghul (Vaghul), CEO of
India's leading financial services company Industrial Credit and Investment
Corporation of India (ICICI). Immediately after taking charge, Kamath introduced
massive changes in the organizational structure and the emphasis of the
organization changed - from a development bank1
mode to that of a market-driven financial conglomerate. Kamath's moves were
prompted by his decision to create new divisions to tap new markets and to
introduce flexibility in the organization to increase its ability to respond to
market changes.
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Necessitated because of the organization's new-found aim
of becoming a financial powerhouse, the large-scale changes caused enormous
tension within the organization. The systems within the company soon were in
a state of stress. Employees were finding the changes unacceptable as
learning new skills and adapting to the process orientation was proving
difficult.
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The changes also brought in a lot of confusion among the employees,
with media reports frequently carrying quotes from disgruntled ICICI
employees. According to analysts, a large section of employees began
feeling alienated. The discontentment among employees further
increased, when Kamath formed specialist groups within ICICI like
the 'structured projects' and 'infrastructure' group.
Doubts were soon raised regarding whether Kamath had gone 'too fast
too soon,' and more importantly, whether he would be able to steer
the employees and the organization through the changes he had
initiated... |
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