One of Oman’s Leading Banks
The bank boasts of finest banking solutions, services and products and tremendous customer centricity in Muscat and the Middle east. PB had partnered with them to design and implement the PMS framework.
Just a few years since its inception and enjoying significant growth rate, a pertinent fact got highlighted. While the bank was growing in size, revenues and market share, the profit margin did not commensurate that, which was an area of concern.
With increased workforce there was a need to put in place a performance driven culture in the organization and have a clear and transparent performance management system in place, to understand how each of the employee was contributing to the overall organizational goals.
The focus for the organization was clear; it was ‘performance’, ‘how of achieving the performance’ as well as identification and development of ‘high potentials’ to be future ready in the constantly changing business environment.
We adopted a 2-phased approach:
- Improving Performance
- Design PMS framework for the organization
- Articulate goals and KRA’s for the Business Heads
- Facilitate cascade of KRA’s to levels below
- Periodical reviews and dialogues between manager and subordinate
- KRA scoring format for appraisals
- Performance Ranking- ‘Bell Curve’ introduced
- Institutionalize PMS
- Enabling Performance
- Design the ‘Behavioural’ & ‘Functional’ competencies. They are performance enhancers and are part of review/appraisals
- Position Profiles created for each role
- The ‘hi –performers’ undergo a ‘Development centre’ so as to sharpen their skill sets and behavioural competencies
- Broad ‘Reward Framework’ created
- ‘Managerial Effectiveness’ workshops conducted
- Dipstick survey on’ Effectiveness’ post a year of completion of the exercise
Employees gained clarity about the organizations expectations from them resulting in a highly productive workforce. The appraisal process were made transparent and open that rewarded meritocracy.
Employees were clear on their ‘cross-functional’ goals with a further emphasis on ‘cross functional dependencies which is key to seamless integration and success of any organization
The bank saw a steady rise in profitability in FY 2011, 2012 & 2013 with an extraordinary 58.73% growth in profits achieved in 2012. The bank achieved a Net Profit of RO 26.87 million Omani Rials in 2013, registering a growth of 16.8 percent.