Page 54 - Banking Finance December 2024

ARTICLE

In conclusion, it is highly recommended to conduct a workforce that is capable of driving innovation and achieving
comprehensive evaluation of organization's most significant long-term success. Innovation and customization is the key
productivity challenges. Identify the issues that employees are to success for every organization in rapidly changing business
facing, such as lack of engagement and innovation or obsolete environment along with emerging opportunities and threats
technology which may affect the performance of highly posed by cutting edge technology.
efficient employees. Develop a strategy to consistently
upgrade on every aspect to prevent these issues from Human intelligence is very difficult to be replaced by AI and
hindering employee productivity. Employee engagement is a ML when it comes to innovation and especially in financial
critical component of a successful business strategy. services sector. Hence companies need to put in all the
efforts scientifically and strategically by fostering a balanced
It requires a proactive and holistic approach from work culture where employees are recognized for their small
management to create an environment where employees contributions, given ample space for creativity and new
feel motivated, valued, and connected to the company's ideas by open communication which create opportunities for
vision, mission and goals. By prioritizing employee growth and development for individuals and organization
engagement, companies can build a strong, dedicated both.

Banks, insurers comply with whitelisting norms

All national-level banks, insurers, and other financial players in both public and private sectors have complied with
new whitelisting regulations, which came into effect on October 1, 2024. According to officials at the Telecom Regu-
latory Authority of India (TRAI), most of the links commonly used by these institutions to communicate with custom-
ers have been registered, ensuring minimal disruption to services. The telecom regulator had mandated the
whitelisting, or registration, of uniform resource locators (URLs), Android package kits (APKs), and over-the-top (OTT)
links sent through commercial text messages.

Bank unions decry government 'intervention' in staff performance

reviews

Bank unions have expressed their opposition to the government's "unwarranted intervention" in internal bank af-
fairs, specifically concerning the periodic reviews of employee performance. They have strongly opposed the
government's directive requiring banks to submit monthly performance reviews of employees in a prescribed for-
mat, stating that it amounts to "micromanagement".
"The government should not come into the picture on this issue. Banks are all run by independent boards. Why
should the government ask banks to submit a monthly report of number of employees reviewed or retired prema-
turely?" C H Venkatachalam, general secretary, All India Bank Employees Association (AIBEA), told.
"AIBEA has already agreed and provision is there in the bipartite settlement to the effect that if somebody is found
to be deficient, the management can take action and direct premature retirement," he said.
The Department of Financial Services (DFS) in the Finance Ministry had in end September sent instructions to SBI
Chairman and MD/ CEOs of nationalised Banks that managements should undertake periodical review of the perfor-
mance of employees and officers and prematurely retire those who are found to be not efficient.
The PSBs have been advised to send a report by the 8th of every month to the DFS on this count. "With this DFS
instruction, more than 1 lakh bank employees (above 50 years of age) are going to be affected. They will now be in
tension and face psychological pressure," Venkatachalam noted. This DFS instruction follows the meeting held on
August 14 under the Chairmanship of the Department of Personnel and Training (DoPT) Secretary regarding the
review of performance of employees to strengthen the administrative machinery. The purpose of the review is achiev-
ing efficiency, economy and speed in the disposal of government functions.

48 | 2024 | DECEMBER | BANKING FINANCE