Sri Lanka’s largest private sector commercial bank operating across retail, corporate, international banking and treasury and project financing.
The Performance Management System (PMS) at the bank was over a decade old. There was ambiguity amongst employees in terms of what is required from them on the job and how the same is measured. It was considered vague and ad-hoc. There was a need to:
- Put in place clear job roles and a competency framework to make employees appreciate what is required of them in their job and what success means
- Have an unambiguous and non-biased system for performance assessment and rewards, linked to other HR processes in the organization
- Upfront diagnosis to really understand the issues and the challenges facing the organization going forward (visionary interviews with top leaders and focus group discussions with a microcosm of team members)
- Developed leadership competency framework (jointly worked with internal key executives to identify key competencies and behavior indicators for various proficiency levels)
- Designed Performance Management System with clear goal setting process, capturing of stakeholder inputs (beyond immediate manager) and clear linkage to rewards and career progression
- Supported in drafting of annual goals with clearly differentiated KRA, KPI and targets for 10 critical roles
- Competency framework well received and rolled out starting with the Performance Management System. Plans made to incorporate in Recruitment and Training and Development in the next stage.
- The bank met its objective of an innovative PMS, in line with its value of being futuristic and employee centric through a transparent process with multiple checks built in
- SHRM is currently supporting in roll out and implementation of the PMS and also working on restructuring of the reward and recognition framework for the bank