Bank of India is proposing to engage a HR consultancy firm to help it develop a talent pool as well as in succession planning. The bank also wants to introduce a 360-degree appraisal cum feedback system for it to monitor the performance of its staff, especially those at the senior level, and develop a senior cadre of management professionals in the bank. The agency will be required to submit its report in about 6 months’ time so that the bank can implement the required HR interventions as early as possible. The bank is giving 18 months for the implementation of the project. The measure comes in the wake of perceived shortage of skilled personnel in realms such as risk management, information technology, forex and credit appraisal/monitoring as the public sector banks as a whole are facing the prospect of retirements of a large number of senior staff members by 2010. Bank of India has been put under the Prompt Corrective Action of the RBI and has undertaken a business and technology transformation.
