Attractive compensation package on the card to recruit best professionals for PSBs: Vinod Rai

Mumbai: Professionalism and bright talents always add value to business organization.  In an effort to address the talent recruitment at all management levels the Banks Board Bureau is working on a fairly attractive compensation package including elements of bonus, employee stock ownership plans (ESOPs), non-monetary perks and others. This is as part of corrective steps to ensure that best of professionals are recruited for public sector banks (PSBs), its chairman, Mr Vinod Rai said at an ASSOCHAM event held in New Delhi recently.

“In some ways the compensation package of these public sector institutions needs to be improved, may be we are not able to do much with fixed part of compensation package but variable part we certainly are looking into it and we are hopeful that by next financial year we will be able to introduce a far more attractive package,” informed Mr Rai while delivering 97th ASSOCHAM Foundation Day Lecture.

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 “An attempt will be made to introduce accountability in the system, to ensure that you appoint a whole time director or a CEO (chief executive officer) at an age where he has got a minimum of six years more to go in the institution so that he can be held accountable for the decision,” added Mr Rai.

He also said that the Banks Board Bureau is in the process of filling up vacancies. “We are looking for the right people, and we are trying to ensure that we select the best and not the second-best.”

Mr Rai further said, “We are in the business of trying to collate people who are from different walks of life and who will be willing to join boards of PSBs and be able to provide that kind of expertise which these banks have not had in the past and the effort is to ensure that it is these boards which run the banks.”

He said that all these activities are being carried out to set up a system and structure sans unhealthy practices that led to huge stress in the banking sector.

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