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essay on changing mindsets in employees

essay on changing mindsets in employees

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  • 1. CHANGE OF MINDSET AND ATTITUDE IS THE NEED OF THE DAY TO ENABLE STATE BANK TO BECOME THE NUMBER ONE BANK IN EVERY RESPECT<br />CHANGED SCENARIO <br />It is not the strongest of the species that survive or the most intelligent, but the one most responsive to change - Charles Darwin. <br />Charles Darwin’s concept of survival is seen to have gone beyond the biological world to the economic. It applies not just to species but also to countries, communities and companies. And be sure that our Bank is not exempted from the operation of this principle.<br />The State Bank of India is the 29th most reputed company in the world according to Forbes. Also SBI is the only bank to get featured in the coveted "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010. At present, State Bank of India is synonymous with banking in India. The Bank and its associates have a gigantic network of 16,000 branches. But size is no longer might. Earlier, our massive network of branches was enough to ensure our dominance. No longer so. Tiny, nimble players are catching up fast. Liberalization has brought greater competition among banks, both domestic and foreign. And there are all chances that competition will only get intensified as large global players emerge on the scene. The Bank is already feeling the heat. It has been losing its market shares in deposits as well as advances. We are also lagging behind in other areas of banking such as Government business, non-fund business, miscellaneous services, credit cards, etc.<br />But merely being the best in India is not good enough anymore. No doubt ours is the largest bank of the country, but we still benchmark ourselves against our own historical growth rates, and not against faster growing institutions in other countries of the world. We want to be number one in the world on all parameters. We should have global level efficiency, profitability and services which are the hallmarks of a world class bank. <br />It is not that we lack achievements- we have the largest network of branches, a large reservoir of skilled manpower, number one in the country as far as deposits and advances are concerned and the strongest brand name in the Indian financial world. It is just that these achievements are not commensurate with our acknowledged potential. We face an unacceptable performance-potential gap Is it destined to remain so? What needs to be done to ensure that we do not miss the bus? How can we take advantage of the opportunities presented by the liberalization? The realization has dawned that we cannot remain cocooned in some mythical self sufficiency, that our country is now part of the global economy. These imply that we cannot judge ourselves only by Indian standards. So what should be done to go at the top?<br />GIVE THEM A VISION, A DREAM<br />Any achievement of note has, at its source, a vision or a dream. We should have a dream. As a member of the State Bank family we should be proud of our institution that it is vastly changed from what it was just ten years ago. It is rapidly moving towards financial conglomerate status offering variety of services in addition to its traditional role. But we should think bigger than this. We should dream our institution as world class financial services giant which would be setting global standards not only in terms of variety and quality of services but also in terms of efficiency, reliability and profitability.<br />The Bank has taken every required step in implementing latest technology in the bank. Most of the branches are given a new look. The procedures at the branches are simplified to give more comfort to customers. Now the Bank has to work in a new direction, psychological treatment to its employees. Of course this will include every member of the staff, from top to bottom. Bank is already working in this direction by implementing training programmes like “Parivartan” But still much remains to do on this front. We need to change our mindset completely.<br />To change a mindset we first need to know that our mindset needs changing. Many people don't know that they need to change their mindset. Then there are those who are in denial, which means they know, but are too scared to make the changes. Finally, there are those who know and do. Let us be the last one.<br />To change a mindset we have to change habits sometimes long time ones. Check out this definition of mindset: a habitual or characteristic mental attitude that determines how you will interpret and respond to situations.This means a right mindset could potentially change every decision we make for the better. On the other hand, a wrong mindset can change it for worse. So it seems, a mindset is pretty important if it has this kind of power over our lives.<br />NEED TO CHANGE OUR MI NDSET<br /> A person can have a particular "mindset" that is so strong in a specific outlook that they do not see other perspectives, even though they might hear them and believe they have been given consideration. This prevents looking at new options in a realistic sense<br />Generally there are two types of mindsets. There are people with a fixed mindset. In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success—without effort. They’re wrong.<br />And there are others having growth mindsets. In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. Virtually all great people have had these qualities. These are people who believe in Robert Kennedy’s famous quote,” most people see things as they are and wonder why; I dream of things that never were and say why not?”<br />And for us, Indians, the importance of turning our mind to the new challenges should not be difficult to comprehend. For ancient Indian wisdom reminds us that the” Mind is the key to freedom as well as progress.” (Man eva manushyanam karan bandha mokshoyo).<br />HOW TO CHANGE A MINDSET<br />There are many methods and tools for productivity, but I think first of all we should change our mindset. Without having the right mindset, even the best methods and tools will only give you modest results. On the other hand, having the right mindset gives you strong foundation for the productivity techniques and methods to run smoothly.<br />The first and most important thing is to change the mindset of the employees of the bank who still live in the old age and are unaware of implications of changes taking place in the financial world. We can become the global entity of our dreams. For that we will have to shed our celebrated fatalism, learn to draw strategies, take the plunge, think global and, above all, have the courage to dream big and believe in ourselves.<br />Developing following qualities in the staff through vigorous training and motivation can be helpful to change the mindset.<br />
    • You can win
    • 2. Take the competition as an opportunity
    • 3. Look ahead
    • 4. Welcome the changes
    • 5. Be prepared and equipped
    • 6. Love what you do
    You can win<br />To some of us, dreaming big may sound a bit over ambitious. This is the result of mental conditioning brought about by two centuries of foreign rule) in which everything Indian was thought to be sub-standard) and four decades of command economy which placed a low valued on initiative and excellence. We are led to believe ourselves to be incapable of anything better than mediocre. We can however cite examples of Infosys, Wipro and Reliance to convince ourselves that we can compete with the best in the world, on home turf or on foreign ground.<br />Since the early nineties, when the shackles on business were lifted, companies that have come out on top have increasingly been those that have set new benchmarks on global competitiveness and aggressive growth.<br />And we will win, no doubt. But winning should not be seen as a fortuitous event. It is a product of motivation, discipline, rigorous training and killer instinct. We must ingrain the winner-takes-all mindset and recognize that the new world is unforgiving to losers.<br />Today, countries like Singapore, south Korea and Hongkong have clearly and definitively proved that the only raw materials required for economics progress are: leadership, aspiration, imagination, meritocracy, openness to learn from others, focus on benchmarking on a global scale, had work and discipline.<br />The main fuel they should use to ignite these minds is aspiration. It will made them courageous to dream the impossible, and work hard to convert the dream into reality<br />In short if we want progress, we need a mindset that understands the value of that progress and adapts itself to making all the commitments needed for the required change to happen.<br />Take the competition as an opportunity<br />Competitiveness as a notion is barely a decade old in India. For more than 40 years post independence, our central planning system ensured that Indian business had a captive market. A cost-plus pricing system encouraged companies to build assets and overheads, without worrying about efficiencies. Small wonder, then, that the sins of those 40 years are proving so hard to wash in a bare 10. <br />As long as the banking sector was content to play tiddlywinks at home, inefficiencies did not matter too much. RBI regulations kept foreign banks tethered. It is changing very fast now. The new policy aims to give the foreign banks more leeway in expanding operations and in future, they will be checked not by policies but by competition.<br />We have to battle foreign banks on their own turf. If we don’t we will be marginalized at home too. As Indian companies are looking to spread globally, they will need a variety of banking services there. If Indian banks are not available to provide them, they will have to turn to foreign banks. Sooner or later, these banks will try to capture their accounts in India and later Indian banks will be squeezed out totally.<br />In today’s market, where monopolies do not exist, and a customer has a choice of getting what he wants from more than one supplier of goods and services, competitiveness helps keep you ahead. <br />Today, being good is not good enough. The key question is: Are you better than the others?<br />Look ahead<br />Every future is a fable narrated by the dreamers of the present. Hope is its grammar and aspiration is its syntax.<br />If we want to be truly world class in the 21st century then we can’t look through twentieth-century glasses. At the very least, we need comprehensive solutions and the only way to find them is to get outside of our environment.<br />We make a distinction between “The future of the Bank” and “Bank of future” When we speak of “the future of the Bank” we presuppose the existence of the existing Bank. But when we say “The Bank of the future”, it emphasizes the change rather than the continuation of the process<br />Welcome the changes<br />We require a commitment to change in direction, change in attitude and, most importantly, a change which is continuous for its realization. Changes bring uncertainties that a large section of average people is afraid to face. On the other hand leaders see the context as an opportunity for change.<br />We will have to streamline our systems and procedures. There is bound to be resistance at all level to any such move from persons who have, throughout their careers, unquestionable tried to follow and enforce bank’s procedures without giving a thought to the impact it is having on customer satisfaction. There would be no place for the “No changers” in this institution, if we want to realize our dream.<br />Be prepared and equipped<br />It has been a general experience of people working in bank that even when they have the attitude to meet the expectations of customers, the absence or lack of required information/knowledge prevents them from behaving in a responsible way. In majority of the cases, the employees’ egos are hurt and they feel vulnerable whenever they are required to confess their ignorance directly or indirectly thereby creating a dispiriting sight of employees not displaying customer oriented attitude. Needless to say, all these adversely affect intangibles like brand image, creditability and reliability<br />In an age where knowledge is the fundamental source of wealth, power and progress, success will come to those who have the capacity to conceptualize, the competence to implement and the competitiveness to stay ahead.<br />Love what you do<br />The attitude “I will do what I love” should be changed to “Love what I do”. Why? Because the former is proactive while the latter is not. You can’t always choose to do things you naturally like. There will be times when you must do something you don’t like. If the mantra is “do what you love”, then your performance will be dependent on the kind of tasks you have. You will perform well when you do the tasks you like and you will perform badly otherwise. This, however, isn’t true productivity. To be truly productive, your performance must be consistently good. No matter what kinds of tasks you have, you must perform well. That’s why the key is to “love what you do” and not “do what you love”. You should learn to love whatever tasks you come across, whether or not you naturally like it.<br />CONCLUSION<br />If you want progress, you need a mindset that understands the value of that progress and adapts itself to making all the commitments needed for the required change to happen<br />Give them a vision of future, which will be an essential ingredient to our success. It will help us in staying on course and will give us a shared view of what we want to become- a bank of choice, worldwide. Give them a vision to win. And winning requires intense desire, relentless focus and flawless execution. This is true for individual as well as for the organizations. In fact we are not wanting in good ideas- we are weak in execution.<br />For every member of this institution, delivering at par is not enough. For this highly motivated lot, over –delivery should be the buzz word. Expectations have to be exceeded. That will separate State Bank from the rest of the pack<br />This calls for excellence in all areas and making excellence, as Aristotle has said, not an act, but a habit.<br />D Bhatti <br />