Human Capital Creation: Innovative Practices by an

Indian Bank

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Author: Alok Kumar Goel, Geeta Rana

Pub. Date: 2016
Product: Sage Business Cases
DOI: https://doi.org/10.1177/2277977914548339
Keywords: banks, human capital, staff, sustainability, private banks, India, bank buildings
Disciplines: Business & Management, Human Resource Management, Human Resource Development,
Recruitment & Retention, Human Resource Strategy & Planning
Access Date: March 5, 2024
Publishing Company: SAGE Publications Pvt. Ltd
City: London
Online ISBN: 9789351503392

© 2016 SAGE Publications Pvt. Ltd All Rights Reserved.

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© Birla Institute of Management Technology 2014

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Abstract

Employee retention was a big challenge at YES Bank, an emerging Indian bank. The main objective of
the study is to identify innovative steps taken by the management in their human resource (HR) prac-
tices to enhance employee retention and to create a conducive environment for human capital creation
in the YES Bank. The case explores and provides useful insights as to how YES Bank has success-
fully transformed its working environment for human capital creation through innovative HR practices.
The case concludes with questions to provoke discussion to understand the importance of various HR
management initiatives. This case is recommended for study and analytical discussion for practicing
managers, researchers and management students in HR management, organizational behaviour and
industrial relations.

Case

Alok Kumar Goel and Geeta Rana have developed this case solely for class discussion for programmes in
management education. The authors do not intend to illustrate either effective or ineffective handling of a
managerial or an administrative situation. The case study does not represent or endorse the views of the
management about the issues in the case. The authors may have disguised certain names and other identi-
fying information to protect confidentiality where needed. The case has been compiled from both primary and

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secondary sources of information. 1

Indian Banking Industry

India has a well-developed banking system. Most of the banks in India were founded by Indian entrepreneurs
and visionaries in the pre-independence era to provide financial assistance to traders, agriculturists and bud-
ding Indian industrialists. The origin of banking in India can be traced back to the last decades of the eigh-
teenth century. The General Bank of India and the Bank of Hindustan, which started in 1786, were the first
banks in India. Both the banks are now defunct. The oldest bank in existence in India at the moment is the
State Bank of India (SBI). The SBI came into existence in 1806. It is presently the largest commercial bank in
the country.

The role of central banking in India is looked after by the Reserve Bank of India (RBI), which, in 1935, formally
took over these responsibilities from the then Imperial Bank of India. The RBI was nationalized in 1947 and
was given broader powers. In 1969, 14 largest commercial banks were nationalized, followed by six next
largest in 1980. But with adoption of economic liberalization in 1991, private banking was again allowed in
India. Indian banks can be broadly classified into public sector banks (those banks in which the Government
of India holds a stake); private banks (government does not have a stake in these banks; they may be publicly
listed and traded on stock exchanges); and foreign banks.

Overview of the Organization

Established in 2004, YES Bank is a private bank in India. The YES Group has been one of the India's most re-
puted financial organizations, offering complete financial solutions. It was founded by Ashok Kapur and Rana
Kapoor, with the duo holding a collective financial stake of 27.16 per cent. Mr Ashok Kapur was killed in a
terrorist attack in 2008 in Mumbai. Now, Dr Rana Kapoor is the Managing Director (MD) and Chief Executive
Officer (CEO) of YES Bank. He was awarded ‘Banker of the Year’ award in 2011. From commercial banking
to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial
needs of individuals and corporates. Responsible banking was adopted as a business philosophy that deter-
mines the future of YES Bank. It has applied responsible banking as a compass to guide the direction of its
business where the bank identified a range of sunrise and development sectors in the Indian landscape and

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installed strategic business units to pursue and service these sectors using a knowledge banking approach,
and therefore provide focused financial services.

YES Bank has consistently outperformed its peers, while receiving significant national and international
recognition. Backed by a highly differentiated financial and business model to achieve robust and sustained
growth, YES Bank has crossed many significant milestones that stand testimony to its innovation and excel-
lence in creating a new paradigm in Indian banking. One of the basic tenets of economics is that man's needs
are unlimited. YES Bank wants to provide solutions to all those needs. The name of the bank, ‘YES’, symbol-
izes this. YES Bank has five broad business segments, namely, retail liabilities, lending, corporate banking,
venture fund management and treasury and investments. YES Bank offers a very wide range of products and
services targeted at retail customers, delivered through a state-of-the-art technology platform. YES Bank's
rapid growth is attributable to factors like open, transparent and non-hierarchical work culture, growth oppor-
tunities and finally, the ambitious workforce. Today, YES Bank has a force of around 5,642 employees over a
network of over 214 branches spread across metro cities. It proposes to have around 900 full-fledged branch-
es by mid-next year. YES Bank aims to build the ‘Best Quality Bank of the World in India’ by adopting the triple
bottom-line ethos—‘People, Planet and Profit’—thereby creating enduring value, competitive advantage and
sustainability leadership. Through various innovative initiatives, YES Bank reaches out to emerging sectors,
untapped markets and underserved sections of society, engendering inclusive and sustainable development.

Indian banks will be under fierce competition when long overdue banking sector reforms and foreign direct
investment (FDI) in banking are introduced. The banks will be competing with larger banks which will be ag-
gressively involving in mergers and acquisitions for expansion in India. A crucial constraint for a bank's sur-
vival is maintaining net interest margin or ‘NIM’. NIM is basically the difference between the return that you
are going to generate for depositors and the interest you receive from YES Bank borrowers. All human re-
source (HR) functions ultimately should help to maintain NIM. A measure of bank's efficiency is business per
employee (BPE) or the average amount of business an employee has generated. A bank with higher BPE
is considered to be more efficient. With the entry of global banks into India, domestic banks will be under
tremendous pressure to maintain their NIM and BPE levels in control.

Objectives

The main objective of the study is to identify innovative steps taken by the management in their HR practices

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to enhance employee retention and to create a conducive environment for human capital creation in the YES
Bank. Employee retention was a big challenge at YES Bank. What kind of HR practices should be intro-
duced to enhance retention? What are the values to look for while recruiting human capital, specially recovery
agents? This case attempts to answer these questions by illustrating an in-depth exploratory study of innova-
tive features of prevailing HR practices at YES Bank.

Research Methodology

The research is exploratory in nature. It was carried out to assess the salient features of unique HR practices
followed at YES Bank for career development and employee retention. The primary data were collected
through semi-structured interviews. Qualitative data were obtained through these interviews and analyzed.
This type of interview is appropriate in an exploratory research context, as open-ended questions allowed the
authors to gain deeper understanding of the rationale of the salient features of HR policies at YES Bank.

Human Resource Strategy

Mr Adarsh Arora, Head of the HR department, was assigned the task of conceptualizing and developing HR
policy to supplement the growth at the pace that YES Bank wanted. YES Bank strives for creation of best
human resources by recruiting highly talented professionals and enriching them with sufficient training, and
to retain them by providing a better career path. Prior to 2009, the company had recruited several fresh man-
agement graduates and by 2011, they became a critical mass of experienced young talent. Anticipating tough
competition from other banks, YES Bank's management wanted to be more efficient and wanted to play much
bigger role in order to compete with global majors. Hence, it is striving hard for rapid growth plan.

YES Bank relies on an exceptional high-quality human capital base to drive its ambition in becoming the
‘Best Quality Bank of the World in India’ through a young, dynamic and professional team that effectively
works across organizational boundaries to consistently build a culture that shifts the focus from activities to
outcomes. YES Bank pursues a strong employee value proposition of ‘Creating and Sharing Value’, which
is unique to YES bank only and which was propounded after sustained effort by its top professional team of
experts.

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Issues: Problems Faced by YES Bank

This case attempts to answer the questions mentioned earlier regarding retention and recruitment by illustrat-
ing an in-depth exploratory study of innovative features of prevailing HR practices at YES Bank.

YES Bank was facing certain other problems also which had to be sorted out by the management in due
course. High attrition in the junior management cadre, especially in the age group 25–35 years, was a major
issue that gripped the organization. Satisfactory solution was yet to be found out. Another problem facing the
management was less number of branches of YES Bank in the country. The management was striving hard
to find a way to raise the number of branches to be able to serve the customers in all major towns of the
country. The financial constraints in increasing the number of employees further from 5,642 as on 31 March
2014 and branches from 214 to at least 400 were yet to be sorted out.

Yet another major concern for bank was that of hiring recovery agents. Though recruiting them is a common
practice across the industry for recovering loans, yet it involves the risk of customers being harassed by these
agents. In the past, there have been many incidents of customer harassment by the recovery agents of ma-
jor private banks. YES Bank, being a new entrant, was more concerned with this problem because any such
incident of harassment would adversely affect its image among the customers. In the past, very few banks
have endeavoured to closely monitor the behaviour of these agents. Unlike other banks, YES Bank adopted
more practical and humane measures in the recruitment of recovery agents to ensure their customer-friendly
approach. The result is obvious. As per the bank, there has not been a single complaint of harassment during
the last five years and the proportion of recovery is much more in YES Bank vis-à-vis other banks.

In the beginning, HR functions were centralized in the corporate office located in Mumbai. This caused delays
in addressing the core HR issues and problems. So, in the beginning of 2009, the management decided to de-
centralize HR functions and empower regional offices with more freedom in recruitment and training of human
capital. To be successful, an organization must have a high-spirited workforce, employee-friendly HR policies
and a strong and passionate leader who could actually work with the employees and management. YES Bank
uses extensively 360 degree performance appraisal policy. This performance appraisal system not only helps
in basic processes such as recruitments and attendance records, but also in tracking assignments handled
and succession planning. It is this sort of an innovative approach which distinguishes YES Bank from other
banks. Apart from using dependable tools for managing employee data, organizations have also reworked
on the performance management cycle so that filling of gaps is not delayed. According to Deodatta Kurane,

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President, Human Capital Management, YES Bank, the periodicity of feedback for employees depends on
the employee's role. YES Bank has incorporated ‘potential’ reviews in their appraisal systems. This helps in
deciding future responsibilities for employees. The overall review of executives across companies is usually
based on strategic customer and leadership approaches, processes, values and beliefs.

Innovative HR Practices Adopted

Over the last nine years since its inception in 2004, YES Bank has leveraged on innovations in HR practices,
creative management frameworks, innovation and cutting-edge technology, concurrently ensuring a develop-
ment focus in its uncompromising pursuit to deliver unparalleled service to its customers. YES Bank's core
strategy stands firm on the foundations of trust, transparency and responsible banking, collectively creating
an open platform to work with a wide variety of public and private institutions to meet India's development
agenda. By adhering to the ‘triple bottom-line’ ethos, YES Bank focuses on nurturing the people, planet and
profit principles to create enduring value, and a unique strategic position for YES Bank in a competitive mar-
ketplace. YES Bank is built around five key brand pillars which reflect the core values of the bank:

1. Growth: YES Bank's core promise is growth for its internal and external stakeholders, symbolized in
‘Say YES to Growth’.
2. Trust: YES Bank's promoters, top management team and investors are all of the highest pedigree
with a demonstrated track record, thus inspiring and establishing a trust mark—‘Say YES to Trust’.
3. Human capital: YES Bank has adopted a knowledge-driven, entrepreneurial management approach
and offers financial solutions beyond the traditional realm of banking. YES Bank's top-quality human
capital represents one of the finest talents in Indian banking, chosen from India and abroad.
4. Technology: YES Bank is establishing the highest standards in customer service by adopting cut-
ting-edge, innovative technology. The only thing constant about YES Bank's technology is evolution.
5. Transparency and responsible banking: YES Bank considers transparency and accountability to
be of utmost importance. Bank has established the most stringent corporate governance norms, and
is committed to responsible banking by focusing on sustainability and social responsibility.

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Human Capital Creation

YES Bank has crossed many significant milestones that stand testimony to its innovation and excellence in
creating a new paradigm in Indian banking. YES bank has achieved many significant milestones that stand
witness to its innovation and excellence in creating a new paradigm in Indian Banking. YES Bank counts on
its human resource management practices to promote opportunities to better train and motivate its employ-
ees to contribute to the bank's human capital base to keep up with competitors and associate themselves with
positive attitudes, proactive job behaviours, increased individual and organizational performance. Bank pur-
sues a strong employee value proposition of creating and sharing value. All new recruits are given peripheral
information on the philosophy and business practice of responsible banking. The introductory presentation on
YES Bank contains knowledge on the environment and social policy, making relationship managers aware
of the additional social and environmental risk screening parameters all loan applications are subjected to.
Social risk screening includes human rights parameters where relationship managers have to make site visits
to the client's premises to ensure the company is not engaging in any socially unethical business practices.

YES Bank's responsible banking team undergoes various skills development training workshops which help
to enhance the team's ability to manage the bank's sustainability mandate more effectively and efficiently. To-
tal cost of sustainability skills enhancement for responsible banking team in FY13 reached ₹ 9.7 lakhs. These
initiatives include:

1. Global Reporting Initiative (GRI)—Confederation of Indian Industry (CII)-ITC Centre for Excellence in
Sustainable Development (CESD) is a GRI-certified training partner in India offering a three day work-
shop that enables the practitioner to swiftly navigate GRI's G3 (Version 3) and upcoming G4 (Version
4) guidelines.
2. Greenhouse Gas (GHG) Accounting—An online course taught by the GHG Management Institute,
established in 2008 by Princeton University professors and practitioners from organizations such as
Point Carbon, Govida, World Resources Institute and the Carbon Disclosure Project.
3. Social Accounting and Auditing—CII-ITC CESD delivers the Certified Sustainability Assurance Prac-
titioner (CSAP) programme. Training is based on the global sustainability standards: ISO 26000, re-
vised AA1000 AS and AA1000 APS, AA1000 SES.

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YES Connect

YES Connect is a team-bonding initiative launched in order to provide YES Bank's executives a platform to
celebrate together and bond and share best practices to enhance individual and team productivity. It is im-
plemented in the form of an evening get-together where all executives from the respective branch/office cel-
ebrate the spirit of organizational bonding by recognizing and applauding team members who have shown
exemplary achievements in their work areas, inviting newly joined executives (of the previous month) with
their spouse/family to meet their team, celebrating birthdays, etc. Special family events are also organized
around popular festivals. The bank has designated a monthly budget for each executive across all branches/
offices across the country for this activity.

My Voice

In line with the bank's objective of providing a consistent and superior service experience, My Voice is an
extension of the same to internal customers. This initiative has been running successfully on YES Bank's In-
tranet, as a significant differentiator to achieve the vision to become ‘The Most Technologically Architected’
bank in India. This initiative aims at quick resolution of queries, providing executives a simple, easy to use
platform to log inquiries/grievances with in-built tracking and escalation for effective monitoring and follow-up.
This initiative acts as a transparent empowerment tool with the executive as each query is also marked to the
head of human capital management who undertakes regular analysis of the queries received to identify the
concern areas. Reports of such analyses are submitted to the top management and corrective action plans
are formulated.

Employee Welfare

Employees are also provided the benefit of regular health check-ups at selected hospitals at a discounted
rate. Stress management training is also provided regularly. All YES Bank's offices are ergonomically de-
signed so as to ensure workplace health, safety and security. Regular evaluations (for example, fire drills) are
conducted to ensure preparedness during emergencies. The findings of the mock drills are evaluated and

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reviewed by the management to further improve processes. Health care is provided to the employees as per
the following policies:

1. Group Mediclaim Policy (for self and family);

2. Group Term Life Insurance Policy; and
3. Mediclaim Policy for parents of YES Bank executives.

YES Community

YES Bank's community engagement initiative has paid dividends wherein all branches serve as choupals or
knowledge exchange platforms where people residing around the branches participate in events designed to
address pertinent social and environmental issues. Held every month and aimed at both children and adults,
YES Community workshops focus on issues such as clean and green drives, energy-efficiency practices,
workplace health and safety, pollution prevention, rain water harvesting and development of local disaster
management plans, among others. These engagements help the bank build relations with its immediate com-
munities that go beyond transactional banker–customer relations to engender trust. Through 1,200+ branch
events since June 2008, the bank has reached out to 80,000+ people nationwide.

Diversity in the Workplace

YES Bank is an equal opportunity employer with an environment conducive to job enrichment and all-round
workforce development. Various policies like sexual harassment policy further augment the sense of security
amongst the female workforce. Women constitute 14 per cent of the directors at YES Bank and 18 per cent
of YES Bank's total workforce. As on 31 March 2014, the total headcount is 5,642 employees. All employees
have a written contract with the bank.

Selection Criteria

In YES Bank, strong interpersonal skills, good amount of knowledge regarding financial instruments and a

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decent academic record are preferred for recruitment. The HR department has a strict selection procedure,
which is open to all. The entry criteria have been kept stringent to ensure that the standards are held high.
Operational test and psychometric inventories are used in the selection process. The HR manager works with
line managers to help them to get a clearer picture of what they specifically want in terms of skills and per-
sonal attributes. From that they develop a template of what type of persons they want. In general, besides
specific skills and competencies, they look for ‘get up and go’, ‘can do’ attitude which reflects the company's
ability to move quickly. They assess this by exploring the candidate's past experience–culture of the previ-
ous workplace, aspects of personality, for example, enthusiasm and not being rule-bound, etc. The company
looks for a cultural-fit employee, albeit not a precise fit.

Induction Training

The new recruits and recovery agents are sent to the different corporate locations to learn about the system
and get training through soft skills, as well as the bigger picture like respect for the Indian values and beliefs
in best corporate ethics which is considered as being beneficial and useful. Induction training, especially for
recovery agents, is imparted inside the organization usually for over two weeks. They then return to bank
locations and get some further on-the-job training. Detailed induction programme, for all the employees right
from the sales force to the managers, has been undertaken to understand the business of the bank. Ongo-
ing trainings at the YES Bank can be categorized from purely functional nature to people management skills
because managers are ‘people's persons' at the end of the day. These trainings help them improve their com-
munication skills, discipline and team-handling abilities.

Pay and Benefits

Yes Bank provides competitive pay packages, a comprehensive medical assistance facility which covers med-
ical expenses that employees or their families incur and emergency loans to all the employees during contin-
gencies, and also employees stock ownership plans (ESOPs) for strategically key jobs.

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Inculcating Value System

YES Bank looks for certain values while recruiting:

• Strong interpersonal skills, good amount of knowledge regarding financial instruments and a decent
academic record.
• Leadership and active involvement, that is, people who see the work as of their own business.
• Recruitment from B-schools, and also to a larger extent company focused, because recruiting an
employee's friend or relative makes the employee more concerned about the company, leading to
reduction in attrition rate.

YES Bank provides a transparent and apolitical work atmosphere for its workers, while delivering respect for
the Indian values and beliefs in best corporate ethics. YES Bank emphasizes on the entrepreneurial spirit, so
as to enable employees to treat the work as of their own business.

Sustainability Training

To sensitize and train employees, a ‘Sustainability Series’ was designed to be held every six months. The
‘Sustainability Series’ was the first initiative in India to create a knowledge platform that trained finance pro-
fessionals in expanding their risk management skills to incorporate environmental and social risks. YES bank
believes that it is imperative for the financial sector to stay ahead of the curve and check all boxes, that is,
meet short-term profitability expectations through traditional lending and investing and also nurture sustain-
able finance business verticals that deliver long-term triple bottom-line results. In order to address this issue,
YES bank partnered with Deutsche Gesellschaft Internationale zusammen-arbeit, United Nations Environ-
ment Programme Finance Initiative and Responsible Investment Research Association to launch the ‘Sus-
tainability Series’, and increase awareness on environmental, social and governance risks in debt, equity and
insurance sectors.

YES bank demonstrated a two-pronged approach when it came to environmental sustainability. This ap-
proach entails an external and internal focus.

• External focus: YES bank strives to link sustainability with stakeholder value creation by innovating
on business services and solutions.
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• Internal focus: Weaving sustainability principles into bank's core business strategy is imperative for
the bank. This made environmental sustainability one of the vital pillars of YES bank's strategy and
translated into mainstreaming sustainability, across its supply chain and customers.

Engage and Make Them Feel Young

YES Bank has launched highly developmental initiatives to engage the young talent, make them feel impor-
tant and associate them with the organizational growth strategy. Career Advancement and Recognition (CAR)
programme has been undertaken in a big way to help to develop 3Cs among the employees, namely, com-
mitment to career growth, concern for the organizational development and creativity to create new growth
opportunities, which enables employees to accelerate in their career and prove their leadership capabilities.
It also synergizes individual development and organizational growth and challenges by facilitating movement
of young talent across the organization. But as we know, ‘with great power comes great responsibility’. YES
Bank has also followed high standard for its employees. Some salient features are as follows:

• The YES School of Banking (YSB) was institutionalized in 2007 with a vision to create a centre of ex-
cellence for learning solutions in banking and related areas. All learning and development initiatives
for executives in YES Bank are under the aegis of YSB.
• The CEO's League of Excellence Awards honours high-performing YES Bank employees who have
demonstrated top-class performance and outstanding execution towards achieving business and
management objectives in their respective functions.
• The YES Golden Pin CEO'S Award is presented selectively to deserving YES bankers in the top and
senior management positions with a consistent and proven performance track record backed by ex-
ceptional achievements.
• Strong work ethics: Strong belief in principles and standards for high growth and no compromise on
results.
• Teamwork: Belief in teamwork and encouraging creative brainstorming to help innovate and involve
team members to take the right decisions.
• Understanding the customer: In YES Bank, customer is considered king and it is their (bank) respon-
sibility to listen to views of the customers and respond to it in a right way.
• Optimistic view of work and life: Employees treat it as their own work, not ‘just another job’.

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Conclusion

Since inception in 2004, YES Bank has created a new paradigm in Indian banking, through continuous inno-
vation and excellence. YES Bank won seven awards at Asia's Best Employer Brand Awards for continuous
innovation in human capital creation at work, talent management and best HR strategy in line with business.
In addition, it has been honoured by an award for Excellence in HR through Technology, CEO of the Year
Award, Brand Excellence in Banking, Financial Services & Insurance, Best Corporate Social Responsibility
Practice (overall) and the CMO Asia Awards for Excellence in Branding and Marketing. YES Bank also got
The Best Multi-channel Capability Project Award and the Best Financial Supply Chain Project Award at the
Asian Banker Technology Implementation Award 2012; the Commercial Banking Project of the Year Award
for Innovation in Cash and Treasury Technology at The Banker Technology Awards 2011; as well as the Fi-
nancial Insights Innovation Award 2012 for innovation in payments. With best-in-class human capital, 5,642
YES bankers and focused vision and strategy, these recognitions will further act as key drivers for sustained
growth and will help propel the bank for its further take-off to become the ‘Best Quality Bank of the World’ in
India.

Issues for Discussion

1. What are the current concerns in human capital creation in Indian banks?
2. Do you feel that YES Bank is on the right path to overcome the attrition among new recruits?
3. Will retention vary from one organization to another?
4. Are there linkages between various new initiatives undertaken by YES Bank management?

Acknowledgement

The authors express their sincere thanks to Mr Rivesh Agarwal, Personal Relation Officer, YES Bank, for his
full support and permission to develop this case and for permission to publish the same.

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Note

1. The case study is a revised and updated version of the case study titled, ‘Growth at What Pace: An Insight
into HR Issues of an Emerging Indian Bank’, presented at International Conference on Management Cases
2013, organized on 6–7 December 2013 at Birla Institute of Management Technology, Greater Noida, India,
and included in the conference publication of title, Organizational Transformation: Change Management Per-
spective, edited by G.D. Sardana and Tojo Thatchenkery, published by Bloomsbury India, 2014.

https://doi.org/10.1177/2277977914548339

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