Return
to Story Page
To print: Select File and then Print from your
browser's menu
Namrata Singh
Mumbai, July 20: Have you, as an employee, tested your worth in terms of making contributions and suggestions which can improve your company's financials? Have you, as a company, quantified the merit of an employee's suggestion which can actually make a difference to your bottomline? If not, here is a suggestion: take a cue from HSBC's `Smart Ideas'- a scheme which enables employees to make suggestions on how improvements can be brought about at all levels at the bank.
Consider this: HSBC managed to save up to Rs 5 lakh per annum just by adopting a single useful suggestion made by an employee through Smart Ideas.HSBC, as a matter of practice, used to print two copies of a particular document, one for the customer and the other to be retained as a hard copy which was later filed and stored. The particulars of the form were also stored on a PC.
The employee suggestion: Why retain a hard copy? Even in the event that a customer asks for a second copy, it can be retrieved from the PC at any time. Given thatthe data is stored on the hard disc for seven-eight years, it renders the need to file a hard copy futile. This way the bank not only saves on the additional printing charges, but employees are also spared from wasting time on filing and stacking copies.
In addition to saving space for other useful purposes, the suggestion proved to be environmentally friendly too. This suggestion from an employee was adopted as a `Smart Idea' and the employee was rewarded in cash. Pointing out that while the outlay on the cash award are small, and the savings big, HSBC manager HR planning and policy John Curicatt, says: ``Smart Ideas is an incentive-based scheme which encourages employees to make useful suggestions which can be adopted and imbibed. It also motivates employees to think and work beyond their routine jobs and boost their morale. It also gives them a chance to have a positive say in the bank's functioning and growth.''
Unlike many employee suggestion schemes which start and end with a Suggestion Box on thewall, HSBC has instituted a formal format for implementing the scheme. Smart Ideas are carried out every two months at HSBC. During this period, suggestions are given, and the scheme is open to all employees who are free to come up with innovative ideas on improving just about any nature of the business.
``The nature of the suggestion can vary widely. For instance, the suggestion can deal with how the response time can be brought down, or how the turnaround time can be reduced at the bank. It can be either complicated or simple, or even deal with how customer service can be improved,'' said Curicatt.
The suggestions are vetted by an expert committee which goes into the nitty-gritty of how workable the idea or concept is -- and the best one is picked as the Smart Idea for that two-month period. The bank initially adopts the idea in principal, and later, if it works well as a pilot and is seen to be delivering results, is rolled across the organisation and imbibed as a process into the HSBC system.
Inturn, employees are motivated to contribute Smart Ideas. One tack: employees are rewarded through gift coupons or cash awards of denominations that vary from suggestion to suggestion. Of course, for many employees the recognition of their contribution, by the organisation, is reward enough. As a smart employer, HSBC knows that.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------