Padam Bhushan, Former MD & CEO of ICICI Bank, Ex. Chairman Infosys, Chairman and Independent Director of Jio Financial Services Limited
“If I don’t have a candidate to replace you, your own growth is gone.”
K.V. Kamath’s internal quote highlights the critical role of developing subordinates for both organisational and personal growth. He emphasises talent and accountability, drawing inspiration from the tech industry by introducing a “90-day rule” at ICICI for project completion.
Kamath believed that in a fast-paced world, lengthy projects risk becoming outdated. This focus on speed and agility shaped the organisational culture, leading to quick launches, such as ICICI Direct, in just 84 days. His approach combines technology adoption, bold goal setting, empowerment, mentorship, and talent identification. Through accountability and transparency, Kamath drives excellence and inspires young leaders with his distinctive leadership style.
Table of Contents
1. Embrace Speed and Agility (“The 90-Day Rule”)
K.V. Kamath believed that quick execution is a vital competitive edge. He established a “90-day rule” for project completion, making sure ideas progress swiftly from conception to implementation.
This rule prevents teams from getting bogged down and encourages action and iteration. To avoid analysis paralysis, boost faster feedback loops and bring adaptability to the table, this 90-day rule proposed by K.V. Kamath feels like a unique approach to the realm of leadership.
Lesson: Fast prototyping and swift project completion are vital in a constantly changing world. Delays in execution may cause solutions to become outdated before they are launched. This method offers a refreshing flexibility in project timelines.
2. Leverage Technology as a Core Strategy
He was a visionary in adopting technology, transforming traditional banking into a tech-enabled service industry. He introduced ATMs, internet banking, and pushed for computerisation when many in the industry were hesitant.
This strategy involves pioneering ATMs, internet banking, and pushing for the complete computerisation of the bank’s operations, while also helping to create new business models.
Lesson: Technology is not just a supporting role but a key component of business strategy, focusing on efficiency, scaling, and expanding customer reach. Failing to adopt technology can lead to obsolescence, as it facilitates automation, streamlines operations, and expands customer reach.
3. Build a Strong Leadership Pipeline through Mentorship
Kamath dedicated significant time to identifying, mentoring, and empowering the next generation of leaders. He created a “leadership factory” at ICICI Bank, ensuring a continuous supply of capable talent and secure succession planning.
His approach centres on talent identification, empowering individuals through challenging assignments, non-verbal recognition of their potential, and building a strong bench.
Lesson: A leader’s primary responsibility is to create more leaders. Robust mentorship programs and challenging assignments are crucial for long-term organisational health.
4. Set Audacious Goals and Empower Teams:
He was recognised for establishing very ambitious targets and relying on his teams to reach them using innovative methods. He encouraged employees to experiment and take responsibility for their results.
K.V. Kamath’s approach centres on setting “Stretch Goals” by fostering trust, autonomy, and ownership of outcomes.
Lesson: Leaders should establish “stretch goals” to motivate teams and encourage innovation, while also offering the autonomy and trust needed for success. To develop an entrepreneurial culture, it is advisable to set ambitious, sometimes daunting goals, and to empower and promote a risk-taking mindset, as genuine innovation often involves taking risks.
5. Adopt an “Explorer” Mindset and Continuously Learn:
Kamath advocates for leaders to learn and draw inspiration from beyond their own industry continually. He regularly examines practices from diverse sectors, from airlines to automotive companies, in search of solutions to his own challenges.
This approach involves benchmarking across different industries, adopting technology from various fields, and learning from unconventional sources. It underscores his dedication to sourcing relevant data and ideas from everywhere, not just industry reports.
Lesson: Continuous learning and an open-minded attitude toward external ideas and best practices are essential for ongoing innovation and maintaining a competitive edge. The key takeaway is that an organisation solely focused inward or only on its direct competitors will ultimately stagnate and fall behind. This approach also discourages a rat race mentality, promoting the development of more efficient solutions and sustainable competitive advantages.
