Rediff reports that ICICI Bank bosses salaries jump: "ICICI Bank has raised the basic payscale of its wholetime directors so as to adhere to a Reserve Bank of India norm announced last year.
ICICI Bank's Managing Director and CEO KV Kamath's basic pay has been revised to Rs 6,00,000-10,50,000 a month. In 2003-04, Kamath earned a basic salary of Rs 620,000 a month, up from Rs 400,000 a month in 2002-03.
Similarly, the basic salary of Joint Managing Director Lalita D Gupte has been revised to Rs 4,00,000-9,00,000 a month. Gupte's salary was revised from Rs 300,000 a month in 2002-03 to Rs 465,000 a month last year.
ICICI Bank Deputy Managing Director Kalpana Morparia is now in the Rs 3,00,000-9,00,000 a month payscale, up from a basic pay of Rs 335,000 a month last year, and from Rs 210,000 in the previous year.
Two executive directors, Chanda D Kochhar and Nachiket Mor, have been put in the revised payscale of Rs 2,00,000-5,00,000 a month. Last year, their basic pay was Rs 275,000 a month, up from Rs 175,000 in 2002-2003.
The bank is now seeking shareholder approval to revise the salary structure of its wholetime directors for 2004-2005, at its 10th annual general meeting on September 20."
Mr. Kamath's managementin this modern world is the real art of Management has become a part and parcel of everyday life, be it at home, in the office or factory and in Government. In all organizations, where a group of human beings assemble for a common purpose irrespective of caste, creed, and religion, management principles come into play through the management of resources, finance and planning, priorities, policies and practice. Management is a systematic way of carrying out activities in any field of human effort. Management need to focus more on leadership skills, e.g., establishing vision and goals, communicating the vision and goals, and guiding others to accomplish them. It also assert that leadership must be more facilitative, participative and empowering in how visions and goals are established and carried out. Some people assert that this really isn't a change in the management functions, rather it's re-emphasizing certain aspects of management.
ReplyDeleteIts task is to make people capable of joint performance, to make their weaknesses irrelevant, says the Management Guru Peter Drucker. It creates harmony in working together - equilibrium in thoughts and actions, goals and achievements, plans and performance, products and markets. It resolves situations of scarcity, be they in the physical, technical or human fields, through maximum utilization with the minimum available processes to achieve the goal. Lack of management causes disorder, confusion, wastage, delay, destruction and even depression. Managing men, money and materials in the best possible way, according to circumstances and environment, is the most important and essential factor for a successful management.