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3 things Raghuram Rajan wants to change in the workplace culture at RBI

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3 things Raghuram Rajan wants to change in the workplace culture at RBI

Raghuram Rajan, Governor, Reserve Bank of India

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When you are a Governor of Reserve Bank of India and are the bankers bank severing 1.25 billion populations, thinking of workplace culture change is nothing but a cultural shock for everyone. And that is what Raghuram Rajan has done today. But from who else other than the world’s leading economist could you have ever expected to think of it.

"The imagery that comes to mind for critics is of a traditional unimaginative organization rather than a dynamic intelligent one," Rajan wrote in a memo to the RBI's 17,000 staff.

Raghuram Rajan, Governor, Reserve Bank of India has challenged the staff to improve the work culture at Central Bank. Here are the 3 things which Rajan wants to change at RBI to bring greater productivity in the workplace:

1. Encouraging staff to think out of box:

Rajan wants its staff to think innovative and out of the box. He wants them to display curiosity about areas outside the RBI; Want them to read outside source and learn about them. He wants to tell them that there is a bigger world outside the RBI and they should know that world.

Rajan, former chief economist at the International Monetary Fund, also expressed some staff did not display enough curiosity about areas outside the RBI, urging workers to read outside sources and learn about "the wider world."

2. Improving communication among employees:

Being a former chief economist at the International Monetary Fund, Rajan wants its staff to engage and communicate with each other. As per the memo, it has challenged staff to improve their performance standards through an appraisal system that better rewards top performers, while urging them to improve communication among themselves.

3. Minimizing bureaucracy:

Rajan wants to minimize the bureaucracy among the staff by encouraging them to think out of the box.  “Our regulations are not always very clear. Our staff sometimes is neither well informed of our own regulations nor willing to help the customer. Our responses are occasionally extraordinarily slow and bureaucratic,” said Rajan.

Hope this step taken by Rajan inspire other bureaucrats also so  that they can bring greater productivity in the workplace... 

Edition: February 2017

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