Talent In, Talent Out:
How is BFSI Reimagining its Employee Experience
Anand Sivashankar Director-Human Resources
Ashu Sawhney SVP HR
Atul Joshi CHRO
Dinesh Bhojwani Head of Human Resources
Gaurav Terdal Head HR OPs and Comp & Ben
Krupali Sidhu Executive VP - Head - Business HR & Compensation & Benefit
Prakash Kamath VP & HR Chief Operating Officer
Sandeep Das VP & Head L&D
Shwetha Nayak Senior Vice President-Business People Partner
Manish Kumar Independent Strategist and CHRO Consultant
Talent In, Talent Out: How Is BSFI Reimagining Its Employee Experience?
- The BSFI industry is a complex, multi-layered business sector. With mass hiring as well as high attrition, the industry demands that employees make quick decisions, and work long hours.
- We gathered prominent HR leaders from the BFSI sector to talk about the reinvention of employee experience (EX) in the BFSI industry.
- In this discussion, our HR stalwarts talked about creating a positive and high-performance culture for the BFSI industry by taking into consideration major technological disruptions, talent centricity, employee engagement, and learning models.
Our mission is to design a system to help businesses evolve with the changing landscape of industries caused by talent in and talent out.Jayant Paleti, Co-founder, Darwinbox
Engagement for Digitally Capable Workforces
1Engagement for Digitally Capable Workforces
- Bring employee experience on par with customer experience by leveraging best practices
- Aim for digital transformation that allows organizations to map the employee journey
- Constantly and consistently improve systems and processes to enhance EX
- Relook at employee engagement plans to make them more interesting and responsive to needs
The key is to give the employee not just a job but an experience. To ensure that, we must map the employment journey and improve talent mobility within the organization.Manish Kumar, Independent Strategist and CHRO consultant
2Curating Total Rewards As the Winning Formula
- An effective total rewards program is essential for enhanced BFSI EX
- Collect credible data with a human touch, using employee surveys
- Understand and consider everything from organizational maturity to diversified business drivers
- Enhance the three basic business currencies – monetary rewards, learning and development, and employee experience by reinforcing consistency and constant improvements
- Find relevant rewards, recognition, and L&D inputs for employee lifecycle enrichment
Primarily, we play with 3 currencies: cash bonuses and our input from a learning and upskilling perspective, but the most important one is HR delivering the ideal employee experience that shapes the culture of work.Krupali Siddhu, EVP Head Business HR and Compensation & Benefits, Kotak Mahindra Bank
3Promise to Reality: Data-backed Talent Insights for Business Outcomes
- Employee surveys are important to gain insights into how the workforce feels about work and the workplace
- An in-depth and pointed analysis, like one for attrition, for instance, might work best to effect impactful change to employee experience
- It is a good idea to gain insights into how peers leverage analytics from surveys to act
- Ensuring the credibility of the data collected helps in successfully enabling decision-making.
In order to gain a positive employee experience, we need to work out the processes, enhance communication, and work on strengthening the connection.Atul Joshi, CHRO, Mahindra Finance
Key Takeaways
Redeeming EX for the Employees in the BFSI Sector
- Ensure that each employee is informed clearly about their job role
- Take decisions based on data derived from surveys and other engagement methodologies
- Take inspiration from the customer journey to improve EX
- Standardize communication forms and formats within teams
- Help employees reap the rewards of working in a fast-paced engine of growth for the economy
To make the BFSI industry the employer of choice, we must be clear about what we communicate, commit only what we can deliver and be consistent with our methodologies.Prakhar Tripathi, Senior Consultant, Deloitte
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