The rise in support from the government, increased pie for loan growth, and technological leap in digital infrastructure are boosting the BFSI industry’s growth, making it a critical component of the Indian economy. As a result, newer business models that enable customers to transact across multiple needs within a single platform are emerging today.
This blurring of boundaries within BFSI presents businesses with both challenges and opportunities. On one hand, it increases competition as companies compete for customers across several business verticals. On the other hand, it allows businesses to broaden their offerings and tap into new revenue streams.
However, while the industry is undergoing significant changes, people-centricity remains constant. As a result, employees become more critical as enablers and facilitators in this changing environment, resulting in a greater emphasis on workplace culture.
This article will explore four of the most significant ways the BFSI sector excels in creating a great workplace culture.
Rise in Employee Experience: A Shift Towards People-Centric Culture.
Employee experience in the BFSI industry has been on the rise, moving up five percent from 79 per cent to 84 per cent over the past four years, ranking at the 5th position compared to other sectors.
This shows the industry leaders’ commitment to moving towards a people-centric workplace. It has resulted in 87 per cent of employees consistently responding positively to Taking everything into account; their organization is a Great Place To Work® for all in 2023.
Positive Workplace Sentiment Across All Demographics: Next step is to close the gaps.
Over the past four years, workplace sentiment has increased for all demographic groups in BFSI. In addition, employees from various age groups, genders, and roles report higher trust and great workplace experience.
In 2023, 85 per cent of female employees report a positive workplace experience, up from 80 per cent in 2020. Likewise, the positive sentiment is 83 per cent in 2023 for below-supervisory employees, compared to 78 per cent in 2020.
Such an increase is encouraging for employers, indicating that efforts to improve the workplace experience are paying off. However, as companies prioritize a people-first culture, it will become increasingly important to close gaps within demographic groups in order to create a Great Place To Work for all.
Top Priority towards Employee Inclusion and Fairness in the Workplace.
Employees reported the greatest increase (+9 per cent) in management involving them in decision-making, avoiding favoritism in the workplace, and creating a fair work environment out of all aspects. This demonstrates that organizations have recognized the importance of including employees’ voices in decision-making, thereby accelerating communicative collaboration and employee ownership.
Furthermore, BFSI organizations have made significant efforts to create an impartial work environment, with 73 per cent of employees reporting that managers avoid favoritism and 76 per cent believing that people avoid politicking and backstabbing in the workplace.
Better Practices leading to better experience
While all industries recognize a need to provide exceptional practices for employees, only a few can translate the intent into experience, and BFSI is one such industry.
The employees reporting higher experience is a direct result of better practices. At an overall level, better practices leading to better experience is what creates a culture premium to be called Best Workplaces™ in BFSI too. This has helped Best Workplaces differentiate even more this year, with the gap between Best Workplaces and others increasing to 5 per cent in 2023.
These practices fuel trust within the organization, thus maximizing human potential at the workplace and leading to financial growth and innovation, which is the key to building a Great Place To Work for all.
In conclusion, BFSI companies have increased employee experience by creating high-trust workplaces. In addition, with a greater emphasis on developing a collaborative workforce via involving everyone, and high intent to build a fair work environment, it’s becoming a significant sector to support the workforce.
BFSI is an exciting and dynamic industry that attracts individuals seeking a collaborative and fair work environment. As the industry evolves, it will be intriguing to see how it becomes an integral part of the Indian economy while also becoming a leader in workplace culture.
Views expressed by Suraj Jadhav, Research Consultant, Great Place To Work India
