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Refilling the Trust Bank: India's Best Workplaces in BFSI 2021
Global management consulting and research firm, Great Place to Work® Institute reveals the Top 3 Leadership Traits that build Trust
Photo Credit : ShutterStock
Each year, Great Place to Work® Institute invites applications from BFSI organizations to be assessed and evaluated for being considered among ‘India’s Best Workplaces in BFSI’ study. This year, 100 BFSI organizations applied for the assessment. The study represents the voice of 5,10,365 employees from this sector. Based on rigorous assessment Great Place to Work® identified the Top 30 that have successfully created a great workplace culture FOR ALL. Visit www.greatplacetowork.in/bfsi to read the complete methodology and participation details. No individual or jury has a say in who makes it to the list – only employee feedback and quality of people practice determine if an organisation is a great workplace.
The last few quarters were testing times for businesses in the BFSI industry. However, great workplaces in BFSI focused on creating a Trust surplus by demonstrating Trust-building behaviours and actions toward their employees and customers. 91% of employees at the Best Workplaces advocate for their organisation and attest to the High-Trust culture that has been sustained during a time of crisis.
Leadership Behaviours that build Trust
"There is nothing so unequal as the equal treatment of unequals." – Aristotle.
The core to building a foundation of Trust is demonstrating Fairness through Equity and Impartiality. People should be treated equitably and ethically, given their individual needs and circumstances, and the differences between people should be recognised and valued, not diminished. The Best Workplaces do this through the right mix of policies, processes and practice. Bharat Financial Inclusion Ltd. is one among the few companies to be run by employees. Having the highest percentage (60%) of employee beneficiaries in ESOPs, employees play a significant role in business strategy and performance.
A crisis can trigger a range of physiological and psychological responses that include heightened sensitivity and distress. In such circumstances demonstrating highly visible and caring leadership becomes even more critical.
The WeCareprogram at Varthana Finance Private Ltd. is intended to support those employees who face genuine financial issues due to the impact of COVID. E.g., loss of income due to a family member's job loss or additional expense due to illness. Varthana created a fund with donations from volunteers. Approximately 5% of employees availed of the benefit. The outcome was beyond financial support. It was family support as employees came together to contribute to support their colleague.
As the COVID-19 pandemic began sweeping across the globe, it became apparent that many leaders were underprepared not only for "managing" the crisis but also for leading organisations in turbulent times with a vision or expectation that the experience can positively transform them and their organisations. There is a difference between crisis management and crisis leadership. It is this distinction that sets the Great Workplaces apart.
At Angel Broking Ltd., the leadership connected with teammates handling 'the Last Mile' virtually via the “Coffee with CXO” initiative in May and December. 11 sessions of 2 hours each were conducted to ensure that due time and attention are given to each function. Employees asked a variety of questions from Business Impact, Strategy to company policies and performance management. No question was off-limits, and the leaders transparently responded to all of them.
Trust remains the key driver. Organisations and Leaders who have used the COVID-19 crisis to deposit in their “Trust Bank” will reap dividends. Others will pay a mistrust premium.
Authored by Wilma D. Mohapatra – Vice President – Assessment & Recognition Practice at Great Place To Work® India
India’s Top 30 Best Workplaces in BFSI 2021 (in alphabetical order)
Ageas Federal Life Insurance Company Ltd.
Angel Broking Ltd.
Annapurna Finance Pvt. Ltd.
Arohan Financials Services Ltd.
AU Small Finance Bank Ltd.
Aye Finance P Ltd.
Bharat Financial Inclusion Ltd.
Capital Small Finance Bank Ltd.
CreditAccess Grameen Ltd.
DBS Bank India Ltd.
Fullerton India Home Finance Company Ltd.
Fusion Microfinance Pvt. Ltd.
Future Generali India Insurance Company Ltd.
HDFC Life Insurance Company Ltd.
Hero FinCorp Ltd.
IIFL Finance Ltd.
IndiaFirst Life Insurance Company Ltd.
Mahindra & Mahindra Financial Services Ltd.
Mahindra Rural Housing Finance Ltd.
Max Life Insurance Company Ltd.
Morningstar India Pvt. Ltd.
Muthoot Microfin Ltd.
National Trust Housing Finance Ltd.
Reliance Nippon Life Insurance Company Ltd.
Satin Creditcare Network Ltd.
Srei Equipment Finance Ltd.
Synchrony International Services Pvt. Ltd.
The Federal Bank Ltd.
Ujjivan Small Finance Bank Ltd.
Varthana Finance Private Ltd.