Dear BFSI HR leaders,
I know you have a lot on your plate. In the hustle to address vacancies, streamline payroll, and foster team spirit, the relentless expansion strains and escalating churn rates can be overwhelming sometimes. I get that!
I know your roles are hugely demanding.
The job market is booming. We've seen a 45% increase in BFSI job openings as compared to last year. But, more opportunities mean more people switching jobs. Result? Attrition rates have gone over 30%!
You don’t have to face the brunt of it. You can change the narrative of employee retention at your organization by addressing the reasons people leave.
Why do employees quit?
At this point, I know you seek fixes, not more headaches!
Through the last few years, our team has partnered with top BFSI giants in the country like ICICI, Paytm, and IIFL Insurance, to craft battle-tested strategies. I’d love to share these with you.
1. Foster continuous dialogue 🤝
I know you are struggling with low survey response rates, and I can confirm that your silent employees are hurting your EX.
Two-way communication and a continuous listening culture form the bedrock of strong employee experiences. When people feel heard, retention and productivity surge while attrition plunges.
In our research, we found that using AI prompts, empathy, and support can help keep teams engaged. This is especially true in micro-finance jobs with a high turnover rate of 60%.
2. Champion inclusive and purpose-driven culture 💪
Attract the top talent by showing cultural values through leaders' actions and policies, beyond lip service.
Blend in flexibility, upskilling budgets, clear growth trajectories, and purposeful work for optimal productivity. I promise you that this effort will pay dividends in inspired, engaged teams.
3. Make 2024 the year of gender parity. 💟
More than 90% of companies in the BFSI industry assert a commitment to gender diversity. For your women employees, we recommend you prioritize the following five EX elements:
- Compensation
- Inclusion
- Performance and process management
- Career growth
- Manager sponsorship
4. Supercharge listening with AI and automation🧑💻
Of all the things I recommend, I can’t talk about this enough: Make listening simpler. Because listening to your employees is at the heart of making tangible changes to your employee experience.
Show you care by investing in AI-powered feedback platforms.
Digital transformation calls for tech-empowered workforces that can serve sophisticated customers. Upskill staff by making learning integral through micro-courses, gaming, and assessments.
As people leaders of this industry’s thriving (and unpredictable) ecosystem, you shoulder tremendous responsibility daily. But you don't need to do it alone.
