As part of its recognition lists announcement, Great Plac To Work India identified India’s Best Workplaces in BFSI 2023. The global authority on workplace culture, Great Place To Work assesses various organizations as a part of research to recognize the Best Workplaces, every year. This year, 9.5 lacs employees from 153 organizations in the BFSI sector were assessed comprising both women and men participants.
The report found that in the BFSI industry, FinTech companies showcased the highest intent (approximately 41%) to recruit more employees and increased willingness (+12%) to assess workplace culture, from 2020. The upward hiring trend was also reflected among Non-Banking Financial Company or NBFCs (27%), Insurance (21%) and Banking/Credit services (approximately 15%). On average, over the next year, the BFSI segment will hire 26% more employees than last year.
Great Place To Work India also hosted a virtual roundtable session on BFSI’s transformation journey to deep dive into ways in which these companies can promote innovation for all, develop customized best practices, drive inclusive leadership, and develop a culture of equity, care and support. The speakers included Mr. Sumit Rai, MD & CEO, Edelweisss Tokio Life Insurance, Mr. Sanjay Sharma, MD, Aye Finance, Ravi Subramanian, MD & CEO, Shriram Housing Finance Limited, and other industry veterans.
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work India said, “The BFSI (Banking, Financial Services, and Insurance) sector in India is one of the most important pillars of the country’s economy. The industry is witnessing significant growth due to increased digitization and government initiatives to boost financial inclusion. To stay competitive, companies need to foster a culture of innovation and agility, which encourages employees to experiment with new ideas and technologies.
Our latest report, India’s Best Workplaces in BFSI 2023 shows that at Best Workplaces, the mantra of Equity, Caring, and Support really worked. It is heartening to note that 9% more employees in Best Workplaces respond positively to management involving everyone in decision-making and believe in the psychologically and emotionally healthy workplace. As an organization, we always encourage a workplace culture that demonstrates care, work-life balance, and provides unique benefits. These aspects have proved to be critical differentiators for the Best Workplaces in BFSI.
We have also observed an 8% increase in employees reporting positively on being offered training or development and developing managers for leadership positions in the organization. However, as the gap between Best Workplaces and others has increased to 5% in 2023, it is essential for all workplaces to inculcate the practices of Best Workplaces. As leaders, it is essential to develop managers for future leadership positions who believe in promoting a culture of innovation, which impacts the most towards innovation experience for employees.
Congratulations to all our winners on achieving this recognition and committing to compassionate capitalism. I have huge faith that the industry and its leadership will continue to establish international standards in the space of managing workplace culture. India has a lot to offer to the world”.
Great Place To Work India has released the list of winners identifying India’s Best Workplaces in BFSI 2023, which recognizes organizations that have created a High-Trust, High-Performance Culture for their employees.
Below mentioned are the names of few winners from the recognized winner list:
· Angel One Limited
· AU Small Finance Bank Limited
· Aye Finance P Limited
· Bajaj Finance Limited
· Bharat Financial Inclusion Limited
· Credit Access Grameen Limited
· Edelweiss Tokio Life Insurance Company Limited
· Future Generali India Insurance Company Limited
· HDFC ERGO General Insurance Company Limited
· Mahindra & Mahindra Financial Services Limited