Great Place to Work® India has announced India’s Best Workplaces™ in BFSI 2022 on the 13th of April 2022. This milestone year is the 5th edition of India’s Best Workplaces in BFSI representing the voice of more than 6 lakh employees. 110 organizations were assessed as a part of this research and Top 30 have been identified as India’s Best Workplaces™ in BFSI 2022.
As a global authority on workplace culture, Great Place to Work® has been studying employee experience and people practices across organizations for over three decades. Every year, more than 10,000 organizations from over 60 countries partner with Great Place to Work® Institute for assessment, benchmarking and planning of actions to strengthen their workplace culture.
In its 5th edition this year, Great Place to Work® Institute’s study of India’s Best Workplaces™ in BFSI finds that the Best Workplaces™ experience higher positive feedback around equity in compensation, recognition opportunities and wealth sharing by the organization. The key has always been in transparent two-way communication around pay and wealth sharing to address feedback around internal and external parity concerns. Leaders at the Best Workplaces™ in BFSI standout in appreciating people for good work and extra effort, agile decision making, demonstrating care and empathy by building authentic connections, as well as keeping people informed about important issues and changes regularly. The Best Workplaces™ have also realised that the key to building an effective leadership pipeline and a future ready organization is having learning and development embedded as an integral part of workplace culture.
“When the COVID-19 pandemic struck in early 2020, the global banking industry had already been undergoing a massive change. Consumer needs were evolving rapidly, as people expected more from their online banking services. As banks digitized their front end in response, they also established next-generation technology in the middle and back offices to drive cost efficiency and provide better services. All these changes had already brought talent as a key differentiators for the banks.
Financial leaders today face a pivotal moment as the outbreak of COVID-19 has brought several significant changes in the way business operations are carried out across the globe. Most responded to the COVID-19 pandemic without the luxury of time to consider implications on longer-term sustainability. Leaders now face operational and organizational decisions with profound implications for millions of Indians who are employed in the finance and insurance sectors prior to the outbreak – and for society at large.
The focus to date has been to provide essential services with sufficient attention to quality, customer experience, and risk control, all while caring for employees. These objectives are already interacting in non-obvious ways. The potential for significant additional change remains, happening rapidly and in unpredictable ways depending on factors like disease trajectory, government and regulatory moves, and the economy.
We expect four types of actions will help financial institutions best respond to the workforce challenges ahead. Companies should commit to their principles on employee well-being, introduce ways of working that will endure beyond the crisis, re-imagine performance management and incentives, and maintain cultural hallmarks threatened by the pandemic.
The choices they make today will define the industry’s approach for years to come, with a generational impact on how it cares for its workforce.” – Yeshasvini Ramaswamy, CEO, Great Place to Work®, India.
Great Place to Work® India has released a research report highlighting what sets the Best Workplaces™ apart from the rest. The report and the complete list of India’s Best Workplaces™ in BFSI 2022 can be viewed here.
The organizations that made it to the Top 30 – India’s Best Workplaces™ in BFSI 2022 are (in alphabetical order):
Angel One Limited (formerly known as Angel Broking Limited)
Arohan Financial Services Limited
AU Small Finance Bank Limited
Bajaj Finance Limited
Bharat Financial Inclusion Limited
Canara HSBC OBC Life Insurance Company Limited
CreditAccess Grameen Limited
Edelweiss Tokio Life Insurance Company Limited
Equitas Small Finance Bank Limited
Fincare Small Finance Bank Limited
Future Generali India Insurance Company Limited
HDFC Bank Limited
HDFC Life Insurance Company Limited
Hero FinCorp Limited
IIFL Samasta Finance Limited
IndiaFirst Life Insurance Company Limited
Kotak Mahindra Bank
NeoGrowth Credit Private Limited
Niva Bupa Health Insurance Company Limited
Reliance Nippon Life Insurance Company Limited
Santin Creditcare Network Limited
Svatantra Microfin Private Limited
Synchrony International Services Private Limited
Tata AIG General Insurance
The Federal Bank Limited
Ujjivan Small Finance Bank Limited
Varthana Finance Private Limited
Vistaar Financial Services Private Limited
In India, the Institute partners with more than 1200 organizations annually, across over 22 industries, to help them build High-Trust, High-Performance Cultures™ designed to deliver sustained business results. Hundreds of CEOs and CXOs from India Inc. are part of the great place community that is committed to the vision of Making India a Great Place to Work FOR ALL™.