With businesses having closed owing to the COVID-19 pandemic, the country’s finances have gone into a turmoil. From an HR standpoint, what are the positives that have emerged for the BFSI sector?
The COVID–19 pandemic is an unprecedented event. Like many other sectors, BFSI has also been majorly impacted. While we see the negative impact in many ways, like the two sides of a coin, it also has a few positives.
From an HR standpoint, the speed of implementation of change and the digital solution is phenomenal. The pandemic has busted many myths around the kind of work which can be done as Work From Home (WFH), and India’s readiness as a country to assimilate this new norm. In spite of the lockdown, the productivity of employees has not dropped and we continue to resolve for the future. These are special circumstances, and one that has not been faced by anyone. The employees were challenged to improve and simplify the way things are done to keep the output level, and we witnessed employees rising to the occasion. Employees are spending time to learn new technology and the usage of our Learning Management System has increased. Employees are engaged in learning Blockchain, Python, AI and Big Data etc. to be able to serve the customers better.
In the backdrop of the COVID-19 pandemic, what according to you are the biggest pain points for the BFSI Sector? And how must they be addressed by the HR Manager?
According to me, the biggest pain points for the BFSI Sector is the rising NPAs in India. Due to the COVID-19 pandemic, the problem in the agricultural and corporate sector will further be joined by consumer loans. It is the time for the acceleration of the Fourth Industrial revolution. In my opinion, marrying new technology and big data along with Customer eXperience (CX) for digital products will help us to survive in this sector.
HR managers, today, need to focus on keeping employees up to date on future technologies. We are looking to build a culture of Intrapreneurship with hackathons, design thinking, and innovation labs and bringing in fresh talent directly from campuses. In addition to this, a regular review of the start–ups in the BFSI sector is mandatory
What has COVID-19 changed the most for HR professionals in the BFSI Sector? What are the areas of concern that organisations in the BFSI sector need to look out for?
The likely impact of the COVID-19 pandemic and the ensuing nationwide lockdown in the country is very significant for the Indian economy and the BFSI sector in particular. Now that more and more companies are dependent on technology as an alternate channel to continue with the same pace of productivity, ensuring Work From Home and aligning policies for the same is on the top list of HRs. E-hiring, e-joining and einduction to ensure smooth recruitment and assimilation to the culture of the company is the new norm. The future workplace will be one which has a more shared sense of purpose, a culture of collaboration, and a way of tapping an ecosystem specially built to drive business value. And HR professionals are ensuring this seamless transition for the employees as well as the customers.
The COVID-19 pandemic has also been instrumental for the rapid transformation and extinction of certain job roles and the emergence of newer job roles. How has this impacted the BFSI sector in terms of job prospects?
Even before the current crisis, changing technologies and new ways of working were disrupting jobs and the skills of employees. The COVID19 pandemic has made this question only more urgent. Employees across industries are trying to figure out how they can adapt to these rapidly changing conditions, and companies are trying to match those employees to new roles and activities. Implementation of AI, Big Data, and growth of the gig economy is changing the dynamics of the BFSI sector and the job prospects along with it. This dynamic is also about how leaders can reskill and upskill the workforce to deliver new business models in the post-pandemic era, as even CX is undergoing transformation and the jobs will too.
At this point, HR should devise a talent strategy that develops employees’ acute digital and cognitive abilities, their social and emotional capabilities, and their adaptableness and pliability. Now is the time for businesses to magnify their learning budgets and promise to reskill. This will strengthen the organisations for future disruptions as well.
The world of work is changing. While the current lockdown continues, many organisations have successfully implemented Work From Home. HR and business leaders are working together to meet workforce requirements. It is imperative to uphold and maintain employee experience while working remotely, since it is very different from the way it used to be when people were working from an office. Presently, the most important criterion is to take care of employees who are not only burdened by the working dynamics, but also immense health scares. Businesses need to let the employees know that they are cared for with engagement activities like employee touchpoints.
Since the future jobs will entail an increase in the number of employees working remotely, we are ensuring many available tools for digitization, risk mitigation, and productivity measurement, while a major emphasis will be on employee experience and well-being. The thing is that businesses will continue to function, it may just look different than before.
What according to you are the biggest HR opportunities that the COVID-19 has brought forth for your sector?
These are unprecedented times and unchartered territory for all of us. COVID-19 has taken the world by storm and brought forth a new norm as to how organisations manage the business. Organisations worldwide are tackling immediate issues of keeping employees safe, ensuring optimal utilisation of staff, and maintaining the continuity of business operations. Regardless of the case, businesses globally are going out of their way and doing their best to ensure smooth deliveries and constantly improving productivity even during these extraordinary circumstances. At FIS, we are doing our best to accept and implement the below:
◆ Social Distancing: We have undergone the checkers format where we have distanced our machines at-least 1-meter apart to keep our employees safe
◆ Online Training Modules: Providing training on new technologies as well as to young leaders to manage their WFH team
◆ Wellness: We have launched the Virgin Pulse programme which offers more ondemand resources to keep them active and mindfully fit
◆ Employee Health: We have partnered with Practo, an online digital platform to support the healthcare needs of our employees. Employees and their families can access 24 X 7 medical support via call/chat/video
Employee Care - Right kind of insurance and financial support
We have launched FIS Cares and included the pandemic into our Medical Insurance
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