BFSI leaders, 4 Actionable Solutions for Instant Retention Wins
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.?
Our team of People Scientists sliced data from 4M+ employee conversations with Amber at BFSI organization to uncover the top 3 reasons driving employees to call it quits. And here’s what we found.?
1. Disengagement beyond onboarding: Do you notice the onboarding enthusiasm fizzling out sooner than you’d like? That’s because employee engagement rates start fading in the first 9 months itself, with a sharp 7-point drop on the scale.?
2. Prevalent gender inequity: Despite a 35% increase in job openings for women, BFSI companies still face unequal growth prospects. Wage gaps, fewer women leaders, and sluggish promotion rates persist, demanding urgent attention from industry leaders.
3. Rapidly evolving youth expectations: Times have evolved, and so have employee expectations. While the millennials want career growth opportunities and and attractive benefits, Gen Zs are all about working with companies that align with their values and principles. ??
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:
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%.
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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.
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.
[Wholesum plug] inFeedo uses natural language processing to spot disengagement, predict churn, and derive actionable insights for targeted interventions.
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.
Let's connect 1:1 over coffee for a candid chat. I’d be glad to share tactical playbooks, benchmarking reports, and battle-tested frameworks to accelerate your people's priorities. ??
Cheers,
VP - People Science, inFeedo