Till we meet again is actually an integral part of HR strategy at this leading non-banking finance company (NBFC). The company actually puts in a lot of effort into sharing ongoing information with ex-employees to help them be up-to-date with what’s happening at the company. The result: many former employees join the company. As many as 15 per cent of hires are done through this innovative route.
The Pune-based financial services company from the Bajaj Group, which offers a wide range of products with some 7,000 retail outlets and about 150 branch network across the country, has also adopted several other interesting human resources practices. Interestingly, another company headed by Bajaj family scion Sanjiv Bajaj, Bajaj Finance finds a place in the list of Best Employers.
One interesting programme in the company’s best HR initiative is “Survivor”— a six month managerial development programme, which takes care of the need to develop managerial capabilities at the middle and top rung. This programme, which is claimed to be the first-of-its-kind in the NBFC industry in India, basically aims to create learning experiences across three competency clusters such as strategy, people and execution.
According to the company, the Survivor programme begins with a day-long classroom-based session, where participants are assessed on their strengths and blind spots as a leader through a behavioral assessment profiler. This module helps them understand their leadership style and improve their personal effectiveness.
Upon the completion of this -orientation session, participants are given some 15 case studies, from which they have to choose one case study to take back to the workplace and apply it in their current role to create a sort of transformation in the work environment.
Another major initiative within the company in terms of employees’ skill enhancement and rewarding is the Excelsior League. A family-based event, the company honors the 5 per cent of the high performers at an exotic location. This event is also planned with the family of the winners sponsored by the organisation. The League is the most sought-after reward for the employees at Bajaj Finance and it sets a benchmark for others to strive to achieve the same. Every year almost 25 per cent of the overall rewards and recognition budget is mapped for this program.
The architect of most of these best people practices are none other than CEO Rajeev Jain. Jain has been at the helm of affairs at Bajaj Finance for almost a decade. During this period, he has transformed the small-sized company into one of the fastest growing NBFCs in India.
“We are driven by the simple philosophy of ‘Go for Great’. For us, every milestone is an indication to better ourselves further and improve on our achievements. Greatness is an unending journey, and it is this journey that we celebrate,” Bajaj Finance claims as part of its corporate philosophy.
unni@businessworld.in
BW Reporters
Unnikrishnan is currently Senior Associate Editor with BW Businessworld at its Mumbai Bureau. During his two decades long journalistic career, he has received several media awards and recognitions. His articles on healthcare, life sciences and intellectual property rights (IPR) have been republished by several international blogs and journals.
