Great Place To Work India Reveals Gender Disparity in India’s BFSI sector: 1 in 4 Women in BFSI Feel Inconsistency in Workplace Equity
- Gathers insights from a staggering 167 organizations and more than 12Lakh+ employee voices.
- Report also reveals that almost 21% of Gen Z and 15% of Millennial managers do not intent to stay for a long time in their organisations.
National, 12th April 2024: Great Place To Work India, a renowned workplace assessment and recognition organization, has unveiled “Insights from India’s Best Workplaces in BFSI 2024”. This report presents insights gathered from feedback of 12Lakh+ employee voices representing 167 organizations. The report reveals a comprehensive analysis of the employee sentiment within the BFSI sector. Despite an overall sentiment of 86% approval as a great workplace, there has been a slight 1% dip compared to previous assessments, indicating evolving employee perceptions and expectations. A noteworthy concern highlighted in the report is the opportunity gap for women employees in the BFSI sector, indicating gender disparity. Some of India’s best workplaces in alphabetic order are Bajaj Finance Limited, HDFC ERGO General Insurance Company Limited, Kotak Mahindra Bank, Max Life Insurance Company Limited, Reliance Nippon Life Insurance Company Limited.
1 out of every 4 women employees feel inconsistency in terms of recognition, fair pay, and workplace equity. Gender disparities persist despite overall positive sentiment within the sector, underscoring the need for focused efforts to promote diversity and inclusion. Female employees are 5% less satisfied with workplace equity compared to their male colleagues.
The report also underscores notable disparities between Gen Z and Millennial employees, particularly in their intent to stay long-term, sense of purpose at work, and perceptions of job security. Almost 21% of Gen Z and 15% of Millennial employees are seeking meaningful work and a sense of impact within their roles, reflecting a shift in priorities and expectations.
Additionally, the report identifies specific verticals within the BFSI sector experiencing a decline in employee perception. Highest decline in perception is seen in Fintech, Health & General Insurance, and Investment verticals. Additionally, this decline is maximum (approx 10%) among Millennial and Gen-Z managers early in their tenure. These findings emphasize the importance of targeted strategies to address challenges unique to each vertical and demographic group.
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work®, India, stated that, “The Indian economy is experiencing a surge. Financial inclusion is at an all-time high, with the FI Index reaching new peaks. The BFSI sector, a key engine of this growth, is witnessing robust hiring fuelled by both established players and innovative fintech companies. Banks are growing stronger, fintech is expanding, and investments and insurance are on the rise. It’s a picture of undeniable progress.
Yet, a hidden dissonance lurks beneath the surface. Despite offering unique benefits and healthy profit-sharing practices, a concerning trend emerges within BFSI workplaces. Employee sentiment has dipped, with a decline in trust and a sense of disconnect, particularly among millennial and Gen-Z managers in critical areas like Fintech, Health & General Insurance, and Investments. Their aspirations for a more caring and supportive environment can’t be ignored.
This paradox of progress and decline in engagement scores exposes a critical missing piece – a sustainable caring work culture. While the BFSI industry offers competitive advantages, it needs to do more in fostering a culture of service excellence, celebrating achievements of its employees more spontaneously, and ensuring inclusivity across all its policies.
Here’s the truth: a caring work environment isn’t just about offering good salaries. It’s about nurturing a culture of trust, respect, and belonging. It’s about empowering employees, recognizing their contributions, and fostering a sense of purpose. This intangible asset translates directly into tangible benefits – higher customer satisfaction, improved operational efficiency, and, ultimately, a stronger financial performance.
A heartfelt congratulations to the winners of India’s Best Workplaces in BFSI 2024! You are demonstrating how a caring culture fuels financial success. For others striving to improve, remember employee well-being isn’t a luxury; it’s the missing piece in the puzzle of long-term prosperity. By prioritizing a caring work environment, organizations can unlock their true potential, attract and retain top talent, and drive a wave of financial success that benefits all.”
The report also emphasizes the critical role of a caring work environment in fostering employee satisfaction and organizational success. Organizations that prioritize employee well-being demonstrate higher intent to stay and overall positive sentiment. However, Millennials and Gen Z employees in the BFSI industry report a higher need for sincere interest from management, psychologically and emotionally healthy workplaces, work-life balance, and flexibility in taking time off when necessary.
The comprehensive report offers practical strategies for BFSI organizations to drive talent retention, promote inclusivity, and foster sustainable growth. It serves as a valuable resource for industry leaders, HR professionals, and policymakers to implement initiatives that prioritize employee well-being and address emerging workforce trends.
