Mahindra Finance wins the 'Best NBFC in Talent & Workforce' award

Mahindra Finance received the 'Best NBFC in Talent & Workforce' at the 28^th edition of Business Today's awards on best banks on March 22, by Shri Nitin Gadkari, Minister of Road Transport & Highways, Govt. of India. Vinod Nair, Associate Senior Vice President – HR and Bagisha Jha, Deputy Vice President, Learning and Organisational Development, Mahindra Finance received the award. This honour highlights the company's commitment to fostering a diverse and inclusive workplace culture. This recognition holds particular significance as large NBFCs were included in the evaluation process for the first time, reflecting a shift in the dynamics of the BFSI sector.

Echo speaks to Manish Sinha, CHRO, Mahindra Finance about the achievement and how the company has been working towards it

Mahindra Finance recently became the first NBFC to receive the award for in Talent & Workforce sector – a first in this sector, what does this recognition signify for Mahindra Finance?

This recognition underscores Mahindra Finance’s commitment to nurturing talent and optimising workforce capabilities. It highlights our dedication to employee development and organisational excellence.

In this era, when culture and brand have become a key parameter for candidates, we plan to leverage this recognition to strengthen our reputation as an employer of choice within the NBFC sector. Being recognised as a leader in talent and workforce management will help us attract highly skilled top-tier professionals who are looking for a reputable and rewarding work environment. It will also boost employee morale and foster a sense of pride and accomplishment among our workforce, which will lead to higher productivity and employee retention.

Could you elaborate on the thought process as well as the many women-friendly policies and initiatives you have introduced?

According to a SBI report, the number of women depositors has increased in the economy, with a special traction from the rural areas followed by semi-urban areas. Women’s share in rural deposits increased from 37% in FY20 to 66% in FY22. The percentage of women who have a bank or savings account that they themselves use has increased from 53% (2015-16) to 79% (2020-21).  According to the Inclusive Finance Report 2023, for every 100 men who have a bank account or a formal financial account of any kind, there are 103 women with similar accounts.

In 2022-23, 45% more women opted for car loans as compared to 2022-23. One out of every four electric vehicles sold in the Indian market is bought by a woman - more than double the share of female buyers of petrol and diesel cars.

Recognising these trends of increasing women in the customer base and decision making in the economy, it becomes quintessential for Mahindra Finance to mirror the customer population in terms of demographics to create more effective products and solutions.

More girls are now acquiring higher education than boys. The gross enrolment ratio (GER) for girls is 27.9% in 2020 vis-à-vis 12.7% in FY10.This untapped pool will be valuable for our business in the next decade.

Further, women possess differentiated leadership capabilities such as empathy, communication, and multitasking which are invaluable in the financial sector, and is critical to tap into these strengths and thus benefit from a more diverse and innovative workforce.

To be a frontrunner in this trend, we have formed a strategic partnership with Manipal Academy of BFSI, to offer a specialised business training programme called Prarambh exclusively for women candidates in rural and semi urban areas. It is curated to provide women candidates with a pathway to careers in the financial services sector and empower them with necessary skillset for career progression starting from frontline business executive roles at Mahindra Finance. The selected 38 candidates from the first batch have undergone a 30-day certification course, crafted jointly by Mahindra Finance & Manipal, focusing on key aspects of sales and finance.

Are there any specific or unique challenges that the organisation has identified and how does the company ensure that these are effectively addressed?

The challenges faced by an NBFC like Mahindra Finance which is present in every district of India includes:

The availability of employable women talent and their inclination to join NBFC where the role demands intense travel is low in the hinterlands of the country.

Women face gender stereotypes and biases regarding their capabilities and fitment into diverse roles within the organisation which impact their hiring and growth. We have curated special workshops for mid and senior leadership to prompt profound reflections on inclusion and how, at an individual level, we can consciously ensure our women employees feels comfortable, valued, and empowered in the organisation. These sessions heighten awareness as a business imperative and is focused on conversations to address unconscious biases, foster an inclusive environment, and promote diversity and equity across the organisation.

Safety and Security is a concern for women employees at certain locations, especially in field or customer facing roles. Special policies for women like air aravel, upgraded hotel entitlements, cab travel and reimbursement have been our endeavour in this regard. We also have a safety app -- Ziman for emergency response services.

In what ways has the organisation trained and promoted its women talent? 

Recognising the unique challenges and untapped potential of women in leadership roles, ’She is on the Rise,’ is a specially curated program designed by the Mahindra Group to empower women managers and propel their success. Programs like these help in focusing the conversations on specific issues that are experienced only by the in-group. These topics often get overshadowed in more heterogeneous conversations. Focused discussions help the group identify approaches and navigate through them successfully.

Mahindra World of Women: A women led Employee Resource Group to collectively drive positive change for themselves, community, and organization by fostering valuable connections, facilitating success by strengthening visibility and becoming voice of the community. The MWoW group hosts special sessions for the women workforce across FSS on areas like financial awareness, health and wellness, career growth through expert and senior leaders talk sessions.

Strings of Sisterhood: a dedicated workshop for our mid and senior women leaders to gain fresh perspectives, sharpen leadership skills and build a supportive network amongst them.

We are planning to design a special program – ‘Accelerate Her’ for nurturing and strengthening the unique leadership abilities of women through workshops and mentorship opportunities.

How have these policies contributed to improving women talent retention within the organisation?

The implementation of our women friendly policies has led to remarkable 4 percentage point decrease in Women employee attrition, dropping from 18% to 14% in 2023-24.

While the utilisation of policies like menstrual wellness is high, the biases and discomfort surrounding the subject is high, potentially impacting policy acceptance or utilisation. Hence our persistent awareness campaigns and sensitisation of women employees and reporting managers has helped increase the utilisation of the policy, overtime.

How will Mahindra Finance take ahead its gender inclusivity and diversity agenda?

The role of NBFCs, such as Mahindra Finance, in ensuring inclusivity is vital due to its extensive reach, often extending to the last mile. With over 1350+ branches and serving customers in more than 3, 80,000 villages and 7000 towns– that’s one in every two villages in the country, Mahindra Finance has a unique opportunity to shape societal dynamics by being the forerunners in implementing D&I policies and structures. Creating a talent pool of women workforce at the grassroot level and providing employment opportunities will go a long way in shaping talent landscape of the industry and country. By setting precedents for gender inclusivity and diversity within the NBFC sector, Mahindra Finance can lead by example and inspire other institutions to prioritize D&I initiatives, fostering a more inclusive financial landscape.