Fintech companies are undertaking a wide variety of practices to retain talent:
Retaining top talent is a key to success in the fast-paced fintech world. By combining attractive financial rewards with cutting-edge training programs and supportive work environments, they’re not just attracting talent but also keeping it. Further, they are leveraging AI-driven insights and robust career development strategies to turn workplaces into hubs of innovation and satisfaction and are setting new standards in employee retention.
Winning Retention Formula
Rupee112 offers instant personal loans upto Rs1 lakh. It focused on comprehensive engagement strategies to enhance employee retention. From the financial angle, the company has introduced salary hikes, performance bonuses, and incentives options. Founder Vikkas Goyal adds: “On the non-financial angle, we have created a supportive work environment with initiatives like flexible work arrangements, wellness programs, and career development opportunities. These measures ensure that employees feel valued and motivated, contributing to higher retention rates.”
Fibe too offers instant personal loans. To improve retention, the fintech has implemented several enhancements in both financial and non-financial engagements with its employees to create a more supportive, rewarding, and engaging work environment. The company’s financial engagements include competitive compensation packages with regular salary reviews and adjustments to keep up with market trends and reward high performers appropriately. Fibe also offer performance-based variable pay and incentives to align individual performance with company goals, fostering a culture of achievement and excellence. Additionally, stock options provided by the company and profit sharing not only boost financial rewards but also create a sense of ownership and long-term commitment to the organization.
Monica A Mishra, Head of Human Capital Management at Fibe adds: “Our comprehensive benefits packages support the overall well-being of our employees and their families, while our financial wellness programs provide workshops, one-on-one financial counseling, and access to financial planning tools”.
On the non-financial side, Fibe prioritizes career development by offering various training and development programs. The company’s robust employee recognition programs celebrate and acknowledge the contributions of its employees. Work-life balance initiatives help employees manage their professional and personal lives more effectively.
Fibe also take employee feedback to ensure open communication and continuous improvement of its work environment. It offers programs that promote the overall health and well-being of its employees. Together, these financial and non-financial engagements create a comprehensive approach to foster a positive and productive workplace.
Credable is in the business of working capital. Debashree Lad, Chief People Officer and Head of Corporate Communications, at CredAble, feels that there is no magic elixir to the problem of employee attrition. It requires understanding the employees and designing programs that truly meet their needs. “Rather than engaging in an arms race to offer the best perks, our leaders are constantly working towards making the employee experience more human-centric, focusing on the overall well-being of the employee,” she says.
New Training Programs
BharatLoan is another fintech offering short-term and personal loans. It has taken the approach to offer various new training programs in order to improve employee retention. These include leadership development courses, technical skills training, and industry-specific certifications. Founder Amit Bansal dives deeper: “Our partnership with leading industry trainers gives employees access to the latest industry trends. Additionally, we conduct regular workshops on soft skills and customer service, helping employees enhance their competencies and stay updated with current industry developments.”
To ensure that every member of its team is consistently upskilling, CredAble offers learning and development programs. The company also provide programs that include subsidized access to fitness facilities, yoga classes, health check-ups for employees and their families, as well as online medical consultations. With a detailed performance evaluation matrix called the CredAble Catalyst program, the company is able to identify and mentor potential future leaders.
Debashree adds: “Our self-development and professional growth opportunities have helped many of our employees forge T-shaped careers within CredAble, exploring different roles and expanding their knowledge and expertise.”
Leadership Launchpad
Fibe offer its employees a range of new courses and training programs to enhance their skills and career growth, with the goal of improving retention. These initiatives includes unlimited access to Udemy’s vast library of over 6000 courses for continuous learning. It runs Leadership Talk series featuring expert speakers sharing their experiences. The Fibe Leadership Excellence Program drives intentional learning and upskilling of senior leaders. It engages Toastmasters to enhance public speaking and leadership skills.
FibeACE Launchpad helps fast-track high-potential employees. Rising Leaders Academy (First Time Manager training) develops essential team management skills for future leaders.
Rupee112 too offers diverse training programs, including courses in AI, data analytics, and fintech innovations. Vikkas adds: “Our leadership training and soft skills development programs ensure that employees are well-equipped to advance their careers. We also partner with top online education platforms to provide continuous learning opportunities.”
Fresher Retention
Let’s look at what these fintechs are doing to improve fresher retention.
To retain freshers, BharatLoan has launched a comprehensive onboarding program featuring mentorship and structured training. The company has implemented a buddy system where experienced employees guide new hires through their initial months. Regular team-building activities and clear career progression paths also play a crucial role in keeping freshers engaged and motivated. These initiatives help freshers feel supported and see long-term growth opportunities within the company.
CredAble given interns the opportunity to jump-start their careers with immersive internship programs across various business divisions. To help interns get started with ease and ensure they feel supported throughout their internship journey and beyond, the company connects them with a mentor in the organization. This way, the new age fintech is backing young talent to think beyond the box and find their career fit. These internship programs are designed to empower the next-generation workforce. CredAble interns gain experience working at the forefront of technology, solving critical financing challenges, and learning first-hand from inspiring leaders.
To improve fresher retention, Rupee112 has implemented an extensive onboarding program with comprehensive training and mentoring. The company provide new hires with clear career paths and rapid advancement opportunities, helping them see long-term growth prospects within the company. Regular team-building activities and a supportive work culture further contribute to keeping fresher’s engaged and motivated.
Gen AI & Employee Retention
Generative AI has the potential to significantly impact employee retention by offering personalized career development plans and identifying potential retention risks. A study by Stanford revealed that Gen AI tools boost employee productivity by as much as 35%, Gen AI is by no means a replacement for creativity. However, it can enable employees to work more efficiently, research more broadly, communicate more richly, and create value faster for the employees.
CredAble has taken a conscious approach to deploying Gen AI in its work streams. Debashree reveals: “We primarily leverage Gen AI tools to automate repetitive tasks and analyze data, in turn, freeing up employees’ time and enabling them to focus on critical, higher-level tasks, which can significantly boost retention rates.”
BharatLoan uses AI-driven tools to analyze employee data and provide tailored recommendations for career growth. Amit shares: “This proactive approach helps address employee concerns before they escalate, enhancing job satisfaction and reducing turnover. Additionally, AI-powered insights allow us to create more engaging and fulfilling work environments.”
Generative AI plays a crucial role in enhancing employee retention at Rupee112 by offering personalized career development plans and identifying potential retention risks. Vikkas reveals: “AI-driven tools help us analyze employee data and provide tailored recommendations for growth, ensuring employees feel valued and supported. This proactive approach to addressing concerns improves job satisfaction and reduces turnover, creating a more engaged workforce.”
Fibe leverage generative AI to not only optimize it’s operations but also enhance the overall employee experience by creating a supportive, engaging, and growth-oriented workplace. Monica adds: “Areas of impact include career paths, enhanced creativity, improved feedback and coaching, increased autonomy, new opportunities for growth, enhanced collaboration and improved employee experience.”
New Job Roles
In the last 12 months, Rupee112 has introduced roles such as marketing tech, risk analysts, and customer success managers. The company have successfully filled these positions through targeted recruitment strategies and appealing career growth opportunities. Says Vikkas: “These new hires have significantly contributed to our innovation and growth, helping us stay ahead in the competitive fintech industry. Our strong employer brand and industry reputation have played a key role in attracting top talent.”
BharatLoan has introduced several new job roles, including positions in marketing, tech, data analytics, AI, and customer experience. These roles have been successfully filled through targeted recruitment strategies and competitive compensation packages.
Business & Data Science Roles
Credable has introduced new roles in business intelligence and data science that have garnered considerable interest from top talent. Debashree reveals: “To drive ground-breaking innovations and advancements in the fintech ecosystem, we are also expanding our strategic partnerships and product development teams. Our Internal Job Posting (IJP) process allows existing talent to step into new verticals and work profiles beyond their functional expertise.”
Fibe has introduced several new job roles to align with its strategic goals and the evolving demands of the fintech industry. These roles have been instrumental in driving growth and innovation. These include: (i) Project Manager in Collections (ii) Solar Head in BNPL (iii) ORM – Credit & Risk (iv) BNPL Head.
The success in attracting the desired candidates for these new roles can be attributed to several factors including competitive compensation and benefits, innovative and impactful work environment, career growth opportunities, strong employer brand, employee referrals and flexible work arrangements.
Employee Data Analytics
Employee data analytics has been highly effective at Rupee112, helping the company to identify and address issues related to employee satisfaction and retention. It has provided the company to provide valuable insights into turnover rates, engagement levels, and the factors driving employee satisfaction. Vikkas says: “However, while data analytics offers important quantitative data, it does not fully capture the qualitative aspects of employee experiences. To complement our data-driven approach, we also rely on regular feedback mechanisms and open communication channels to understand the personal motivations and challenges faced by our employees.”
Employee data analytics has helped BharatLoan to address issues such as high turnover rates in specific departments and understand the factors driving employee engagement. Amit reveals: “Data analytics provides valuable insights, it does not capture the qualitative aspects of employee experiences, such as personal motivations and individual challenges. To complement analytics, we also rely on regular feedback mechanisms and open communication channels.”
Analytics & Way Ahead
Employee data analytics have been instrumental in providing valuable insights into workforce and establishing robust performance benchmarks. Through the CredAble Catalyst program, the company has successfully developed a comprehensive, data-backed performance evaluation matrix. This matrix prioritizes a holistic evaluation of high-potential talent using tech-enabled solutions, such as the 9-box matrix model and the 360-degree feedback system. The data gathered from these tools offers a psychometrically valid and well-constructed assessment, enabling a thorough analysis of its employees’ current performance and future potential.
Fibe has effectively addressed several HR challenges, significantly enhancing the employee experience, streamlining talent identification, and reducing turnover. The company excels in conducting skills gap analysis, managing performance, and identifying and developing future leaders. Moreover, Fibe has implemented strategies for workforce planning and analyzing drivers of engagement and sentiment, while also identifying potential compliance issues and mitigating risks.
However, there remain areas where Fibe has yet to find solutions. These include addressing organizational culture issues and mitigating bias in interpretation, as well as managing complex employee relations. Challenges also persist in fostering creativity and innovation, ensuring data privacy and ethics, adapting to external market changes, and promoting comprehensive employee well-being.
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