Muthoot Finance, one of the leading gold loan non-banking financial company (NBFC), was facing a hidden foe – a revolving door of new recruits who wouldn’t stay. With a staggering 90 per cent of new hires leaving within a year, the company needed a hero.
Enter NAPS, the National Apprenticeship Promotion Scheme, a knight in shining armour forged by the National Skill Development Corporation (NSDC). For the uninitiated, NAPS, a flagship initiative of the National Skill Development Corporation (NSDC), provides a framework for on-the-job training and skill development for fresh graduates.
Sanoj Ramakrishnan, head-HR at Muthoot Finance, saw NAPS as a beacon of hope. “Our old process left us with only 10 per cent productive employees after a year,” he admits. The Karnataka government’s apprenticeship model, aligned with NAPS, promised a solution.
Another programme is called NATS (a sister programme to NAPS), offered a path to cultivate skilled and loyal soldiers for Muthoot Finance’s army. Fresh graduates, armed with their BA, BCom, BSc or BBA degrees, could join the ranks. Technology streamlined the process – a simple QR code scan became the key to Muthoot Finance’s digital recruitment war room. NATS is post-graduation, 6-month internship programme. Post successfully completing it, the students can be then onboarded as payroll employee.
“The Adhyayana app remained the central hub, a communication fortress connecting apprentices, buddies, mentors, and HR. It monitored progress, identified areas needing improvement, and ensured smooth sailing on their professional voyage. The results were undeniable. We used to lose 83 per cent of interns within 60 days. Now, it’s down to 15 per cent.”
Sanoj Ramakrishnan, head-HR, Muthoot Finance
The initial wave saw 15 per cent of Muthoot Finance’s workforce become apprentices, a testament to their commitment to the ‘Skilled India’ mission. But raw recruits needed training.
They built a whole training programme around it, calling it ‘Adhyayana’, which means ‘learning’ in Sanskrit. It was like a bootcamp for the Banking, Financial Services, and Insurance (BFSI) sector. Here, recent grades with good grades but zero experience were transformed.
There was even a programme called ‘Patashalla’ (an Intern/ apprenticeship programme) for those who needed a deeper dive into the world of finance. It became their training ground, sharpening their financial skills.
The first three months were a crucible, testing the apprentices’ aptitude and dedication. The next three focused on honing their skills. Evaluations by seasoned veterans – line managers, HR, and regional managers – determined their fate. Only the most promising recruits would be offered a coveted position as a Junior Relationship Executive.
The training was an odyssey. Company culture, product knowledge, customer service – these were the weapons placed in the apprentices’ hands. Marketing strategies became their battle plans. A key element was a 45-day programme facilitated by the Adhyayana app (its buddy and mentorship programme for 45 days), a digital battlefield simulator.
The app paired each apprentice with a ‘buddy’ – a branch manager, perhaps, or a seasoned warrior from another department. A ‘mentor’, a wise and experienced leader, also guided them. Through the app, mentors tracked progress, ensured accuracy, and offered invaluable guidance.
This holistic approach transformed the apprentices. The 45-day programme was their finishing school, equipping them with the knowledge and understanding to seamlessly transition into their roles. Company culture, products, processes, marketing, and performance metrics – they mastered it all.
Graduation from the apprenticeship programme meant a formal offer as a Junior Relationship Executive. Competitive salaries and retention bonuses awaited them. It wasn’t just a reward, it was a promise – a clear path for growth within the Muthoot Finance family.
The Adhyayana app remained the central hub, a communication fortress connecting apprentices, buddies, mentors, and HR. It monitored progress, identified areas needing improvement, and ensured smooth sailing on their professional voyage. The results were undeniable. “We used to lose 83 per cent of interns within 60 days. Now, it’s down to 15 per cent,” Ramakrishnan declared with pride.
Muthoot Finance wasn’t stopping there. Over 600 new recruits were planned for this year alone, all marching through the NAPS gateway. And for mid-level and senior soldiers, there were in-house development programmes – workshops, seminars, and industry-expert led courses – all designed to sharpen their managerial skills, operational efficiency, and leadership capabilities.
Performance-based promotions were the company’s war cry. Loyalty and talent were recognised and rewarded, ensuring a happy and motivated army. E-learning platforms, virtual training grounds, and digital performance trackers became their new arsenal.
Muthoot Finance’s unwavering commitment to nurturing its workforce, through NAPS and other initiatives, was a testament to their vision – a future secured by a highly skilled and fiercely loyal army. By embracing technology, fostering a culture of continuous learning, and offering clear career paths, Muthoot Finance wasn’t just building a better company, they were building a brighter future.
2 Comments
Very bad company if u want to join new company they never give u urs reliving letter and u r un able to do job at new place , they do dictatorship on employees threating there career
They also not given my relieving latter . And deduct my money in my final statement and not giving the deduction details
This blog provides an inspiring look at how Muthoot Finance developed a comprehensive boot camp for the financial industry. It details their innovative approach to training, emphasizing practical skills and real-world applications. The program’s success stories and the emphasis on continuous learning highlight Muthoot Finance’s commitment to excellence and industry leadership. A valuable read for anyone interested in cutting-edge financial education and professional development.