Having been established way back in 1963, UTI AMC is amongst the oldest mutual fund and non-banking financial services organisations in the country. With over 60 decades of operational history, the company has accumulated a sizeable workforce comprising individuals from various age groups. Its 1400-strong team encompasses a wide spectrum of age categories, and to cater to this, the organisation follows distinctive HR practices.
“The cornerstone of UTI’s foundation is its workforce, and therefore, we work to preserve and transfer this wealth of knowledge from one generation of employees to the next. Therefore, to achieve this, we have established a comprehensive management training programme that distinguishes itself as unparalleled in the Indian landscape,” Indranil Choudhury, group head-HR, UTI AMC. The initiative involves the annual recruitment of approximately 100 individuals, encompassing a meticulously structured six-month curriculum.
Upon completion of these six months, the company strategically places the programme graduates in locations where retirements are anticipated within the upcoming two to three years. The initiative helps the company identify individuals with the potential to excel in these roles well in advance. It then offers them the right training to equip them not only with the requisite technical skills but also with essential behavioural competencies. “This seamless transition guarantees the continuity of job functions, the preservation of historical knowledge, and the unwavering delivery of customer service. It’s a testament to UTI’s commitment to nurturing its workforce and safeguarding its legacy,” opines Choudhury.
“The cornerstone of UTI’s foundation is its workforce, and therefore, we work to preserve and transfer this wealth of knowledge from one generation of employees to the next. Therefore, to achieve this, we have established a comprehensive management training programme that distinguishes itself as unparalleled in the Indian landscape.”
Indranil Choudhury, group head-HR, UTI AMC
The company has also implemented an assessment programme to appraise the competencies of individuals who have completed a minimum of two years of service with the company. The aim of the programme — conducted at each organisational tier— is to groom these individuals for managerial roles. Based on the identified gaps, the company then develops tailored programmes and establishes a talent pool. Giving examples, Choudhury explains, “Out of, say, 700 individuals in the sales department, around 540 go through the talent-pool evaluation, resulting in the selection of approximately 100 key talents. These selected individuals are then offered a comprehensive roadmap spanning six to 12 months, encompassing various learning initiatives. Subsequently, as retirement positions become available, these key talents are appointed to roles ranging from Level One to Level Four managers.”
The company primarily resorts to internal mobility to fill most vacancies. Approximately 90 per cent of the roles is fulfilled internally and the remaining 10 per cent is filled externally, where internal candidates are unwilling to relocate. Moreover, to ensure an unbiased approach, the company depends on external consultants to manage the process.
While upholding a strong presence of industry experience within, the company simultaneously, strikes a balance between bringing in fresh talent through campus hiring and partnerships with different educational institutions.
When it comes to niche talent, particularly in areas such as digital proficiency, the company looks outside. Another such area for fresh hiring is product development, which demands individuals with robust skills. To maintain industry strength, the company taps into the market for suitable candidates. Furthermore, the company has onboarded talent from outside the industry for niche expertise such as data analytics.
“In line with our fintech collaboration endeavours, we have even brought in fintech professionals who excel in partnership management. In the past year, of the 120 individuals we hired, approximately 10 were specifically niche hires from external sources. Additionally, we’re investing in developing our existing employees by sponsoring them for programmes focused on digital marketing and analytics. This approach aims to bolster our in-house capabilities,” enunciates Choudhury.
With a pool of opportunities available within the company, UTI AMC’s projected retention rate this year stands between 88 to 90 per cent. The strategies contributing to this impressive retention rate encompass several aspects.
First, the company ensures that its training and learning initiatives exceed industry standards, providing valuable inputs and engaging projects to the workforce. Second, it prioritises internal mobility, ensuring that deserving individuals are placed in suitable roles as per the well-defined process.
The company annually benchmarks compensation with other consulting firms to ensure that high-performing employees are adequately rewarded.
Diversity and inclusion are also an integral aspect of the organisation. “Currently, 29 per cent of our workforce comprises women. This percentage represents a diverse spread across different hierarchical levels, showcasing our concerted efforts to enhance diversity,” shares Choudhury.
The company is also focusing on investing in digital solutions to future-proof its workforce, elevate efficiencies and minimise operational burdens. Additionally, succession planning is an annual exercise to ensure that the company is well equipped with talent for future roles.
Choudhury believes that the company’s future-ready HR strategies are poised to adapt and respond to evolving market conditions. “We’re planning to streamline processes, decrease dependency on traditional methods and expand our physical presence strategically. This expansion doesn’t necessarily involve physical infrastructure, but rather a strong presence through our workforce. Additionally, outsourcing opportunities are being explored to enhance efficiency and reduce unnecessary expenses associated with infrastructure,” reveals Choudhury.