In the fast-paced world of business, staying ahead requires a strategic approach. Kotak Life Insurance (KLI) has embraced this reality by anchoring its growth on three foundational pillars: Capacity, Capability, and Culture. These are not mere buzzwords but essential elements woven into the fabric of the organisation, driving resilience and progress.
Ruchira Bhardwaja, chief human resources officer, KLI, explains, “The goal was to ensure that Kotak Life was well prepared for both current and future needs by fostering an inclusive culture. Being ‘ready now’ meant equipping ourselves with the right talent immediately while also preparing this talent for future organisational and industry demands.”
Capacity building
To build organisational capacity, Kotak Life Insurance adopted a strategic approach to talent acquisition. The company implemented a ‘buy and build’ strategy, focusing on hiring for immediate needs and preparing existing employees for higher roles.
On the ‘buy’ side, the firm concentrated on acquiring external talent in areas where internal capabilities were lacking. For example, recognising the importance of data analytics, Kotak hired a chief data and analytics officer to lead this crucial function. The company also prioritised gender diversity, increasing the percentage of women in its workforce from 22 per cent to nearly 29 per cent.
“The goal was to ensure that Kotak Life was well prepared for both current and future needs by fostering an inclusive culture. Being ‘ready now’ meant equipping ourselves with the right talent immediately while also preparing this talent for future organisational and industry demands.”
Ruchira Bhardwaja, chief Human Resources officer, KLI
In addition to external hiring, Kotak Life invested in future-ready talent through various programmes, including a graduate training programme focused on sales, a management training programme targeting candidates from tier-3 and tier-4 institutes, and a growth managers programme aimed at top business schools. These initiatives are designed to attract bright minds to work on strategic projects within the company.
On the ‘build’ side, the company emphasised internal development. For example, its New Manager Assimilation Programme helps managers understand their teams, fostering a smooth transition into new roles. “Last year, 27 per cent of managerial positions were filled by promoting internal candidates, and we aim to increase this percentage,” says Bhardwaja.
Capability development
After capacity building, capability development is the cornerstone of KLI’s people strategy. “Our primary goal is to ensure that Kotak Life is prepared for the future with an inclusive culture, and a key aspect of that preparation is enhancing capability,” Bhardwaja asserts.
The company’s capability-building strategy is centred around four key pillars:
- Functional capability development: Tailored for both sales and non-sales verticals, Kotak Life creates an annual capability-development calendar in collaboration with leaders. Programmes are tiered to ensure that different levels within the organization receive specific training.
- Leadership development and growth: Nearly five comprehensive leadership programmes are offered, including a long-running initiative for the CXO minus one level. These programmes introduce new skills and innovative approaches, often culminating in ‘Shark Tank’-style project discussions.
- Skill transformation: Through its ‘Future School’ initiative, Kotak Life identified future skills three years ago, focusing on data, digital technology, and AI. The programme uses simulation, gamification, and experiential learning, followed by project implementation.
- Talent management: Beyond development, Kotak Life manages talent through career path planning, job rotations, and future role preparation. “Our capability development approach is grounded in the three E’s—Education, Exposure, and Experience,” Bhardwaja explains. Last year, 287 out of 600 employees experienced role changes, demonstrating the company’s commitment to future readiness.
Culture framework
Kotak Life Insurance’s culture is built on six core values, including collaboration, transparency, and respect. These cultural nuances create an inclusive environment where employees are encouraged to ideate and innovate.
“The most critical aspect of our cultural framework is the employee experience, which we focus on throughout their lifecycle,” says Bhardwaja. The company is launching an AI-driven engagement tool called Kavya, which will interact with employees at various stages of their journey, providing tailored support and guidance.
Kotak Life also prioritises the holistic well-being of its employees. Last year, it launched a comprehensive wellness programme, including a mental health café and a group of certified mental-health champions. Additionally, the company introduced the ‘Claps Award,’ a quarterly platform for recognising outstanding work and holding town halls with the managing director to publicly acknowledge employee contributions.
The impact of these initiatives is evident. Over the past 18 months, KLI has consistently maintained staffing levels between 98 per cent and 100 per cent for its frontline sales positions. “This same level of diligence applies to our non-sales functions as well,” concludes Bhardwaja.
By building a diverse and capable workforce, investing in internal talent development, and fostering an inclusive culture, Kotak Life Insurance is not only meeting its current needs but also preparing for the future.