In the cutthroat world of finance, talent retention is a crucial battleground. Lendingkart, a leading fintech player in India, has found a potent weapon: investing in its employees’ experience. It embodies this philosophy, recognising that cultivating talent fuels both individual growth and organisational success.
Asit Kumar, CHRO, Lendingkart, emphasises, “For us, employee experience means addressing everything within our control. We aim to enhance the overall office environment, empowering employees to thrive.”
This commitment manifests in tangible initiatives spanning digitisation, talent development, and fostering a transparent culture.
Tech-fuelled efficiency
Lendingkart’s digital transformation extends beyond payroll systems and HR management software (HRMS). The company utilises mobile apps to manage employee stock ownership plans (ESOPs) and streamline expense reimbursements, empowering individuals with real-time information and self-service tools. This eliminates administrative burdens and fosters a culture of transparency and trust. Accessing real-time information and managing paperwork digitally grants employees autonomy and reduces reliance on HR intermediaries.
Investing in tomorrow’s leaders
Identifying and nurturing potential is key to an organisation’s success. Lendingkart’s ‘Accelerate’ programme unlocks hidden leadership talent. Recognising the potential within its mid-level workforce, this unique initiative identifies ambitious individuals willing to accelerate their career paths. Through an open house concept, the company encourages self-nomination and provides a safety net for those venturing into accelerated career paths. This safety net assures them that even if the experiment doesn’t go as planned, there’s still a place for the employees within the organisation.
“For us, employee experience means addressing everything within our control. We aim to enhance the overall office environment, empowering employees to thrive.”
Asit Kumar, CHRO, Lendingkart
Through this programme, employees express their desire for leadership roles, receiving guidance and support throughout the process.
The programme offers two tracks: vertical growth within one’s function or a horizontal shift across departments for instance moving from HR to analytics. Selected candidates undergo a six-month intensive training period, equipped with a safety net ensuring their place within the organisation even if the transition doesn’t go as planned.
To tailor training effectively, Lendingkart prioritises employee and manager feedback. Google surveys identify training preferences and needs, bridging the gap between individual aspirations and managerial expectations. This two-way communication loop ensures targeted skill development programs.
For its operational workforce, Lendingkart focuses on essential skills such as Excel proficiency, email etiquette, and communication. For its technical staff, collaboration with Microsoft and Google crafts a detailed competency framework, providing clarity on career progression pathways.
Graduation ceremonies and public recognition for programme graduates foster a sense of accomplishment and reinforce the value of continuous learning.
Unleashing creativity across levels
‘Finovate’ is another programme highlighting Lendingkart’s commitment to employee engagement. This platform encourages innovation from all levels, with quarterly sessions allowing submissions of creative ideas for company improvement. The top three ideas receive prizes and valuable mentorship from CXOs, empowering them to translate their vision into reality.
Fostering transparency and open communication
At Lendingkart, a transparent and approachable culture reigns supreme. Regular town-hall meetings facilitate open dialogue between leadership and employees, while focus group discussions and one-on-one meetings allow HR to actively engage with the workforce and address concerns.
Building a future-proof culture
With millennials projected to comprise 75 per cent of the future workforce, Lendingkart prioritises catering to diverse needs and preferences. By embracing a ‘bias for action’ and fostering a strong sense of ownership, the company empowers employees across generations to take initiative and shape their experiences.
“Lendingkart recognises that the future workforce will be predominantly Millennial, necessitating a nuanced approach to employee experience. We strive to create a dynamic environment that fosters both professional growth and a sense of personal fulfilment, appealing to the diverse needs of different generations. We actively seek individuals with a drive for action, a hunger for learning, and a strong sense of ownership – regardless of their age or background. Ultimately, we want everyone to feel deeply connected to their work and empowered to shape their own journey within the company,” asserts Kumar.
Lendingkart’s story reveals the power of a proactive approach to employee experience. By investing in talent development, embracing technology, and fostering a culture of transparency and ownership, the company empowers its workforce, cultivates innovation, and positions itself for future success in a rapidly evolving environment.
1 Comment
Very insightful article