Even as companies are stepping up efforts to promote diversity and inclusion in the banking, financial services and insurance (BFSI) sector, a report on Friday revealed that one out of every four women employees feel inconsistency in terms of recognition, fair pay, and workplace equity.
According to workplace assessment and recognition organisation Great Place To Work India, gender disparities persist despite overall positive sentiment within the BFSI sector, underscoring the need for focused efforts to promote diversity and inclusion.
Women employees are 5 per cent less satisfied with workplace equity compared to their male colleagues, the ‘Insights from India’s Best Workplaces in BFSI 2024’ report, which presented insights gathered from a survey among 12 lakh employees from 167 organisations, added.
The report also revealed that there were notable disparities between Gen Z and Millennial employees, particularly in their intent to stay long-term, sense of purpose at work, and perceptions of job security.
Generation Z are those born between 1997 and 2012, while Millennials are those born between 1981 and 1996.
Almost 21 per cent of Gen Z and 15 per cent of Millennial employees are seeking meaningful work and a sense of impact within their roles, reflecting a shift in priorities and expectations.
Meanwhile, the report found that there has been a decline in employee sentiment in fintech, health and general insurance, and investment verticals.
This decline in employee sentiment is highest (10 per cent) among Millennial and Gen-Z managers early in their tenure, said the report.
These findings emphasise the importance of targeted strategies to address challenges unique to each vertical and demographic group, the report noted.
“The BFSI sector is witnessing robust hiring fuelled by both established players and innovative fintech companies. Banks are growing stronger, fintech is expanding, and investments and insurance are on the rise.
“Despite offering unique benefits and healthy profit-sharing practices, a concerning trend of disparity emerges within BFSI workplaces, which cannot be ignored,” Great Place To Work, India, Serial Entrepreneur and CEO Yeshasvini Ramaswamy added.
68% CX Leaders Pinpoint Customer Service Interactions as Top Grievance in BFSI Sector
Despite being a sector that prides itself upon being a service vertical, the lack of robust efforts in effectively addressing customer grievances appears to be counterintuitive to its very essence, found a survey by Kapture CX.
In tandem, the participants were asked to choose from the four potential issues: Customer Service Interactions, Understanding Product/Service, Fees and Charges Transparency, and Account Management Ease. Amidst this conquest to revolutionise customer experiences in the BFSI sector, the survey revealed customer service interaction to be the predominant issue, with 68% of respondents including customer experience leaders and subject matter experts identifying the same, underscoring the need for its immediate redressal.
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