Sharad K Sharma, the Chief Human Resources & Ethics Officer at Pramerica Life Insurance, brings over 25 years of extensive HR experience in banking and financial services, as well as telecom and ITES. He has held senior HR leadership roles at Vertex Group (UK), Max New York Life Insurance, Fidelity Investments, eFunds Corporation, and Canon India. Before joining Pramerica Life Insurance, he served as EVP & Chief People Officer at SBI Cards (a joint venture between SBI and GE).
In this interview, we delve into the strategies and programmes that have positioned Pramerica at the forefront of diversity and inclusion. We explore how initiatives like SheShines have enhanced the employee experience, the company's commitment to employee well-being and more.
Here are some excerpts.
Pramerica Life Insurance has made significant strides in fostering a culture of diversity and inclusion, particularly through initiatives like SheShines. Can you share some key insights into the strategic approach behind these and their impact on employee engagement and organisational culture?
At Pramerica Life Insurance, we believe diversity and inclusion are not just buzzwords, but core values that drive innovation and success. SheShines is a strategic platform designed to empower and support our women colleagues, enabling them to thrive both personally and professionally. This initiative aims to create an inclusive environment where women feel valued, heard and motivated to achieve their career aspirations. A key feature of SheShines is the opportunity for women employees to participate in hi-tea and breakfast sessions with our CEO. These sessions provide a unique forum for candid discussions on career-related topics, inspiring stories and actionable insights, helping women navigate their professional journeys with confidence.
Under the SheShines umbrella, we have launched several specialised programmes - SheStrong and SheSavvy sessions focus on the physical and financial well-being of women, with expert-led discussions addressing health concerns specific to women and offering valuable insights into financial planning and investment opportunities. In addition, our SheCreates art sessions offer women a chance to immerse themselves in the therapeutic world of art.
These sessions provide a space for self-expression and relaxation, allowing women to unwind and reconnect with their inner artist amidst the hustle and bustle of professional life.
This approach has a two-fold benefit. First, it empowers the women we currently have on our team, ensuring they feel supported, heard and have growth opportunities. Second, by demonstrating our commitment to diversity and inclusion through initiatives like SheShines, we position ourselves as an employer of choice for talented women. This will be crucial as we look to grow this important cohort within our workforce.
What are some initiatives at your organisation that foster a sense of trust and well-being among women?
We implement several initiatives such as:
- Safety Measures: We enforce clear policies to prioritise employee safety. This includes a strict policy against late nights, with limitations on working beyond 8 PM. We also provide safe transportation options through drop facilities, ensuring our employees get home securely.
- Empowerment Through Knowledge: We believe an informed workforce is a safe workforce. To this end, we conduct regular refresher training sessions on the Prevention of Sexual Harassment (POSH) Act and other relevant guidelines. This empowers employees to identify and report any inappropriate behaviour, fostering a culture of zero tolerance for harassment.
These initiatives, alongside our commitment to a respectful and inclusive work environment, contribute to a strong sense of trust and well-being among our women employees. They know that Pramerica Life prioritises their safety and empowers them to thrive in their careers.
The Second Career Program is an innovative approach to welcoming women back into the workforce after career breaks. Can you share some success stories or anecdotes that highlight the impact of this programme on individual employees and the organisation as a whole?
We firmly believe that experience, regardless of any hiatus, is valuable. This programme actively welcomes women who have taken time off for family or other personal reasons and offers them exciting opportunities to reignite their careers.
The programme delivers double benefits. It fosters individual growth by providing opportunities in both sales and non-sales roles.
We've seen incredible success stories – one of our sales officers who joined us to take on more responsibility for her family. Recognising her talent for building relationships, we provided her with the platform and support to excel. Through targeted training, mentorship from senior leaders, and ongoing coaching, she's become a top performer and is quickly rising through the ranks.
Her story exemplifies the transformative power of the Second Career Program. It's not just about individual success; it contributes to building a more diverse and inclusive workplace for everyone. By bringing talented women back into the workforce, we gain a wealth of experience and perspectives, fostering a richer and more innovative work environment
With a significant increase in gender diversity, particularly in leadership positions, what strategies has your organisation implemented to ensure that women are supported and empowered to excel in their careers?
Pramerica Life Insurance is committed to building a leadership team that reflects the diversity of our customers and communities. While we're still working towards achieving a significant increase in gender diversity at senior levels, we've implemented several strategies to support and empower the talented women we have on our team.
- Fostering a Culture of Inclusion: Using gender-neutral language in job descriptions, celebrating diversity as a source of strength, and ensuring equal opportunities for all.
- Building a Support Network: Initiatives like our Employee Referral Drive, with a focus on women professionals, not only encourage referrals but also foster a sense of community and support. This collaborative environment allows women to learn from each other and build strong professional networks.
- Expanding Our Talent Pipeline: As I mentioned above, our innovative Second Career Program actively welcomes women back into the workforce after career breaks. This programme not only benefits individual women but also strengthens our talent pipeline with experienced and qualified professionals.
We're proud of the progress made till now. Representing 13% of our total Leadership team, women occupy key roles including Officiating Chief Financial Officer to our Chief Compliance Officer, Renewals Head and Company Secretary. These exceptional women exemplify excellence and contribute significantly to our success, demonstrating our commitment to supporting and empowering women in their careers.
Amidst the evolving landscape of work and increasing demands on employees, how does Pramerica Life prioritise and support the holistic well-being of its workforce and what initiatives or programmes have been particularly effective in promoting wellness and resilience?
We prioritise a holistic approach that supports our employees' physical, mental and financial health.
- Promoting Healthy Habits: We offer a variety of wellness programmes to encourage healthy lifestyles. This includes on-site fitness facilities and wellness challenges that incentivise healthy habits. We also host regular health screenings and workshops on topics like stress management and nutrition. These initiatives have been particularly effective, with our recent participation in an intercompany wellness challenge resulting in an impressive 8th-place national ranking.
- Work-Life Balance: We understand the importance of maintaining a healthy work-life balance. Our Work from Home (WFH) policy allows for three days per quarter, easing commuting stress and fostering flexibility. Additionally, our Flexi Shift program for Head Office & Branch Non-Sales teams, lets employees choose work start times between 8:30 am and 10:00 am, promoting better control over their schedules.
- Supporting Women's Well-Being: We recognise that women often face unique challenges in the workplace. We have unique programs - SheStrong & SheSavvy to specifically address the physical and financial well-being of our women employees. These sessions cover topics like women's health and offer valuable financial planning insights, empowering them to take charge of their well-being.
Our commitment to employee well-being is underscored by our strong feedback mechanisms. We actively seek employee input to ensure our programs are effective and meet their needs. This approach has resulted in an impressive 85% employee satisfaction score, significantly surpassing the industry benchmark of 74%.
Drawing from your experience, what advice would you offer to other organisations looking to create a more inclusive and wellness-centric workplace culture?
Creating a truly inclusive and wellness-centric workplace culture starts from the top. Leaders need to be vocal advocates for these values and walk the talk by embodying them in their own behaviour. This means actively participating in wellness initiatives, fostering open communication, and demonstrating a commitment to work-life balance. When employees see their leaders prioritising well-being and inclusion, it sends a powerful message and encourages them to do the same.
- Adapting to Evolving Needs: We're living in a time of significant change. The needs and aspirations of employees are constantly evolving, especially with changing demographics. It's crucial for organisations to be adaptable and responsive to these shifts.
- Focus on Sustainability: Creating lasting and meaningful change requires a long-term commitment. Don't view well-being and inclusion as check-the-box initiatives. Instead, integrate these values into the fabric of your organisation's culture. This means ensuring your policies and practices are designed to support well-being and inclusion on an ongoing basis.