Article: Mahindra Finance focused on capability and competence building

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Mahindra Finance focused on capability and competence building

At Mahindra, different programs for capability development are designed for all talent movements with the clear objective of developing not only product skills but people handling skills as well
Mahindra Finance focused on capability and competence building

Mahindra Finance (MMFSL) employs more than 20,000 people, has 1200 plus branches and is considered to be one of the best NBFCs to work for. And the driving force behind this success is its people practices. With its business operations primarily relationship-oriented and the acceptability of the local MMFSL person being a key factor in attracting customers, “respect towards people” is a key approach that is adopted both

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Mahindra Finance 

internally and externally by the company. The organization’s HR philosophy is embedded in the belief that “People should be employable at all times”. And as a result of this, investment in capability building & competence building of employees has been a focus area. 

Talent planning is a high focus area to the extent that MMFSL has identified 3 different types of situations for talent readiness: emergency readiness for filling in an immediate short-term talent gap, planned mid-term readiness for situations arising out of movements or promotions, and long-term readiness for talent movements in the time span of next 5 years. Different programs for capability development are designed for all 3 types of talent movements, with the clear objective of developing not only product skills but people handling skills as well. Mahindra’s scale-up has been built around 4 pillars — Engagement, Processes, Culture and Capability building. For engagement, MMFSL continually conducts internal and external engagement surveys, and has a comprehensive scorecard based program called “Engage to Excel” that is used to assess and develop employees. The second pillar, Processes, has been addressed through People Capability Maturity Model for driving continuous improvement in HR processes. Culture is based on 4 milestones — Understanding, Spreading, Inspiring and Living. Cultural frameworks like RISE and Employee Value Proposition are used to take people up through these milestones. Capability Building is the fourth pillar that is implemented through a combination of Farming (nurturing internal talent) and Fishing (hunting for external talent). 

MMFSL continually conducts internal and external engagement surveys, and has a comprehensive scorecard based program called “Engage to Excel” that is used to assess and develop employees

At Mahindra Finance, even credit decisions are taken at a Branch level and each branch is encouraged to develop an “entrepreneurial mind-set”. To reflect this, each branch has a variable compensation component on top of the salary which dependent on its profitability. A direct offshoot of this empowerment is that a strong internal talent pool gets build up. Mahindra Finance’s initiative “Soap Opera Style Learning Program “, is also a unique learning tool using byte sized podcasts specifically designed for the Field Executives which can be delivered through social media platforms like WhatsApp on their mobile phones.

Topics: AON Best Employer, Learning & Development, Strategic HR, C-Suite, Leadership

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