How does Bajaj Finance challenge status quo with its people practices
Company Name: Bajaj Finance Limited
Total number of employees: More than 14,000
HQ: Pune, Maharashtra
We encourage our people to continually challenge the status quo, take on big ideas and convert them into executable actions. This ensures that as the company grows, the policies that sustain the growth of the people also grow, ensuring sustainability and scalability.
Capability building is a crucial component of our people policies. The company has a Group Learning Academy that facilitates specific capability enhancement trainings. Our unique IJP (internal Job Postings) process ensures that each employee receives the option of lateral movements across the organization. The auto-promotion policy allows eligible employees at a certain level to be automatically promoted to the next grade, based on their achievements and performance. While this glues up the culture, it also helps our people gain cross-functional knowledge through different roles in different businesses.
We promote a transparent culture and this makes democratizing information and communication a critical part of our people agenda.
Every quarter, the company conducts ‘Confluence’, wherein all employees from over 800 branches engage directly with the MD and senior leaders.
Objective data about the company is routinely and transparently communicated to everyone. All senior leaders of the company are also required to participate in a program called ‘Own Your Branch’, wherein they interact with the employees, their families and establish a sense of deeper connection with them.
We have also designed a module to define the organization’s competency framework that diagnoses, analyzes, and identifies key success factors as per role in the organization. The company has a customized learning and development program that helps people upgrade their professional and leadership skills. One of our flagship programs, “Super Manager Studio”, aimed at first time managers, has been recognized as one of the most innovative practices in the industry.