An entrepreneurial business model was designed such that the women would get 40 50 per cent of the revenue that they generate for the company
Bajaj Capital provides financial services to clients and its USP is the knowledge or advice that is shared with the clients. When the business was first set-up, people would come to us, now they expect us to be at their door step. In the recent past, clients have been more open to taking calls due to paucity of time. This has worked well for us as every transaction or information is passed on recorded lines and so there is very little room for ambiguity and misinterpretation. This has further enhanced the relationship with clients because the follow-ups are stronger and they can also revisit it online at any point of time.
Remote work was a model that was explored because the organization was losing some of the top talent. Over the years, there were many employees who left the organization, especially talented female employees who left for personal reasons such as marriage or starting a family. It was also observed that they were also not joining other financial institutions or banks. And so to tap into this talent, a pilot project was set-up to manage remote work. Around this time, the company also started a new vertical called telephone investment service, which involved working on financial assessment over the phone without ever having to meet the client face to face. And all communication was done via recorded lines or via e-mails. This seemed like the right opportunity to tap into some of the lost talent. For the pilot, high potential women were chosen – women who exhibited skills in fostering client relationships and who were also familiar with financial markets.
An entrepreneurial business model was designed such that the women would get 40 - 50 per cent of the revenue they generated for the company. While full-time employees get salaries and added incentives based on the targets set, individuals involved in remote work do not have any specific targets. The only costs that were incurred were related to support, which was not a big issue since the organization already had support systems in place. Remote work did not change the dynamics of the work significantly in our context, but it has added more individuals.
Cultural fit was not an issue because the selected individuals by virtue of being former employees were already familiar with ethics and code of conduct. They also knew the values that the organization emphasized in building relationships with a client.
From a support perspective, the team leader handles all issues (that may arise in the course of the work) and is also responsible to scout for more talent. From a technology standpoint, a 360 degree financial assessment technology tool has been deployed that captures the goals of the clients and also creates a portfolio, keeping in mind the long-term and short-term requirements along with asset allocation.
Another talent pool of talent that we’re engaging with remotely is students in the final year of their MBA program. Our ‘Wealthprenuer’ program involves 50 students, who undergo knowledge and psychometric tests and will be trained to spread awareness and in getting new clients in locations where our visibility is low.
As told to J. Jerry Moses