COVID-19 served as a reality check for BFSI firms to accelerate their digitisation process
ET BFSI : 7 May 2020
The coronavirus pandemic has redefined the working environment of corporates. Providing the same service to customers while maintaining social distancing norms and working with limited infrastructure has certainly become a challenge for BFSI firms. In these times, HR’s priority has been to ensure the well being of its employees.
“Well-being and safety of employees will become a huge focus. More benefits will get rolled out. Proactive help initiatives for medical help will also become important. Given the current nature, i.e. WFH, that big shift will lead to a change in the nature of contracts,” said Vikas Bansal, CHRO, Edelweiss Tokio Life Insurance.
Current job outlook in the sector
The finance sector is under a lot of pressure in the current circumstances. Firms have been striving hard to restore customer confidence. However, one should note that other industries are equally impacted by this.
“The BFSI sector has had relatively less to deal with when compared to a few vulnerable sectors like MSMEs. Hence, we will not lose jobs to other sectors. Right now, the growth is muted. Due to this, growth driven jobs might get pushed back a little. Having said that, a few other opportunities will also open up, such as advisory groups for insurance,” added Bansal.
Working environment of BFSI firms post lockdown
“A lot of mental models have been broken. For years we have worked in an office, having physical interactions for business. These mindsets have been completely shattered. Now the Work from Home model is here, and It is here to stay. A majority of BFSI firms will be leveraging this model for a certain portion of their employees permanently to make the most of the available time and also cut down on cost,s” said Bansal while talking about the reforms made by the WFH model.
Digitisation and adaptability as a job skillset
The COVID-19 pandemic has served as a reality check for many BFSI firms. Digitisation is not new, however, the speed with which it is happening at the moment is unprecedented. Companies are shifting their operations online to offer a range of products and services to customers. “They are increasingly looking forward to getting the ‘do it yourself’ model since they (customers) want that freedom and comfort to choose their own services while not having to step out of their homes,” Bansal said.
While asked about what skill sets recruiters will be looking for in employees post the lockdown, Bansal said, “Agility and adaptability will matter a lot to me. This pandemic has taught us that there is a lot of uncertainty surrounding the economy. Hence, I would want someone who is able to take up new roles and learn new skills better and faster than others. Another skillset, which is not technical but equally important now, is that of empathy. The so-called balance between EQ and IQ will also matter to recruiters.”