A Future-Ready Workforce is a quintessential business philosophy that has become even more relevant amidst the pandemic. What exactly is a future-ready workforce, however?
Simply put, a future-ready workforce is one which is always poised to switch gears. Being future-ready means having a team geared to pivot, adapt and create solutions irrespective of challenges and hurdles.
While disruption in the workplace is not a new phenomenon; we have all seen transitions of varying scale – several workplaces were unprepared for a global disruption of this magnitude.
At Aye, we are of the opinion that future readiness is more than just putting processes in place, it is also a cultivated state of mind. The essential catalysts of a future-ready workforce, we believe, are adequate training, company culture, values and open lines of communication.
As Ankur Sharma, Head of Human Resources, Aye Finance says, “ Workplaces poised to win and thrive by 2030 shall have three attributes etched in their talent DNA: Continual 3D 360-degree skilling beyond learning, flex-working and fungibility of their talent pool.”
To that end, here are some of the step-by-step measures Aye Finance puts in place to ensure future-readiness at all times:
Step 1: Identify Gaps, Adapt & Train
The onset of COVID-19 led us to explore the flexibility that came with Fungible Resources.
Heads of Departments selected 92 employees who were a part of teams which were either disrupted or possessed underutilised resources due to the pandemic. These employees then trained to assist in urgent tasks during the pandemic. Due to a quick and efficient pivot, these employees supported teams that needed help, such as Customer Service. The result was a smooth functioning of the company during a chaotic time as well as personal and professional growth of these individuals.
Pandemic aside, the other way we’ve always ensured talent nurturing is via Taleem, our mentoring program, launched in 2016. Under Taleem, individuals are selected across branches and are then provided toolkits and trained to be mentors. At Aye, we ensure that not only are new employees provided the opportunity to work with mentors but that every mentor has the relevant training required.
Step 2 – Conduct Team-Specific Skill Development Programs:
At Aye, team-specific upskilling is considered crucial for future-readiness. We ensure this in a myriad of ways:
- Our Loan officers are nominated for soft skills training every month to ensure efficiency.
- Our Scattered Training Model since May 2020 has trained 3554 employees, in a time-sensitive manner. Two or more branches participated at once and received training based on their needs as identified by their respective HR Business Partners.
Step 3 – Blanket Programs that Focus on the Essentials Skills
With the Aye Academy, we aim to enhance professional skills that supplement an increase in productivity and provide opportunities beyond induction. It was launched pan-India in 2020 and is an ongoing program covering up to 20 branches per state. The program was conducted digitally bearing mind the safety of the team.
We also introduced several Business Impact Projects in 2020 via our HR Business Partners. We see our HRBPs as an essential part of the relationship between business leaders and employees and are central to our company’s overall productivity.
HR business partners were involved in training focused on equipping employees to fill knowledge gaps, create learning environments, and help implement high impact processes that ensure the team is ready to adapt if and when necessary. The ADDIE Model (Analyse, Design, Develop, Implement, and Execute) especially has proven to be successful for us.
Step 4 – Creating a Workplace that Nurtures and Rewards Taught Skills
This approach has ensured the implementation of learned skills in the workplace. At Aye, we consistently design customized training modules and employees who undergo relevant training often get promoted. We witness a majority of our branch managers and cluster heads see professional growth post-trainings.
This longstanding culture of nurturing and rewarding has led to a positive approach to upskilling and training within the entire company.
Step 5 – Measure ROI – Retention, Employee Satisfaction, Increased Efficiencies and More
With our focus on employee training, support and company culture, we are proud that we have one of the lowest in-industry attrition rates in the industry (only 274 attrition since April 2020).
To further ensure that our employees feel heard, we introduced E-Chaupal last year. E-Chaupal is a virtual platform to facilitate discussion and feedback from employees. A safe environment to air grievances, issues and real-time resolutions ensures that everyone has the freedom to express their opinions comfortably.
Step 6 – Keeping An Eye on the Future At All Times
So, how do we “future-proof” the skills of our team? Our solution to that is a Skill Inventory. We’ve been maintaining our skill inventory since before the pandemic. The inventory is where we compile the skills, education, and experience of our employees. In case of unforeseen events leading to disruptions, the inventory helps us align business goals and workforce performance.
At Aye, we truly believe that amidst the ever-increasing agility of macro and micro-economies, preparedness for the unknown through talent calibration will determine the sustainability of the organizations in the long run. Our 6-step approach guarantees our future-readiness. This combined with our ever-resilient and dedicated team ensures that no matter what the event in the future – Team Aye is always prepared.