From its modest beginnings as a microfinance institution in 2008, Suryoday Small Finance Bank has seen tremendous growth with over 700+ banking outlets, including 115 liability-focused and 392 asset-focused branches, along with 194 rural centers, across 15 states and UTs and 2.43 million customers. The company has, within a short period, increased its headcount to a workforce of over 7,700 employees.
In this insightful conversation, we sat down with Dhara Vyas, Chief People Officer and Head CSR to discuss the factors behind the bank’s impressive performance, its employee-centric initiatives, and the role of women in leadership. Dhara sheds light on how SSFB has achieved a top rating of 4.2 on AmbitionBox, the measures taken to support and upskill employees, the focus on diversity and inclusion, and the innovative use of technology to enhance customer and employee experiences.
You were this year’s ABECA Winners (Top Rated Banking Company) with an impressive 4.2 rating on AmbitionBox. Your employee reviews have also consistently improved over the past few years. What do you attribute this success to?
We started as a microfinance institution, and today, 60% of our work still comes from the microfinance segment, which serves vulnerable, low-income households. These groups were most affected during COVID-19, but our recovery was V-shaped. We ensured that we were adequately staffed and focused on expansion. Our workforce nearly doubled from 3,500 to over 7,000 employees within three years. This growth required careful planning and a strong intention to assimilate new hires into our culture. Our hiring numbers have been increasing month on month, and we have accelerated our training initiatives with detailed induction programs.
Some of our key employee-centric programs include:
- Suryoday Swagat: A program for new joiners.
- Suryoday Arambh: A program for management trainees, with 60-70 trainees joining us each year since 2023.
- Suryoday Empower: A focus on training and upskilling employees.
We also have an Employee Communication Channel on WhatsApp for our field employees, where they receive small nuggets of information and role-specific tips two to three times a week.
At Suryoday, we place a strong emphasis on training and upskilling. It’s crucial for us to make people role-ready, especially as we are on a fast growth trajectory. We offer certification programs, technical training in processes like Advanced Excel and Power BI, and external programs for roles in business correspondence, operations, or cybersecurity to provide peer perspective and enhance skills.
Another key focus is on outreach and engagement. Our central team regularly visits branches to connect with employees, communicate new policies, and gather feedback for improvements. This sense of belonging and engagement has been a significant factor in our success.
How does Suryoday promote women employees to leadership positions and ensure their growth trajectory?
Let me share some interesting statistics. All our microfinance customers are women, yet most of the loan officers in the industry are men, fresh out of college, working in field jobs with collection meetings in the morning and evening. While this may seem physically demanding, we have observed that women loan officers who stay in the role are excellent at collections. For they understand and relate to our female customers better.
To support our women officers, we ensure their collection centers are not far from their homes and closely monitor their attendance. If any woman officer works past 7:30 PM, we immediately check in with their supervisors to ensure there are no issues. Every two months, we hold calls with our female employees to discuss what constitutes a comfortable work environment and educate them about their rights under POSH (Prevention of Sexual Harassment). Sometimes, employees may not know whom to approach when facing issues, so we emphasize creating awareness.
Diversity is a priority for us. The firm’s overall diversity ratio has doubled in 2 years, signifying better gender diversity. One of our key initiatives is launching all-women branches called ‘Roshni,’ which are entirely managed by women. We’ve opened six such branches and plan to expand this model once we see positive results.
How does Suryoday balance work for its employees, especially those in customer-facing roles?
The nature of banking, particularly in the segments we serve, requires adherence to customer service hours. For a large portion of our workforce, it’s a field job. The most productive roles, which generate revenue, must meet customer needs, so we at the office ensure that we are available when they are working. While we don’t have a hybrid work structure currently, our corporate functions operate with flexibility–as long as deadlines are met, employees are good to go. We focus on high-level collaboration and productivity. We are still debating internally whether to move to a hybrid model, but no decision has been made yet.
How has technology, particularly in HR, shaped Suryoday’s operations?
We’ve been focused on customizing our HRMS (Human Resource Management System) to meet our needs. Five years ago, we implemented a new system that now serves as the backbone of all HR data and processes, including monitoring and dashboards. We made a significant decision to go entirely digital for both our customers and employees. Everything from offers to exits can be managed through an app, eliminating the need for logging into a system. From managing compensation to accessing Form 16, everything can be done on their phones. Our next focus is on further digitising internal HR processes and exploring how we can reduce paper use.
We are also considering AI for recruitment to streamline data from multiple sources into an easy reference pool for recruiters. While we haven’t yet partnered with any AI providers, we are in the process of exploring options. Additionally, we are enhancing our Learning Management System (LMS) by making it more intuitive and adding gamification elements to make learning more engaging. For instance, we are exploring quick video modules that can compress a 20-minute lesson into a 5-7-minute segment, making learning more efficient and accessible on the go.
How has Gen Z redefined the way the banking industry functions at Suryoday?
We have a multi-generational workforce, with employees ranging from those nearing retirement to fresh college graduates. Balancing such a diverse group, with different expectations and experiences, is both an interesting equation and a challenge. We are a young organisation, unlike hierarchical setups where information is closely guarded. We’ve seen young talent flourish, with some handling product and technology roles typically suited to someone with 7-8 years of experience. These individuals thrive when given challenging, meaningful work, and we’ve been able to provide them with a platform to excel.
Suryoday Accelerated Career Oriented Program (SAP): This scheme for branch banking franchise offers around-the-clock appraisals, with automatic upgrades to the next role, ensuring continuous career progression. SAP has received a positive response from our team.
Suryoday Rise: Suryoday Rise is a long-term incentive scheme where microfinance employees are rewarded for good performance and achieving targets. The incentive grows over time, providing a financial safety net, especially for those at the lower end of the pay scale. By the end of the year, this monthly incentive can match their total CTC, offering significant financial well-being. At the end of the period / program tenure, this incentive can match their annual CTC, offering significant financial well-being.
A post-graduate in Commerce and Business Administration with over 17 years of work experience, Dhara Vyas has held responsible roles in organisations like ANZ Grindlays Bank, HDFC Bank, Kotak Mahindra Bank, Swadhaar Finserve, Lupp Middle East LLP, Accion International and Grameen Foundation.
