Banking and Finance System is the backbone of human civilization. 100% of human population interacts with banks on a nearly daily basis.
Banks and Financial Institutions have witnessed a lot of economic turmoil in the past and continue to experience so.
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Last decade experienced several heavyweights of the industry stumble and collapse without much warning. A major part of the failure was attributed to human factors like skewed compensation on higher risks, greedy play with Performance data, and lesser long-term accountability.
To avoid the repetition of these incidents, organizations needs to pay attention to the organization building initiatives. The values, Employee information, employee performance, integrity and transparency in the processes must be meticulously examined and managed.
Banking Industry – The Tasks Ahead
Like any other industry, this sector also has certain general and specific business processes. Industry Experts and Analysts mention the following as the pressing tasks for Banking and Finance Industry:
- Highly Aggressive Sales Targets & Customer Service Benchmarks
- Continuous Coaching & Mentoring of Employees
- Frequent Goal Tracking and Performance Reviews
- Tracking of Employee Honesty & Integrity
- Better Employee Experience and Continuous Motivation
- Rational Compensation and Benefits
- Employee Data Security & Privacy
- Millennial Workforce and Their Digital Expectations
- Maintaining Legal Compliances
- Workforce Planning for Productivity and Profitability
To effectively operate the business in the middle of an economic downturn, Banks and Financial institutions need to completely revamp their processes, employee policies and bank upon the digital technologies.
A Digital Technology that you can Bank Upon
Empxtrack offers a modern digital platform for Employees & Management to collaborate and become more focused, productive & transparent. So far, Empxtrack has helped more than 400 organizations to streamline employee management processes and improve the overall employee experience.
With Empxtrack you can make your organization Swift, Agile and Adaptable.
Building Organization for The Future
Financial Organizations have been part of the huge automation drive at the operations level, whether it was on the software front or the hardware level. This automation has done wonders to improve the customer experience, improved the speed of service and lowered the cost of operations. The next wave of digitalization is the way organizations manage their people.
Empxtrack helps banks and financial organizations to automate their HR processes, minimize human the intervention, make processes intuitive and bring a lot of transparency to the table. It empowers management to collaborate with employees, enable employees with performance tools and helps in developing talent and leadership.
Innovative Technology
A full-service HR Technology Solution, Empxtrack, manages all aspects of HR. It has been built using the latest technologies and updated bi-monthly. We understand that Banks and Financial Institutions require the stealth technology when it comes to data security.
Empxtrack uses the most secured servers to host the application and performs rigorous security checks on its applications leaving No Loopholes.
It has APIs that allow integration with other applications like SAP, Oracle, ADP and many other leading ERP systems. It provides SSO integration for easy access and is very adaptable to configuration and customization needs of individual customers based on its unique “dynamic-code-injection-technology.”
Hassle Free Managed Services
Empxtrack is much more than a Solution Provider. We act as a business partner and walk with you towards success. We provide a full bouquet of services for Pre & Post implementation of the HR Technology Solution.
Our managed services help you reduce any stress or burden of administering the software or provide support to your employees. You are relieved of those tedious questions, data management, employee training, employee queries about the software and process. We just fix everything that is feasible and answer every query.
With us, all you get is a peace of mind, and you can focus on your key tasks.
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Case Study: IFFCO TOKIO GENERAL INSURANCE
Company Introduction: Iffco Tokio GENERAL INSURANCE is one of the India’s Largest Insurance provider. IFFCO Tokio is an organization with a qualified team of professionals working together, sharing views and ideas with passion to accomplish a common goal “To be an industry leader in India”. The business environment they work in is dynamic with a high degree of competition. To achieve their goal in such a situation, they must constantly challenge themselves to higher levels of individual and group performance. And thus, Performance Management becomes a key organizational priority.
IFFCO Tokio walked into Empxtrack with four pressing issues:
- Their performance management content was inconsistent, i.e., the goals varied individual to individual. The guidelines were there but could not be adhered with excellence on papers.
- The process consumed a lot of time discouraging the employee to participate, and they would come up with creative excuses every time.
- The new age employees who were accustomed to computers hated and avoided writing papers. Some of them used Word Document, but it also created a mess.
- The reporting was cumbersome for the HR and well as the management. Digging out simple intelligence out of the system required mammoth efforts. The answer to some performance questions could never be answered.
Empxtrack Team conducted a thorough research on the past two years performance documents and provided consulting on the process, technology, and performance content. The solution implemented for IFFCO Tokio has following features:
- Create Company Goals and cascade them to all employees and ask them to create their goals which contribute to Company’s Growth.
- Empxtrack helped IFFCO Tokio to develop sets of SMART Goals for all their employee categories. Employees could copy these standard goals and modify to meet their specific needs. Thus, goals across the organization were standardized.
- The HR could initiate the Goal Setting Process and all employees communicated via e-mails. The Goal Setting Completion reports were automatically generated and forwarded to concerned managers. The frequent reminders were sent to employees to finish the task in time.
- The tracking mechanism allowed employees and managers to keep a watch on the progress on a frequent basis. The manager would easily mark the corrective actions and coaching notes for employees to take action.
- After the performance period was over, the annual appraisal could be launched automatically for all employees with an email .
Empxtrack becomes the part of Growth Vehicle
IFFCO Tokio has been using the Empxtrack for last eight years, and they have seen significant benefits. Not only several challenges were met, but the employee experience and productivity also improved. The management could get clear insights on the organizational talent. Here are some of the key results:
- Goal Setting Process Completion: IFFCO Tokio team can complete the Goal Setting Process for all employees across the country within 15 days. The average time taken by the employee and manager to complete the process is – 3 Hours. Earlier this time was more than 2 days. The jump in time is attributed to the huge repository of the SMART goals available within Empxtrack.
- Appraisal Process Completion: In the same way, the time taken by the IFFKO Tokio to complete the entire Appraisal is 30 days.
- Employee Performance Improvement: Employees who have used the Empxtrack for more than two years see a significant jump in their appraisal scores. The average appraisal scores in the organization have jumped from 4.3 to 4.7. The employees who have dexterously used the software have gained several promotions and significant monetary completion.
- Employee Satisfaction: The objectivity and transparency have not only improved the employee’s confidence in the organization but also improved the employee experience. The employees are vocal about the new system and confident that their performance will not go unnoticed in the eyes of the management.
- Management Reports: The time taken to create management reports for HR has reduced from 2 weeks to 1 day for all the required reports. Not only has this reduced the burden on HR but the accuracy of reports has also jumped to 100%.
- Objective Compensation & Career Growth: Management is not able to use the Appraisal & Goal Achievement Scores for compensating the top performers as well as identifying the leaders for tomorrow. The right candidates are not going unnoticed.
The post Overcome Performance Management Challenges in Banking & Finance Sector appeared first on Empxtrack.
