How To Move Beyond Stereotypes: Employer Branding for a Modern and Diverse BFSI Workforce

Digitization has transformed the face of the Banking, Financial Services, and Insurance (BFSI) sector from a conventional-old age and bureaucratic field to a more modern and agile industry to work in. 

However, traditional stereotypes and preconceptions still linger and often hinder efforts to build diverse and inclusive workplaces within this industry. To ensure their brand resonates with the workforce of today, BFSI companies must embrace employer branding strategies to proactively address these stereotypes, showcase the breadth of opportunities and inclusive cultures they offer, and highlight their approach towards promoting diversity and inclusion.

Employer branding through thoughtful narrative building using digital platforms and prioritizing authentic engagement can help BFSI firms position themselves as employers of choice, attracting a diverse talent pool and driving innovation in an increasingly competitive landscape.

By embracing creativity and understanding the unique needs of their workforce, BFSI companies can create employer brands that resonate with top talent and drive organizational success.

• Embracing Digital Transformation through Employer Branding

In today’s competitive talent market, BFSI firms must highlight their adaptability to cutting-edge technologies to attract top talent. Top fintech disruptors in India are setting new benchmarks with their customer-centric innovations, which are secondarily integrated as part of their employer branding. 

It’s estimated that over one-third of India’s data science and analytics jobs are huddled within the BFSI sector. Your company’s movement and adaptability towards advanced technologies and disruptive tools will help attract top talent from diverse tech fields.

• Prioritizing Diversity and Inclusion

In today’s globalized world, hosting diversity and inclusion as core values within the organizational culture is a strategic necessity for BFSI firms looking to strengthen their employer brand. As per a LinkedIn report, diverse companies earn 2.5x higher cash flow per employee. A Forbes study further highlighted that companies with above-average diversity produced higher revenues from innovation than from companies with below-average diversity.

Therefore, hosting a workplace environment that celebrates differences in gender, race, orientation, religion, education, and beyond is crucial to attracting a diverse pool of talent and facilitating company growth. 

By highlighting diversification initiatives in employer branding efforts, BFSI firms can position themselves as inclusive employers committed to fostering an environment where every individual feels valued, respected, and empowered. 

• Harnessing Data for Strong Employer Branding

Data-driven insights are key in shaping employer branding for BFSI firms. By analyzing employee preferences and sentiments, companies can tailor branding strategies effectively. For example, by analyzing discussions among BFSI professionals on platforms like Quora and LinkedIn, companies can make effective changes in their employer brand to address their concerns.

• Investing in Employee Development and Well-being

Beyond attracting talent, retaining and nurturing it is equally crucial. BFSI firms can differentiate themselves by prioritizing employee development and well-being initiatives. Offering robust training programs, career advancement opportunities, and fostering a culture of continuous learning can enhance employee satisfaction and loyalty. 

Additionally, initiatives promoting work-life balance, mental health support, and diversity training contribute to creating a workplace where every individual feels valued and empowered. For example, as part of employer branding, companies can offer unique benefits to their entire workforce, like a complimentary gym membership or a free health checkup every month. 

• A Socially Active Employer Branding

BFSI firms can leverage organic or paid social media strategies to enhance their employer brand’s visibility and appeal. Utilizing social media platforms to showcase company culture, employee testimonials, and CSR initiatives can humanize the brand and resonate with potential candidates. Engaging in thought leadership activities, participating in industry events, and offering competitive compensation and benefits packages also contribute to building a strong employer brand.

As the BFSI sector marches forward, the responsibility lies with industry leaders to lead the charge toward a modern and inclusive future. By transcending stereotypes and embracing the ethos of diversity, innovation, and data, BFSI firms can navigate the complexities of talent acquisition with confidence and purpose, ensuring sustained growth and relevance in the years to come.

Subhro Bhaduri, CHRO – Financial Services Group, Aditya Birla Capital has said, “The industry moves from ‘abundant exuberance’ to ‘cautious optimism,’ navigating a consumer-driven economy like India. Meanwhile, our hiring outlook focuses on three key cohorts: bolstering front-line sales, strengthening expertise in data & analytics, digital, and technology, and investing in young talent to forge our future leadership pipeline.”

In addition to the previous statistics and insights, the India Decoding Jobs Report 2024  provides extensive data-driven insights and trends that can help BFSI companies plan their hiring strategies more confidently. 

The report’s comprehensiveness stems from carefully crafted surveys and in-depth conversations with reputable talent acquisition experts from diverse Indian industries. The report has grown to become a preferred resource for industry professionals over time, and can be accessed from our website.

To download your exclusive copy of the report, click here or write to us at contact@taggd.in.