New Delhi: Every fourth woman working in India’s banking, financial services, and insurance (BFSI) sector has been a victim of gender disparity in terms of recognition, fair pay, and workplace equity, according to a report on Friday.
The report by Great Place To Work India, a workplace assessment and recognition organisation is based on insights gathered from the feedback of more than 12 lakh employees from 167 organisations in the country’s BFSI sector.
It showed an opportunity gap for women employees in the BFSI sector, indicating gender disparity. Female employees were found 5 per cent less satisfied with workplace equity compared to their male colleagues.
Gen Z (21 per cent) and millennial employees (15 per cent) showed a shift in priorities and expectations with the desire to seek meaningful work and a sense of impact within their roles.
Further, the report also identified a decline in employee perception within the BFSI sector. The highest decline was seen in fintech, health and general insurance, and investment verticals.
The decline was found to be maximum (approximately 10 per cent) among millennial and Gen-Z managers early in their tenure. These findings emphasise the importance of targeted strategies to address challenges unique to each vertical and demographic group.
“Despite offering unique benefits and healthy profit-sharing practices, a concerning trend emerges within BFSI workplaces. Employee sentiment has dipped, with a decline in trust and a sense of disconnect, particularly among millennial and Gen-Z managers in critical areas like fintech, health and general insurance, and investments. Their aspirations for a more caring and supportive environment can’t be ignored,” said Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work, India.
“While the BFSI industry offers competitive advantages, it needs to do more in fostering a culture of service excellence, celebrating achievements of its employees more spontaneously, and ensuring inclusivity across all its policies,” she added.
